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Renewable Chemicals Market

Renewable Chemicals Market

Renewable Chemicals Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

148

Base Year:

2022

Date

Sep - 2023

Format:

PDF XLS PPT

Report Code:

VMR-2278

Segments Covered
  • By Product Type By Product Type Alcohols, Biopolymers, Ketones, Starch Blends, Platform Chemicals, Organic Acids, Other Product Types
  • By Application By Application Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, Other Applications
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 118.6 Billion
Revenue 2030Revenue 2030: USD 257.3 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 11.7%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Renewable Chemicals Market Share

The global Renewable Chemicals Market is valued at USD 118.6 Billion in 2022 and is projected to reach a value of USD 257.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 11.7% between 2023 and 2030.

Premium Insights

The surge in environmental apprehensions coupled with governmental support for eco-conscious materials propels the growth of . The International Energy Agency's Global Energy Review 2022 forecasts a 4.8% expansion in energy-related CO2 emissions due to escalating coal, oil, and gas demand. This increase of around 1,500 Mt CO2, surpassing previous carbon-intensive recoveries, heightens concerns. mitigate waste and obviate costly waste management, hazardous disposal, and end-of-pipe procedures. Addressing mounting greenhouse gas emissions, they are pivotal in curtailing carbon footprints. Additionally, economical biomass feedstocks, environmentally friendly goods, and evolving technologies such as repurposing used bottles for polyurethane manufacturing are poised to invigorate the sector.

Renewable Chemicals Market Size, 2022 To 2030 (USD Billion)

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  • The demand for Alcohol in the market will notably increase by Product Type during the projection period from 2023 to 2030.
  • The Transportation segment will continue to assert its dominance by Application, capturing the largest market share globally from 2023 to 2030.
  • In 2022, the Asia Pacific region exhibited its market prowess, achieving the highest revenue share of 50.50%.
  • The North American region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

  1. Consumers are becoming increasingly conscious of sustainability and are seeking out products made from renewable sources. This has created a strong market demand for that can be used in various industries such as packaging, agriculture, and cosmetics.
  2. Many governments worldwide are implementing policies and regulations that support the development and use of . This includes renewable fuel standards, tax incentives, and grants for research and development. These supportive measures have helped to boost market growth and attract investment in the industry.
  3. The industry continually evolves and advances as new technologies and processes are developed. This includes using novel feedstocks, such as algae and waste biomass, and the development of new conversion technologies. These advancements are helping to improve the efficiency and cost-effectiveness of renewable chemical production, making them more competitive with traditional, fossil fuel-based chemicals.
  4. Collaboration between stakeholders in the industry, such as manufacturers, researchers, and governments, is becoming increasingly important. This includes collaborations to develop new technologies, exchange knowledge and expertise, and secure funding for research and development. These partnerships are helping to accelerate the growth of the market and drive innovation.
  5. The industry has attracted significant investment and funding from private and public sectors. This is driven by the increasing market demand for sustainable products and the potential for significant financial returns. This investment is being used to develop new technologies, scale up production, and expand market reach, further driving growth in the market.
  6. The concept of a circular economy, where resources are used efficiently, and waste is minimized, is gaining traction in the chemicals industry. This includes developing closed-loop systems, where are used and reused throughout the supply chain. This shift towards a circular economy drives demand for that can be recycled or biodegraded, further boosting market growth.

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

  • Competitive benchmarking
  • Historical data & forecasts
  • Company revenue shares
  • Regional opportunities
  • Latest trends & dynamics
  • Power BI Report (Dashboard)

Economic Insights

The restrictions that the government imposes on environmental tax to discourage the use of fossil fuels are also a supporting factor in the rise in the demand for eco-friendly chemicals. In 2020, the U.S. federal government charged USD 24-39/tCO2e (tonnes of carbon dioxide equivalent) from various manufacturers. However, several manufacturers have added bio-ethanol to their product portfolio to promote environment-friendliness. The COVID-19 outbreak has resulted in a lowering demand for chemicals. The explosion of COVID-19 resulted in a decline in oil rates due to a reduction in oil consumption worldwide by roughly 29 Mn barrels per day. It resulted in an ample supply of crude oil in the global market, making synthetic chemicals and materials cheaper. This reduction in the costs had a detrimental impact on renewable chemical production.

Market Segmentation

The Global Market can be segmented across different segments as mentioned below:

The globel Renewable Chemicals market can be categorized into Product Type, Application, Region. The Market can be categorized into Alcohols, Biopolymers, Ketones, Starch Blends, Platform Chemicals, Organic Acids, Other Product Types based on Product Type. The Market can be categorized into Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, Other Applications based on Application. The Market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Below tree is interactive. You can click the nodes to get more information.

Based on Product Type

The Adhesive Bonded to Lead to Maximum Market Share Due to the Use of High-Strength Adhesives Used for the Bonding of Planks

In 2022, the alcohol segment is poised to dominate the global market for . Escalating scarcity of non-renewable resources and volatile crude oil prices have spurred the demand for bio-alcohols like bioethanol, biobutanol, and bio-methanol. Surging vehicle necessities due to population upsurge have amplified the need for biofuels in emerging economies, propelling the bio-alcohol market. Moreover, eco-friendliness and reduced carbon emissions of renewable alcohol compared to traditional fuels will further drive segment growth in the projected period.

