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Renewable Chemicals are chemicals derived from natural or organic feedstock as compared to crude oil. The inclination of chemical manufacturers towards renewable feedstock is likely to be an impetus for the market growth. Global Renewable Chemicals Market Report by Market Research Future (MRFR) comprises drivers, challenges, opportunities, insights, and threats for the period of 2019 to 2024 (forecast period). The impact of the COVID-19 virus has been included in the report.Market Scope:
Global Renewable Chemicals Market is driven by the availability of low-cost raw material, preference of green products, regulations pertaining to environmental safety, and economic growth in rural areas. It was valued at USD 88 billion in 2018.
Rising prices of crude oil, a surge in carbon emissions, and production of bio-feedstocks such as sugarcane and corn can fuel the market growth. Technological breakthroughs in production to make Renewable Chemicals on par with conventional chemicals can bolster its demand. Support by governments can propel the market demand significantly. For instance, the Environmental Protection Agency (EPA) has made it mandatory for producers of gasoline to include renewable ethanol in its formulations. Popularity of corn and bagasse as suitable alternatives to feedstocks can augur favorably for the market.
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Competition Outlook:
Novozymes A/S, SOLVAY, Genomatica Inc, Cargill Inc, Koninklijke DSM N.V., Evonik Industries AG, Braskem, Bioamber Inc, NatureWorks LLC, Biomethanol Chemie Nederland B.V., UOP LLC, BASF SE, DOW, Myriant Corporation, Solazyme Inc, Amyris Inc, and Archer-Daniels-Midland Company are Key Players of the Global Renewable Chemicals Market.
Segmentation:
Based on Feedstock, the biomass segment is expected to dominate the market and register a substantial CAGR during the forecast period. The growth is attributed to the increasing demand for the product in the production of bioethanol and biodiesel. Moreover, strict environmental regulations have increased the application of biomass-based products in various end use industries.
By Product, the ethanol segment accounted for the largest market share in 2018 and is expected to witness significant growth during the forecast period. However, the bio-polymers segment is estimated to register a healthy CAGR during the forecast period owing to the growing adoption of the product in the packaging and automotive industries.
On the basis of End-Use Industry, the automotive is expected to be the fastest-growing segment of the Global Renewable Chemicals Market, as bioethanol, biodiesel, and biopolymers are widely used in the industry.
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Regional Analysis:
The global watch market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
APAC is projected to account for the largest share of the Global Renewable Chemicals Market, with China and India being major contributors. In 2018, China and ASEAN countries accounted for over half of the overall revenue share of the regional Renewable Chemicals Market. Huge demand for cosmetic and personal care products and rapid industrialization can fuel the market growth till 2023.
The North American and European markets are expected to witness significant growth owing to stringent regulations outlined for lowering carbon footprints. Octadecaneodioic acid has gained prominence in Europe for being a viable alternative to petroleum derivatives. A public-private partnership initiative by governments in Europe for pushing the commercialization of renewable chemicals is evident of the large potential of the market. The synthesis of adhesives, polyamide, and nylon can drive the market demand.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Bio-Based Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-bio-based-chemicals-market
COVID-19 Impact Analysis on Surfactant Market @ https://www.marketresearchfuture.com/report/covid-19-impact-surfactant-market
Impact of COVID-19 on Recycled Polyethylene Terephthalate Market @ https://www.marketresearchfuture.com/report/covid-19-impact-recycled-polyethylene-terephthalate-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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