Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Global Renewable Chemical Market Overview:
Market Research Future (MRFR) studied the Global Renewable Chemicals Market was valued USD 65.10 Billion 2019. MRFR analyst suggests that the worldwide renewable chemicals market can generate significant revenue by 2025 at a considerable CAGR.
The upscaling demand for renewable chemicals across different end-users, such as; food processing, transportation, pharmaceuticals, construction, and textiles sectors, due to rapid industrialization can support expansion of the market. The depletion of fossil fuels and increase in greenhouse gas emissions are creating the need for renewable chemicals to curb carbon footprint. In addition, the growing preference for biomaterial and rising concerns about sustainability, along with aforementioned factors can contribute to the expansion of the renewable chemicals market in the years to come. Moreover, the availability of low-cost feedstock, eco-friendly products, and on-going technical advances can propel the market in the near future.
Price Volatility to Restrain Market Expansion
Volatility in price of feedstocks and high processing cost can restrain the rise of renewable chemical market. In addition, the complexities of production operations can also challenge the market expansion in the analysis tenure. However, robust strategies adopted by players to counter such issues can contribute to the market rise.
COVID-19 Pandemic Can Positively Impact Market
The outbreak of COVID-19 has brought an adverse impact on the renewable chemicals industry. The impact of SARS-COV-2 on the chemical sector influenced production of plastic, fertilizers, and packaging products has significantly impacted the renewable chemicals market that is discussed in the pandemic analysis report. The rise in production of PPE products, such as; hand sanitizers, and masks among others can bring along different opportunities for manufacturers in the renewable chemicals market.
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Segment Overview:
The segment analysis of the renewable chemicals market is based on feedstock, end-use industry, and product. In-depth analysis of the renewable chemical market by segment approach can assists key players make rational decision that can benefit them on both long-term and short-term for the review tenure.
Rise in Automobile Applications to Benefit Market
The end-use industry-based segments of the renewable chemicals market are petrochemical, automotive, food and beverage, agriculture, chemical, textile, packaging, and medical among others. The expansion of the renewable chemicals market can be attributed to the rapid growth of the automotive segment. As per MRFR study, the automotive segment is likely to surge at high pace in the years to come due to increase in applications of biopolymers, biodiesel, and bioethanol in the industry.
Biomass Segment to Lead
The feedstock-based segments of the worldwide renewable chemicals market are sugarcane, biomass, corn, and algae among others. The biomass segment can lead the market with notable CAGR through the forecast tenure. The upscaling demand for biomass-based products across multiple end-use sectors can boost the renewable chemical market surge in the near future.
Bio-Polymer Segment to Gain Considerable Profit
The product-based segments of the worldwide renewable chemicals market are methanol, ketones, ethanol, organic acid, glycerol, platform chemicals, and bio-polymers among others. The bio-polymers segment can witness high CAGR in the review term as the demand for bio-polymer for several packaging and automotive sectors is high.
Key Players Locking Horns:
Affluent vendors in the Global Renewable Chemicals Market are:
- Amyris
- Archer Daniels Midland Company
- BASF SE
- BioMCN
- BioAmber Inc.
- Braskem
- DowDuPont
- Cargil
- Royal DSM
- Evonik AG
Browse In-depth Market Research Report (147 Pages) on Renewable Chemicals: https://www.marketresearchfuture.com/reports/renewable-chemicals-market-1047
Detailed Regional Analysis:
Europe, APAC, and North America are studied vividly to understand the regional progress of the market for the analysis tenure.
APAC Market to Earn High Revenue
As per MRFR analysis, APAC can expand at decent CAGR by 2021. The expansion of APAC renewable market is likely at high pace due to increase in environment concerns for sustainability. India and Japan are certain regions in APAC that can are observed to play significant role in the developing market as the demand for renewable chemical is increasing across different end-user sectors. In China, the on-going development in extraction techniques can bring along multiple opportunities that can benefit APAC market.
North America to Exhibit Decent CAGR
In North America, the renewable chemical market can rise at considerable pace in the forecast tenure by 2021. The enforcement of rules and regulations on the regulation of greenhouse gases emission can contribute to the market rise in North America. MRFR study suggests that the US can be the most lucrative market in the projection term.
Europe Renewable Chemicals Market to Thrive in Near Future
The rise in investment by governments in the region to promote sustainable growth can support expansion of the renewable chemicals market in Europe. The increase in initiatives to practice green economy can add to the market growth in the years to come. In addition, initiatives taken by government to encourage renewable chemicals adoption can earn profit for the regional industry.
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Decisions Taken by Key Players Influence Competitive Landscape of Renewable Chemicals Market
Strategic alliances and on-going advances in technologies in the production and promotion of renewable chemicals can boost consumer base. Existing marketers and emerging players are observed to capitalize on the expansion of different opportunities. The surge in demand for renewable chemicals are observed to motivate key players to expand their product portfolio and launch innovations that can benefit the market in the years to come. The rise in number of new players in the market can intensify competition that can catalyze the industry expansion. MRFR enlisted some reputed players in the worldwide renewable chemicals market They are; Amyris, Archer Daniels Midland Company, BASF SE, BioMCN, BioAmber Inc., Braskem, DowDuPont, Cargill, Royal DSM, and Evonik AG.
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