Market Overview —
The global renewable chemicals market is projected to grow considerably and generate handsome revenue over the forecast period of 2018-2021, reveals a research report by Market Research Future (MRFR). Renewable chemicals are produced through biological reproduction or other naturally occurring processes and thus is beneficial from both economic and ecological perspective. Sustainability is the principal driving force behind the growth of the renewable chemicals market. Major corporations across the globe are embracing sustainability as critical business policy and sustainability issues in the chemical industry has urged transition towards renewable chemicals and has paved the way for the advancement of renewable chemicals into the mainstream.
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The global renewable chemicals market has been segmented based on types and applications. By types, the market has been segmented into Alcohols, Organic Acids, Ketones, Platform Chemicals, Polymers, and Others. By applications, the market has been segmented into Industrial, Transportation, Food Packaging & Beverage Bottling, Bio-Medical, Fertilizers, Agriculture, Textiles, Environment, Housing, Recreation and Health & Hygiene.
The key markets of the global renewable chemicals market include North America, Europe, Asia-Pacific and the Middle East & Africa. The markets in North America and Europe are stable due to the high adoption of novel green products in the regions. The Asia-Pacific market for renewable chemicals is projected to expand rapidly due to favorable government policies and the availability of cheap labor in the region. The market in the Middle East & Africa region is expected to exhibit comparatively slower growth due to the abundance of fossil fuel reserves in the region.
The global renewable chemicals market is highly competitive with the presence of a few market players. The key players operating in the market include Archer-Daniels-Midland Company, BASF, Biomethanol Chemie Nederland, Cargill, E. I. DU PONT, Evonik industries, Amyris Inc, Bioamber, Braskem, DSM, and others.
In June 2018, the US Senate passed a bill which mandates funding for energy title programs. The energy title would benefit renewable chemicals manufacturers and help rural farms, and businesses secure funds to adopt renewable energy technologies and generate economic opportunities.
In July 2018, ThyssenKrupp acquired a contract from an Australian company, Hydrogen Utility to perform a feasibility study for a new green hydrogen project. A commercial plant will be set up for the same purpose, and it will be the first ever plant to produce a carbon dioxide-free ammonia from renewable resources.
Renewable Chemicals Market Table of Content to be Continue……,
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