The global Renewable Chemicals Market Growth Accelerated by Developing Sustainable Alternatives

 

Renewable chemicals are bio-based chemicals derived from biomass like plant, animal, and marine materials instead of petroleum. Renewable chemicals provide environment-friendly alternatives for various applications like healthcare, construction, food & beverages packaging, textiles, and personal care. They are biodegradable and contribute to reducing dependency on fossil fuels.

The global Renewable Chemicals Market is estimated to be valued at US$ 13.98 4 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the renewable chemicals market is the growing focus toward developing sustainable alternatives. There is increasing awareness regarding the environmental impact of petroleum-based chemicals. Various regions are announcing policies and regulations to promote the use of renewable chemicals in different industries. For instance, European Union introduced several directives to increase the adoption of bio-based products. Several companies are investing heavily in R&D activities to commercialize new plant-based chemicals that can replace fossil fuel-based chemicals. Advancements in biotechnology and synthetic biology are further expected to aid in large-scale production of renewable chemicals from various feedstock in a cost-effective manner.


Segment Analysis
The global renewable chemicals market is dominated by bio-based chemicals segment which accounts for over 45% share of the market in 2023. Bio-based chemicals are sustainable and environment friendly substitutes to petroleum-based chemicals and offer various performance advantages. They are used across various industries like textiles, automotive, construction and many others. Rapid growth in end-use industries and stringent environmental regulations regarding use of petrochemicals are expected to drive the demand for bio-based chemicals in the coming years.

Key Takeaways
The global renewable chemicals market is expected to witness high growth over the forecast period of 2023-2030. The global Renewable Chemicals Market is estimated to be valued at US$ 13.98 4 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030.

Regional analysis
North America dominated the global renewable chemicals market in 2023 and is expected to continue its dominance over the forecast period. The region accounts for over 30% share of the global market owing to strong government support for renewable chemical production and emphasis on sustainability. Asia Pacific is expected to be the fastest growing region during the forecast period supported by rapid industrialization, growth in end-use industries and increasing environmental regulations.

Key players
Key players operating in the renewable chemicals market are BASF SE, Mitsubishi Chemical Holdings Corporation, DAIKIN, 3M, Braskem, Corbion N.V., NatureWorks LLC, Amyris, OCI N.V., Solvay, DSM, Genomatica Inc., Cobalt Technology, LLC., Elevance, Evonik Industries AG, DuPont, Novamont S.p.A. and Novozymes, AVERY DENNISON CORPORATION, Mitsui Chemicals Inc. BASF SE and Mitsubishi Chemical Holdings Corporation collectively account for over 20% share of the global market owing to their strong product portfolio and global production footprint.

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