Based on Application

The Transportation Segment expects Dominance Owing to the Growing Demand for Sustainable and Environmentally Friendly Transportation Solutions

In 2021, the Transportation segment dominated the market. The biomass, wood chips, crop residues, etc., are converted to renewable transportation fuels. The various types of bio-based alcohols like bio-butanol, bioethanol, and bio-methanol are used as fuel in jets. Bioethanol is the most widely used source of energy for transportation. The use of bioethanol is projected to increase significantly in the coming years and remain high. This shift toward more bio-ethanol usage will provide more opportunities in the future. Methane is another renewable chemical used as a transportation fuel and is the major component of compressed natural gas. It is produced from biomass by a biochemical process called anaerobic digestion. Biodiesel is a renewable diesel substitute made by mixing crude oil or fat with an alcohol (usually methanol). Through transformation, Biodiesel can originate from vegetable oils, animal fats, and recycled cooking greases.

Based on Region

Asia Pacific To Dominate Global Sales Owing to High Demand for Sustainable and Eco-friendly Solutions Across Various Industries

In 2022, the Asia Pacific emerged as the dominant player in the market. With an increased focus on sustainability and a shift towards bio-based alternatives, the region witnessed significant growth in renewable chemical production and consumption. Moreover, the presence of key market players, the availability of raw materials, and favorable government policies have contributed to the region's dominance in the market. The continuous efforts towards innovation and technological advancements in have also boosted market growth in the Asia Pacific region.

The industry in North America is rapidly gaining popularity. The region is witnessing a growing demand for biofuels, bioplastics, and biochemicals as alternatives to conventional petroleum-based products. Factors such as government support, significant investments in research and development, and favorable regulatory frameworks drive the market's growth.

Competitive Landscape

The global market is highly competitive, with various key players operating. Some major companies in the market include BASF SE, Archer Daniels Midland Company, Corbion, BioAmber Inc., and Braskem. These companies focus on research and development activities to develop innovative and sustainable products. Additionally, strategic alliances, mergers, and acquisitions are frequent in the market as companies aim to expand their product offerings and market presence.

The key players in the global Renewable Chemicals market include - BASF SE (Germany), Mitsubishi Chemical Holdings Corporation (Japan), DAIKIN (Japan), 3M (U.S.), Braskem (Brazil), Corbion N.V. (Netherlands), NatureWorks LLC (U.S.), Amyris (U.S.), OCI N.V. (Netherlands), Solvay (Belgium), DSM (Netherlands), Genomatica Inc. (U.S.), Cobalt Technology, LLC. (U.S.), Elevance (U.S.), Evonik Industries AG (Germany), DuPont (U.S.), Novamont S.p.A. (Italy), Novozymes (Denmark), AVERY DENNISON CORPORATION (U.S.), Mitsui Chemicals Inc. (Japan) among others.

Recent Market Developments

  • In April 2021, Du Pont shifted towards sustainability, aiming to cut carbon emissions, enhance efficiency, and reduce waste for improved operations and higher energy efficiency.
  • In October 2021, Japan's Mitsubishi Chemical Holdings planned around $875 Mn investment by 2030, focussing on solar energy recycling using vegetable oils for plastics. Goal: net-zero greenhouse emissions by 2050.
  • In September 2021, BASF SE acquired 49.5% of Vattenfall's Holland Kust Zuid wind farm, under construction since July 2021, in the Dutch North Sea. The subsidy-free offshore project is set to operate in 2023, marking BASF's significant debut in renewable energy investment.

Segmentation of the Global Renewable Chemicals Market

Parameter Details
Segments Covered
  • Product Type (Alcohols, Biopolymers, Ketones, Starch Blends, Platform Chemicals, Organic Acids, Other Product Types)
  • Application (Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, Other Applications)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • BASF SE (Germany)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • DAIKIN (Japan)
  • 3M (U.S.)
  • Braskem (Brazil)
  • Corbion N.V. (Netherlands)
  • NatureWorks LLC (U.S.)
  • Amyris (U.S.)
  • OCI N.V. (Netherlands)
  • Solvay (Belgium)
  • DSM (Netherlands)
  • Genomatica Inc. (U.S.)
  • Cobalt Technology
  • LLC. (U.S.)
  • Elevance (U.S.)
  • Evonik Industries AG (Germany)
  • DuPont (U.S.)
  • Novamont S.p.A. (Italy)
  • Novozymes (Denmark)
  • AVERY DENNISON CORPORATION (U.S.)
  • Mitsui Chemicals Inc. (Japan)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

FAQ
Frequently Asked Question
  • The global Renewable Chemicals valued at USD 118.6 Billion in 2022 and is expected to reach USD 257.3 Billion in 2030 growing at a CAGR of 11.7%.

  • The prominent players in the market are BASF SE (Germany), Mitsubishi Chemical Holdings Corporation (Japan), DAIKIN (Japan), 3M (U.S.), Braskem (Brazil), Corbion N.V. (Netherlands), NatureWorks LLC (U.S.), Amyris (U.S.), OCI N.V. (Netherlands), Solvay (Belgium), DSM (Netherlands), Genomatica Inc. (U.S.), Cobalt Technology, LLC. (U.S.), Elevance (U.S.), Evonik Industries AG (Germany), DuPont (U.S.), Novamont S.p.A. (Italy), Novozymes (Denmark), AVERY DENNISON CORPORATION (U.S.), Mitsui Chemicals Inc. (Japan).

  • The market is project to grow at a CAGR of 11.7% between 2023 and 2030.

  • The driving factors of the Renewable Chemicals include

    • Stringent Regulations Associated with Environment Safety

  • Asia Pacific was the leading regional segment of the Renewable Chemicals in 2022.

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