Global Renewable Chemicals Market to Reach $125.7 Billion by 2025
SAN FRANCISCO, March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Renewable Chemicals - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 16; Released: February 2022
Executive Pool: 10413
Companies: 86 - Players covered include Amyris, Inc.; Archer Daniels Midland Company; Avantium Technologies; BASF SE; Braskem; Cargill Incorporated; Corbion NV; DuPont Tate & Lyle Bio Products Company, LLC; Eastman Chemicals Company; Elevance Renewable Sciences, Inc.; Enerkem, Inc.; Evonik Industries AG; Genomatica, Inc.; Gevo, Inc.; GreenField Global, Inc.; LanzaTech, Inc.; NatureWorks LLC; Novamont SpA; Novozymes A/S; PureVision Technology Inc.; Royal DSM NV; Virent, Inc.; Zea2 Boardman Bioworks and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Ethanol, Ketones, Bio Polymers, Platform Chemicals, Other Product Types); Feedstock (Biomass, Corn, Sugarcane, Algae, Other Feedstocks); End-Use (Automotive, Medical, Food & Beverage, Petrochemical, Textiles, Agriculture, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Renewable Chemicals Market to Reach $125.7 Billion by 2025
Renewable chemicals are chemicals produced from renewable feedstocks such as crop waste, animal waste, forestry waste, municipal waste, household waste, horticultural waste, and agricultural waste. Bio feedstocks such as starch, cellulose, oil, fat, protein and lignin are used for manufacturing renewable chemicals. Biochemical, physical and chemical processes are used for converting renewable resources such as starch from potatoes and cereals, cellulose from wood and straw, and oils from oilseed crops, into specialty chemicals, surfactants, solvents, lubricants and polymers. Amid the COVID-19 crisis, Global Renewable Chemicals market is projected reach US$125.7 Billion by 2025, registering a compounded annual growth rate (CAGR) of 10.4% over the analysis period. Europe represents the largest regional market for Renewable Chemicals, accounting for an estimated 33.0% share of the global total. The market is projected to reach US$38.5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 14.2% over the analysis period.
With increasing commercial as well as scientific interest in developing chemicals from renewable feedstock, efforts are underway to develop new and innovative technologies and platforms for converting green carbon feedstock into bio-based chemicals, which are used as intermediate and platform chemicals in the production of other chemicals and as base chemicals in several industrial manufacturing processes. Advancements in industrial biotechnology enable renewable polymers and bio-based chemicals to be competitive with petroleum-based polymers in terms of performance, cost, and other additional benefits such as ability to reduce greenhouse gas (GHG) emissions. In addition, renewable chemicals assist the chemical industry in garnering economic benefits and move away from price volatility associated with crude oil used in the production of traditional, petroleum-based chemicals.
Product quality, scale of operation, product performance and economic viability play a significant role in shaping the commercialization spectrum of the market. Renewable chemicals are growing in popularity worldwide as a result of rapidly depleting conventional fuel resources, spiraling fuel/petroleum prices, increasing customer demand for eco-friendly products, increasing focus on environmental pollution and stringent emission norms/environmental regulations. Other factors responsible for driving interest in renewable chemicals are abundance of biomass and renewable feedstock, increasing government focus on reducing dependence on foreign oil and achieving self-sufficiency, international pressure to reduce greenhouse gas emissions and carbon footprint, and the desire to reduce dependency on non-renewable petroleum products through renewable sourcing. Volatile petroleum product prices, and lack of supply security due to unstable political environment in leading oil producing nations are also contributing to the increasing popularity of renewable chemicals, worldwide.
Europe and North America represent the leading regional market for renewable chemicals, with regional growth being driven by the growing inclination of industry participants and general population for adopting technologically advanced green products. Europe represents the largest regional market for renewable chemicals, with growth driven by rising consumer concerns about greenhouse gas emissions and subsequent rise in demand for eco-friendly products, rising governmental support for renewable chemicals, abundant biomass, low costs of feedstock, and technological innovations. In addition, new generation feedstocks, improved yields, and collaboration with universities also provide market opportunities for manufacturers in the renewable chemicals market in Europe. In North America, the adoption of stringent regulations pertaining to the use of traditional chemicals is driving the shift towards renewable chemicals. Growth is being fueled by the rising environmental awareness and increased focus on reducing greenhouse gas emissions and subsequent mandatory regulations, government support, and tax incentives for biobased products. More
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