Renewable Chemicals Market Share, Overview, Trends and COVID-19 Analysis Forecast to 2023
Renewable Chemicals Market Overview:
The global market for Renewable Chemicals Market was valued at USD 88 billion in 2018 from which the market is expected to register substantial growth. The market is going to benefit from several contributing factors that have been recorded by Market Research Future (MRFR) for a detailed analysis. Growth of this market would be healthy as several regions are showing huge potential in taking the global market ahead.
Major factors to drive the market ahead are the availability of low-cost feedstock, better inclusion of advanced technologies, high preference for eco-friendly products, the stringent imposition of regulations to maintain the highest standard of environmental safety, and economic growth of rural areas. At the same time, the growing demand for sustainable alternatives for chemicals in use in various industries can trigger growth for the market. Renewable chemicals can be produced from several sources like renewable feedstock like sugarcane, corn, algae, biomass (animal, plant, and marine), starch, and agricultural waste.
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Renewable Chemicals Market Competitive Landscape:
The global market for renewable chemicals would thrive with constant inputs from the major market players. These players are taking initiatives to transform the market from a strategic point of view. MRFR’s tracking of the market has the potential of providing insights that can be used by these players to make the market grow at a rapid pace. These companies are Amyris Inc (US), Archer-Daniels-Midland Company (US), Bioamber Inc (US), BASF SE (Germany), Braskem (Brazil), Bio methanol Chemie Nederland B.V. (The Netherlands), Koninklijke DSM N.V. (The Netherlands), Cargill Inc (US), Genomatica Inc (US), Evonik Industries AG (Germany), NatureWorks LLC (US), Myriant Corporation (US), Solazyme Inc (US), Novozymes A/S (Denmark), DOW (US), SOLVAY (Belgium), and UOP LLC (US).
Renewable Chemicals Market Segmentation:
The global market for renewable chemicals can be studied with a proper analysis of feedstock, product, and end user. Coverage of various factors that can promote the market in the coming years made this segmentation more enriched.
By feedstock, the global COVID-19 analysis on advanced renewable chemicals market on can be segmented into corn, sugarcane, biomass, algae, and others. The biomass segment has the maximum contribution and its application in the coming years would be the highest among peers owing to which it will retain its market dominance.
By product, the renewable chemicals industry can be segmented into ethanol, methanol, ketones, glycerol, organic acids, biopolymers, platform chemicals, and others. The platform chemicals can be segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), polyethylene, and others. The ethanol segment had the largest market share in 2018. The bio-polymers segment can make significant progress with the highest CAGR over the forecast period.
By end-use industry, the market report has included several segments like Petrochemical, Food & Beverage, Automotive, Chemical, Agricultural, Packaging, Textile, Medical, and Others. The automotive segment is making the maximum profit and it has the potential to grow with the highest CAGR in the coming years as the segment promotes demand for bioethanol, biodiesel, and biopolymers notably.
Renewable Chemicals Market Regional Analysis:
The Asia Pacific region is showing significant promise to retain its tag as the largest market. The market has countries like India, China, and other ASEAN countries, that can promise growth for other major markets. North America and Europe would provide a high demand for the product as these regional markets have stringent environmental rules, which would increase the demand for renewable chemicals even more. The UK, the US, Canada, France, Germany, and others would show a high intake of these chemicals. In the Middle East & Africa region, this growth would be moderate due to the high reliance on petroleum-related chemicals.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.
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