United States, Rockville, MD, June 14, 2022 (GLOBE NEWSWIRE) -- The renewable chemicals market revenues were estimated at US$ 86.7 Bn in 2021 and are anticipated to grow at a CAGR of 10.6% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 262.9 Bn. During 2017 – 2021, the renewable ethanol market grew at a CAGR of 11.4%.
Covid-19 outbreak has disrupted the renewable chemical market by hampering their production and demand. It has also resulted in the disruption of the global supply chain, which was caused due to shutting of factories, lockdowns at the workplace, and air transport routes. The focus of key market players, like BASF SE and Cargill, shifted towards the production of hand sanitizers, PPE kits, and masks.
The increasing oil prices, together with the availability of agricultural raw materials, would bring the production and demand for renewable chemicals back into line in the post-COVID-19 scenario.
Consumer adoption of eco-friendly products and the presence of severe environmental regulations connected to the manufacturing and disposal of petrochemicals by regulatory authorities stimulate market expansion. The market is also influenced by unpredictable crude oil prices, high finished petrochemical pricing, and the availability of substantial and low-cost feedstock.
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Key Takeaways from the Market Study
- Global renewable chemicals market is expected to reach a market size of US$ 95.8 Bn by 2022.
- The Ethanol product type is expected to have the highest CAGR rate of 12.5% during the forecast period.
- United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 38.6 Bn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 15.7% during 2022-2032.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Renewable Chemicals Market are focused on R&D to produce innovative technological solutions.
- In July 2020, Praj Industries introduced a new Bio-Prism portfolio that produces renewable chemicals and materials. The portfolio of Praj Industry already includes Bio-Industrial products. This new addition to the existing portfolio will further help in optimizing its revenue.
- In April 2021, Du Pont announced that they will focus more on sustainability and try to reduce carbon footprint and improve operations, thereby generating lesser waste and higher energy efficiency.
- In October 2021, Mitsubishi Chemical Holdings, established in Japan, seeks to invest US$ 875 Mn by 2030. The funding will be mainly utilized to install solar energy and construct a plastic business that recycles used vegetable oils. By 2050, the corporation aspires to achieve a net zero in greenhouse gas emissions.
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Market Segments Covered in Renewable Chemicals Market Analysis
- By Product Type :
- Ethanol
- Ketones
- Biopolymers
- Platform Chemicals
- Other Product Types
- By Feedstocks :
- Biomass
- Corn
- Sugarcane
- Algae
- Other Feedstocks
- By End-Use :
- Automotive
- Medical
- Food and Beverages
- Petrochemicals
- Textiles
- Agriculture
- Other End-Uses
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Renewable Chemicals Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Renewable Chemicals Market in terms of by Product Type (Ethanol, Ketones, Biopolymers, Platform Chemicals, and Other Product Types), Feedstocks (Biomass, Corn, Sugarcane, Algae, and Other Feedstocks), End-Use (Automotive, Medical, Food and Beverages, Petrochemicals, Textile, Agriculture and Other End-Uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemical Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemical Team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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