Pune, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Renewable Chemicals Market, as per the SNS Insider report, achieved a size of USD 117.95 billion in 2022 and is projected to attain USD 277.75 billion by 2030, experiencing a compound annual growth rate (CAGR) of 11.3% throughout the forecast period from 2023 to 2030.
Market Overview
Renewable chemicals encompass a diverse range of products, including biofuels, biopolymers, biochemicals, and other sustainable alternatives to conventional chemical products. Unlike their petrochemical counterparts, renewable chemicals are derived from biomass sources, such as plant materials, algae, or waste streams. The production processes for these chemicals typically utilize biological processes, fermentation, or other environmentally friendly methods, making them a viable solution for reducing the carbon footprint associated with chemical manufacturing.
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Market Analysis
The renewable chemicals market to witness substantial growth on account of several key factors. Increased awareness of environmental issues and the urgent need to reduce carbon emissions drive the demand for renewable chemicals. Industries and consumers alike are seeking sustainable alternatives to traditional chemical products to lower their environmental impact. Supportive government policies and regulations incentivize the adoption of renewable chemicals. Financial incentives, tax credits, and mandates for the use of bio-based products encourage businesses to invest in and adopt sustainable practices. Growing consumer consciousness regarding the environmental impact of products has led to an increased demand for eco-friendly alternatives. Companies are responding by incorporating renewable chemicals into their products to meet consumer preferences and gain a competitive edge. Ongoing research and development in biotechnology and green chemistry contribute to the continuous innovation of renewable chemical production processes. Advancements in technology enhance efficiency, reduce costs, and expand the range of renewable chemicals available in the market.
Renewable Chemicals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 117.95 billion |
| Market Size by 2030 | USD 277.75 billion |
| CAGR | CAGR of 11.3% by 2023-2030 |
| Market Opportunity |
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| Market Segments |
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| Major Market Players | BASF SE, Amyris, NatureWorks LLC, Evonik Industries AG, Mitsubishi Chemical Holdings Corporation, DuPont Tate & Lyle Bio Products, Corbion N.V., Solvay, Genomatica Inc., LLC, Mitsui Chemicals Inc, and other key players. |
Key Takeaway from Renewable Chemicals Market Study
- The alcohols segment, encompassing a wide range of bio-based alcohols such as ethanol and methanol, is gaining substantial traction in the market. These alcohols serve as key building blocks for various chemical processes and find extensive applications in industries like pharmaceuticals, cosmetics, and automotive.
- The agriculture segment is emerging as a powerhouse within the renewable chemicals market. The focus on sustainable agricultural practices and the need to reduce reliance on traditional, petrochemical-based fertilizers and pesticides are driving the demand for bio-based alternatives.
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Recent Developments
- LG Chem, a global leader in chemical manufacturing, has recently announced a strategic collaboration with a cutting-edge advanced biofuel company based in the United States. The partnership aims to co-develop state-of-the-art bioplastic technologies, marking a significant step towards a more sustainable and environmentally friendly future.
- BASF, a leading global chemical company, and Mingyang, a prominent player in the offshore wind industry, have formed a joint venture focused on advancing green chemicals production at a site in China. This strategic partnership aims to harness the power of offshore wind energy to drive sustainable chemical manufacturing practices, emphasizing a commitment to environmental stewardship and reducing carbon emissions.
Market Dynamics Analysis
The renewable chemicals market is currently experiencing dynamic growth, driven by a confluence of factors that reflect the global shift towards sustainable and environmentally friendly practices. One of the primary drivers propelling the market forward is the increasing awareness and commitment to reduce the carbon footprint across industries. As governments and businesses worldwide intensify their efforts to combat climate change, the demand for renewable chemicals, derived from biomass, agricultural feedstocks, or waste materials, has witnessed a substantial upswing. Moreover, stringent regulations and policies mandating the use of eco-friendly alternatives have further boosted the adoption of renewable chemicals, fostering innovation and technological advancements in the sector. However, amidst the positive momentum, the market faces its share of challenges and restraints. The initial capital investment required for the development and implementation of renewable chemical processes poses a significant barrier, deterring some businesses from making the transition.
Key Regional Developments
In North America, the renewable chemicals market is characterized by a robust push toward sustainable practices. Stringent environmental regulations and a growing awareness of the ecological impact of traditional chemicals have fueled the demand for renewable alternatives. Europe stands at the forefront of the global renewable chemicals movement, driven by a commitment to achieving carbon neutrality and fostering a circular economy. The European Union's stringent regulatory framework has incentivized industries to transition toward renewable and sustainable practices. The Asia-Pacific region is witnessing a paradigm shift as emerging economies recognize the importance of sustainable development. Countries such as China and India, with their burgeoning populations and expanding industrial sectors, are increasingly focusing on renewable chemicals to address environmental concerns.
Impact of Recession
The renewable chemicals market has been steadily gaining momentum in recent years, propelled by an increasing global focus on sustainability. However, the ongoing recession has posed unique challenges. The recession has triggered disruptions in global supply chains, impacting the production and distribution of renewable chemicals. Companies are reevaluating and restructuring their supply chains to enhance resilience and reduce vulnerabilities to external shocks. Governments worldwide are recognizing the importance of sustainability, even in challenging economic times. Stimulus packages and incentives aimed at promoting green technologies provide a silver lining for the market. Companies can leverage these initiatives to drive growth and innovation.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Renewable Chemicals Market Segmentation, By Product Type
8.1 Alcohols
8.2 Biopolymers
8.3 Ketones
8.4 Platform Chemicals
8.5 Organic Acids
8.6 Polyhydroxy Alkanoates (PHA)
8.7 Starch Blends
8.8 Polylactic Acid (PLA)
8.9 Regenerated Cellulose
9. Renewable Chemicals Market Segmentation, By Feedstock
9.1 Sugarcane
9.2 Biomass Corn
9.3 Algae
9.4 Others
10. Renewable Chemicals Market Segmentation, By Application
10.1 Agriculture
10.2 Textiles
10.3 Communication
10.4 Bio-Medical
10.5 Housing, Environment
10.6 Transportation
10.7 Food and Beverage Packaging
10.8 Other
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.5 USA
11.2.6 Canada
11.2.7 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.5 Poland
11.3.1.6 Romania
11.3.1.7 Turkey
11.3.1.8 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.4 Germany
11.3.2.5 France
11.3.2.6 UK
11.3.2.7 Italy
11.3.2.8 Spain
11.3.2.9 Netherlands
11.3.2.10 Switzerland
11.3.2.11 Austria
11.3.2.12 Rest of Western Europe
11.4 Asia-Pacific
11.4.5 China
11.4.6 India
11.4.7 Japan
11.4.8 South Korea
11.4.9 Vietnam
11.4.10 Singapore
11.4.11 Australia
11.4.12 Rest of Asia-Pacific
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.5 UAE
11.5.1.6 Egypt
11.5.1.7 Saudi Arabia
11.5.1.8 Qatar
11.5.1.9 Rest of Middle East
11.5.2 Africa
11.5.2.5 Nigeria
11.5.2.6 South Africa
11.5.2.7 Rest of Africa
11.6 Latin America
11.6.5 Brazil
11.6.6 Argentina
11.6.7 Colombia
11.6.8 Rest of Latin America
12 Company Profile
12.1 Mitsubishi Chemical Holdings Corporation
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Type/Process/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 BASF SE
12.3 BioAmber
12.4 Amyris
12.5 Praj industries
12.6 Corbion Nv
12.7. Genomatica Inc.
12.8 Evonik Industries AG
12.9 NatureWorks LLC
12.10 Mitsui Chemicals Inc.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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