Renewable Chemicals Market is Driven by Increasing Greenhouse Gas Emissions
Market Definition
Renewable chemicals, also known as “bio-based chemicals,” are those derived from renewable resources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals have emerged as potential substitutes for petroleum-based chemicals due to their lower carbon constituent and environmentally friendly characteristics. Some of the most promising biopolymers are polylactic acid (PLA) and polyhydroxyalkanoates, which can be produced from nontoxic renewable feedstock.
Global renewable chemicals market was valued at USD 98.00 billion in 2021 and is expected to reach USD 224.71 billion by 2029, registering a CAGR of 10.93% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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The global renewable chemicals market is expected to grow significantly over the forecast period. This is due to the benefits of bio-based chemicals, such as their lower environmental footprint compared to traditional petrochemicals and rising consumer demand for products derived from renewable resources. In addition, the rapid transition to bio-economy and renewable feedstocks to produce low-carbon alternatives for industries such as chemical will drive market outlook.
Renewable Chemicals Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Stringent Regulations associated with Environment Safety
There are various strict regulations and government initiatives to improve the environment, due to which the use of renewable chemicals is increasing dramatically in almost every country. Brazil, for example, has been experimenting with programs aimed at ethanol made from sugar cane and biodiesel in the field of renewable fuel. In this regard, approximately 45 percent of Brazil’s energy and 18 percent of its fuels are already renewable. The Air Pollution Control Act, on the other hand, is the main piece of air pollution legislation in Japan. The government has set a target of 26% reduction in greenhouse gas (GHG) emissions by 2030. (25.4 percent compared to 2005). Such stringent environmental regulations and initiatives will directly impact the growth of the renewable chemicals market.
- High Demand for the Renewable Chemicals
The rising demand for ethanol and methanol, green packaging materials, and consumer goods packaging materials is expected to drive market growth over the forecast period. There is a high demand for these market chemicals because of the consistent production volumes consumed in various global locations.
Furthermore, the factors such as the cheap labor cost, abundant raw material and cheap and increasing demand for renewable chemicals in China and India will further propel the growth rate of renewable chemicals market. Additionally, the rapid urbanization and industrialization will also drive market value growth.
Opportunities
- Focus Towards Technology and Growing Awareness
Furthermore, various manufacturers and researchers are focusing on new technology that may replace fossil fuels, which extend profitable opportunities to the market players in 2022 to 2029. Additionally, the growing awareness of the need to reduce carbon footprints to deal with issues such as landfills and global warming and rising consumer preferences for green and natural products will further expand the future growth of the renewable chemicals market.
Some of the major players operating in the renewable chemicals market are
- BASF SE (Germany)
- Mitsubishi Chemical Holdings Corporation (Japan)
- DAIKIN (Japan)
- 3M (U.S.)
- Braskem (Brazil)
- Corbion N.V. (Netherlands)
- NatureWorks LLC (U.S.)
- Amyris (U.S.)
- OCI N.V. (Netherlands)
- Solvay (Belgium)
- DSM (Netherlands)
- Genomatica Inc., (U.S.)
- Cobalt Technology, LLC. (U.S.)
- Elevance (U.S.)
- Evonik Industries AG (Germany)
- DuPont (U.S.)
- Novamont S.p.A. (Italy)
- Novozymes (Denmark)
- AVERY DENNISON CORPORATION (U.S.)
- Mitsui Chemicals Inc., (Japan)
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Global Renewable Chemicals Market Scope
The renewable chemicals market is segmented on the basis of product type, feedstock and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Alcohols
- Ethanol
- Methanol
- Biopolymers
- Polyhydroxy Alkanoates (PHA)
- Starch Blends
- Polylactic Acid (PLA)
- Regenerated Cellulose
- PBS
- Bio-PET
- Bio-PE
- Ketones
- Platform Chemicals
- Organic Acids
Feedstock
- Corn
- Sugarcane
- Biomass
- Algae
- Others
Application
- Agriculture
- Textiles
- Environment
- Transportation
- Food and Beverage Packaging
- Communication
- Bio-Medical
- Other
Renewable Chemicals Market Regional Analysis/Insights
The renewable chemicals market is analyzed and market size insights and trends are provided by country, product type, feedstock and application as referenced above.
The countries covered in the renewable chemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the market in terms of market share and revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the due to the presence of stringent regulations and favorable government regulations within the region within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing concerns regarding the environment and the rising chemical demand in the region.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
– Political (Political policy and stability as well as trade, fiscal, and taxation policies)
– Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
– Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
– Technological (Changes in digital or mobile technology, automation, research, and development)
– Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
– Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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