According to the report, global renewable chemicals market was valued at over USD 49.22 billion in 2016, is expected to reach above USD 102.76 billion in 2022 and is anticipated to grow at a CAGR of slightly above 11.29% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 09/29/2017 -- According to the report, global renewable chemicals market was valued at over USD 49.22 billion in 2016, is expected to reach above USD 102.76 billion in 2022 and is anticipated to grow at a CAGR of slightly above 11.29% between 2017 and 2022.
Renewable chemicals are obtained using biomass feedstock. Renewable chemicals act as building blocks for the biobased products. Volatile fossil fuel prices have led to huge demand for renewable chemicals. Moreover, lowering dependency on the fossil oils as feedstock has resulted into elevated growth in renewable chemicals market.
Constantly depleting fossil fuels has led to the high usage of eco-friendly renewable products. This factor is likely to propel the growth of the renewable chemicals market in near future. Growing environment concerns and independence on nonrenewable sources has forced end users to opt for renewable chemicals which are expected to fuel the growth of the market. However, the high captive cost for renewable chemical production may impede the growth of the market. Moreover, lack of awareness among the underdeveloped economies may hinder the growth of the market. Nevertheless, ongoing research for attaining higher yields along with government funding for collaborations of various universities to uncap the renewable chemicals opportunities could provide ample scope for the renewable chemicals market in the forecast period.
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The renewable chemical market is segmented on the basis of the product such as ketones, biopolymers, alcohols, organic acids, platform chemicals and others. Alcohols accounted for almost 75 % of the total market share in 2015 followed by biopolymers. The biopolymers can be further bifurcated into polyhydroxy alkanoates (PHA), starch blends, polylactic acid (PLA), regenerated cellulose, PBS, bio-PET, bio-PE. Among all, the starch blend constitutes around 30 % of the total biopolymers segment. A number of applications of the renewable chemicals owing to different properties are agriculture, textiles, housing, environment, transportation, food & beverage packaging, communication, biomedical and other applications. Food & beverage packaging dominated the renewable chemicals market owing to the high use of biopolymers in packaging. Regulations led to the food safety has led manufacturers to utilize eco-friendly biopolymers for packaging, this factor is expected to spur the growth of the renewable chemicals market in the forecast period.
Europe curled the major portion of the renewable chemicals market in 2016 and is expected to maintain its position in the forecast period. This is mainly contributed to the existence of major brands in Europe. North America is predicted to exhibit huge impact on the growth of the renewable chemicals market over the coming years. Various initiatives implemented by the North American Government for the use of biochemicals due to rising environmental concern may fuel the growth of the renewable chemicals market in this region. Asia-Pacific is anticipated to ladder up its renewable chemicals market growth in the coming years owing to the sharp rise in eco-friendly chemicals. Availability of workforce and raw sources pull the major manufacturing hub to endow in these regions, which is likely to foster the growth of the renewable chemicals market in the future.
Some of the key manufacturers in the renewable chemicals market are Corbion N.V., Mitsubishi Chemical Corporation, Myriant Corporation, Genomatica, Metabolix Inc., BASF, Braskem, BioMCN, NatureWorks LLC, DuPont Tate & Lyle Bio Products, Cobalt Technologies and BioAmber among others. The presence of established players in renewable chemical market forces the manufacturers to focus on product innovation to sustain in the market.
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