Luton, Bedfordshire, United Kingdom, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Food Packaging Film market. Global Renewable Chemicals market size is expected to grow from USD 113.21 Billion in 2021 to USD 301.21 Billion by 2029, anticipated to witness moderate growth during 2022-2029 with a CAGR of 11.5%.
Renewable Chemicals Market: Exactitude Consultancy
Renewable chemicals, commonly referred to as "bio-based chemicals," are those produced from renewable resources such biomass, microorganisms, agricultural waste, agricultural feedstock, and organic waste products. Due to their lower carbon content and environmentally beneficial traits, renewable chemicals have become possible replacements for petroleum-based chemicals. Polyhydroxyalkanoates (PHA) and polylactic acid (PLA), which may be made from nontoxic renewable feedstock, are two of the most promising biopolymers.
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Over the course of the projected period, the market for renewable chemicals is anticipated to expand rapidly. The advantages of bio-based chemicals, such as their smaller environmental impact compared to conventional petrochemicals and growing customer demand for goods made from renewable resources, are to blame for this. The quick adoption of the bioeconomy and renewable feedstocks to create low-carbon substitutes for sectors like the chemical industry will also influence market prospects.
Europe Region to Dominate the Market
Europe region held the largest share in the Renewable Chemicals in 2022 up to 31.1% followed by North America and the Asia Pacific. The market for renewable chemicals has grown significantly in Europe as a result of strict packaging requirements. For instance, the European Union (EU) encourages the use of biofuels and bio-liquids as alternatives to fossil fuels in order to reduce transportation-related carbon emissions.
Recent Development
- October 2021- Mitsubishi Chemical Holdings, based in Japan, targets to aims to achieve net-zero greenhouse gas emissions across the group by 2050, fractionally via eco-friendly production and renewable energy processes. The Japanese company believes that the road to carbon-free production consists of lucrative opportunities. The plan's core is 100 billion yen, i.e., USD875 million in capital investment through 2030. The funds will be used to deploy on-site solar panels and build a plastics plant, which uses spent vegetable oils.
- In April, 2021, the start-up Trillium Renewable Chemicals was launched with backing from the Belgian investment firm Capricorn Partners and technology from the nonprofit Southern Research. Trillium has $8.5 million from Capricorn’s sustainable chemistry fund to scale up a Southern Research thermochemical process for converting sugars and glycerin into acrylonitrile and propylene glycol.
| Attribute | Details |
| Base year for estimation | 2021 |
| Actual estimates/Historical data | 2017-2021 |
| Forecast period | 2022 - 2029 |
| Market representation | Revenue in USD million, Volume in kilo tons, and CAGR from 2012 to 2029 |
| Regional scope | North America, Europe, Asia Pacific, MEA and Central & South America |
| Country scope | U.S., Canada, Mexico, Germany, France, UK, Russia, India, China, Japan, South Korea, Brazil, Saudi Arabia |
| Report coverage | Revenue forecast, company share, competitive landscape, and growth factors and trends |
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Drivers and challenges
Only a small number of players are active in the worldwide market for any chemical that is used; as a result, they do not offer a significant or worrying danger to one another. Because these market chemicals are produced in consistent quantities and are used in many different parts of the world, there is a significant demand for them. The market for renewable chemicals is still in its early stages, and the market players have not yet managed to stabilize their operations.
When compared to the conventional polymers that are now accessible on the market, emerging at a high price and associated performance concerns are the elements that are preventing the rise of the market share for renewable chemicals. However, the rate at which research and innovation are occurring may soon result in improvement. Additionally, the anticipated market growth during the forecast period ending in 2028 is estimated to be hampered by the complicated manufacturing procedure involved with the production of renewable chemical market products and services.
Key Market Segments: Renewable Chemicals Market
Renewable Chemicals Market by Product Type, 2020-2029, (USD Million)
- Alcohols
- Biopolymers
- Organic Acids
- Ketones
- Platform Chemicals
Renewable Chemicals Market by Application, 2020-2029, (USD Million)
- Food Processing
- Agriculture
- Textiles
- Transportation
- Environment
- Bio-Medical
- Others
Renewable Chemicals Global Market by Region, 2020-2029, (Usd Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Technology Analysis
The market for renewable chemicals is expanding due to the rising breadth of end-user segments, the introduction of novel raw materials, the under-penetration of the Asian-Pacific region, and the possibility for cost savings through economies of scale.
Additionally, the numerous secondary sources used to identify and gather data from the market, including directories, technical handbooks, company annual reports, industry association publications, chemical magazine articles, trade websites, and databases, suggest that the development of technology will play an excellent role in driving the market to grow at an excellent CAGR over the course of the forecast period.
Study Objectives
- The report on the renewable chemicals industry does a qualitative market study and examines the rate of market growth elements that will support the market's growth and expansion positions during the forecast period. The research also discusses potential variables that could pose difficulties for the global industry.
- The study comprehends and examines the underlying principles of the segmentation of the global market that is effective and satisfies the expanding wants of the target audience at market rates that are within their means.
- The study aids in comprehending the competitive market graph, which is dependent on initiatives performed by major market participants in several international locations that support market functioning and production.
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