The scope of our recent study on the “Renewable Chemicals Market t2028 – COVID-19 Impact and Global Analysis – by Product (Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others); by Application (Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected treach US$ 1, 76,750.76 million by 2028 it is expected tgrow at a CAGR of 11.9% from 2021 t2028. Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared ttraditional petro-based chemicals. Some of the most widely available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others.
Based on application, the renewable chemicals market is categorized intfood and beverages, agriculture, textiles, transportation, chemical intermediates, packaging, bio-medical & pharmaceuticals and others. In 2021, the transportation segment is dominating the Renewable chemicals market. The biomass, wood chips, crop residues etc. are converted trenewable transportation fuels. The various types of bio-based alcohols like bio-butanol, bioethanol, and bio-methanol are used as fuel in jets. Bioethanol is the most widely used source of energy for transportation. The use of bioethanol is projected tincrease significantly in coming years and remain high. This shift toward more bio-ethanol usage will provide more opportunities in future. Methane is another renewable chemical used as transportation fuel and is the major component of compressed natural gas. It is produced from biomass by a biochemical process called anaerobic digestion. Biodiesel is a renewable diesel fuel substitute produced by mixing any natural oil or fat with an alcohol (usually methanol). Different vegetable oils, animal fats, and recycled cooking greases can alsbe transformed intbiodiesel.
The global renewable chemicals market is segmented intfive main regions—north America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2020, North America held the largest share of the global renewable chemicals market. The dominance of the renewable chemicals market in this region is primarily attributable tthe presence of strong industrial base with prominent manufactures significantly contributing tmarket growth. High demand of renewable chemicals from applications such as food and beverages, agriculture, textiles, transportation, packaging, and other industries backed by significant growth in end-use industrial bases is stimulating the demand for renewable chemicals in regional market. The rise in investment in manufacturing sector along with growing focus over eco-friendly and sustainable solutions, provides lucrative opportunities for the growth of the renewable chemicals market in North America. Furthermore, favorable policies tpromote the use of biobased and renewable chemicals over conventional petroleum-based chemicals is further expected ttcreate lucrative growth opportunities in the region.
Impact of COVID-19 Pandemic on Renewable Chemicals Market
The ongoing pandemic has drastically altered the status of the industrial sector and have negatively impacted the growth of the renewable chemicals market. The implementation of measures tcombat the spread of the virus has aggravated the situation and have impacted the growth of several industrial sectors. Industries such as food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable tthe sudden closure of national and international boundaries. The significant decline in the growth of the several industrial sectors negatively impacted the demand for renewable chemicals in the global market. The disruptions in terms of sourcing of raw materials from suppliers as well as temporarily closures of manufacturing base due tindefinite lockdowns and temporary quarantines have impacted the growth of the market during pandemic period. Nevertheless, as the economies are planning trevive their operations, the demand for renewable chemicals is expected trise globally. Although the focus over just in time production is another concerning factor hindering market growth. The expanding demand of renewable chemicals across food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals, and other industries along with significant investment by prominent manufacturers is, expected tdrive the growth for renewable chemicals.
The Report Segments the Global Renewable Chemicals Market as Follows:
By Product the Global Renewable Chemicals market is segmented intAcrylic, Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others.
By Application the Global Renewable Chemicals market is segmented intFood and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, Others.
Global Renewable Chemicals Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America