Fort Collins, Colorado, May 01, 2024 (GLOBE NEWSWIRE) --
Environmental awareness in the population drives the need for renewable chemicals.
The growth of the renewable chemicals market is significantly influenced by the increasing awareness of pollution and global efforts to mitigate emission levels. The International Energy Agency highlights that the chemical industry ranks as the third major contributor to carbon dioxide emissions and is a prominent energy-consuming sector. This underscores the imperative to curtail emissions, leading to the development of renewable chemicals to reduce the industry's carbon footprint.
Furthermore, governments worldwide are actively promoting the adoption of renewable chemicals through various schemes and initiatives. A prime example is the United States Department of Energy's Loan Program Office, which facilitates the deployment of renewable fuels and chemicals. Such governmental support provides significant opportunities for the growth of the renewable chemicals market.
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Segmentation Overview:
The renewable chemicals market has been segmented into type, application, and region.
Alcohols accounted for a significant market share in 2023.
- The market is segmented based on type, alcohols, biopolymers, organic acids, ketones, and others. Alcohols hold a significant share in the type segment as they are majorly used as fuel for vehicles. They are a perfect substitute for petrol and have cleaner emissions than regular gas-based vehicles. Also, this demand is expected to grow in the countries that import fossil fuel at a large scale as dependence is reduced significantly with the adoption of renewable chemicals.
Packaging products dominated the application category in 2023.
- The market is segmented by application into petrochemicals, pharmaceuticals, packaging products, cleaning and detergents, and automotive. Packaging products hold a significant share in the application segment, as many packaging companies are actively adopting sustainable packaging materials to reduce their dependence on non-renewable materials.
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Renewable Chemicals Market Report Highlights:
- The renewable chemicals market growth is anticipated at a CAGR of 11.2% by 2032.
- The renewable chemicals industry is poised to grow substantially in the forecast period.
- Asia Pacific holds a significant share of the renewable chemicals market, as all the major chemical companies are in China, India, and Japan. Due to the growing environmental impact and deteriorating air quality in many cities of these countries, the governments are heavily investing in controlling and improving the air quality while emissions and promoting the use of renewable products and energy.
- Some prominent players in the renewable chemicals market report include BASF SE, Mitsubishi Chemical Corporation, Archer Daniels Midland Company, DSM, Cargill Inc., Bioamber Inc., Trucent, Amyis Inc., Myriant Corporation, Corbion N.V., and others.
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