Renewable Chemicals are expected to generate US$262.9 billion in sales globally by the end of 2032 from a 2021 total of US$86.7 billion. The anticipated market growth from 2022 to 2032 is anticipated to be 10.6%, which is much larger than the increase in the past.
The greatest revenue-generating segment is anticipated to be ethanol, which is anticipated to rise at a CAGR of about 12.5% between 2022 and 2032. According to Fact.MR, a leader of market research and competitive information, the market value of the Renewable Chemicals Market increased historically between 2017 and 2021 at a rate of almost 10% CAGR. The business expansion for renewable chemicals is being fueled by escalating environmental concerns as well as government support for eco-friendly materials and goods.
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Key Takeaways from the Market Study
- Global renewable chemicals market is expected to reach a market size of US$ 95.8 Bn by 2022.
- The Ethanol product type is expected to have the highest CAGR rate of 12.5% during the forecast period.
- United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 38.6 Bn during 2022 – 2032.
- The market in China is set to experience the highest CAGR of 15.7% during 2022-2032.
Competitive Landscape:
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Renewable Chemical providers are as follows:
- In July 2020, Praj Industries introduced a new Bio-Prism portfolio that produces renewable chemicals and materials. The portfolio of Praj Industry already includes Bio-Industrial products. This new addition to the existing portfolio will further help in optimizing its revenue.
- In April 2021, Du Pont announced that they will focus more on sustainability and try to reduce carbon footprint and improve operations, thereby generating lesser waste and higher energy efficiency.
- In October 2021, Mitsubishi Chemical Holdings, established in Japan, seeks to invest US$ 875 Mn by 2030. The funding will be mainly utilized to install solar energy and construct a plastic business that recycles used vegetable oils. By 2050, the corporation aspires to achieve a net-zero in greenhouse gas emissions.
- In September 2021, around 49.5% of the Vattenfall wind farm, Holland Kust Zuid was purchased by BASF SE. The wind farm has already started construction in July 2021 in the Dutch North Sea. This subsidy-free offshore wind farm is scheduled to begin its operation in 2023. This is BASF’s first huge investment in the field of renewable energy.
- In November 2021, Lummus Technology has signed an MoU with Braskem Netherlands B.V., which is a subsidiary of Braskem, the world’s largest biopolymer manufacturer. The MOU is targeted to the license of Braskem’s green ethylene technology for two of the ethanol to ethylene conversion projects in development in Asia and North America, indicating that the technology has a worldwide audience.
Similarly, recent developments related to companies’ Renewable Chemicals services have been tracked by the team at Fact.MR, which are available in the full report.
Market Segments Covered in Renewable Chemicals Market Analysis:
· By Product Type :
- Ethanol
- Ketones
- Biopolymers
- Platform Chemicals
- Other Product Types
· By Feedstocks :
- Biomass
- Corn
- Sugarcane
- Algae
- Other Feedstocks
· By End-Use :
- Automotive
- Medical
- Food and Beverages
- Petrochemicals
- Textiles
- Agriculture
- Other End-Uses
· By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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What are the challenges associated with the manufacture of Renewable Chemicals?
The challenge that the market will face is the high production cost, which might encourage only a few participants to enter the market, thereby creating a monopoly. When compared to their synthetic equivalents, certain renewable alternatives to conventional petrochemicals have proved exceedingly expensive.
Lower purchasing power, as well as a lack of consumer understanding of these chemicals, particularly in the Asia Pacific and Africa’s growing economies, may obstruct renewable chemical adoption in these countries in the coming years.
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