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 insta