JERSEY CITY, N.J., June 6, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Renewable Chemical Manufacturing Market Size, Share & Trends Analysis Report By Product (Alcohols, Organic Acids, Polymers), Application (Transportation, Agrochemicals, Food And Beverage, Personal Care, Pharmaceuticals, Paints And Coatings, Detergents And Cleaners), And Feedstocks (Ligno, Sugar, Starch, Biomass), Region, Market Outlook And Industry Analysis 2031."
The Global Renewable Chemical Manufacturing Market is estimated to reach over USD 196.5 Bn by 2031, exhibiting a CAGR of 9.5% during the forecast period.
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Global Renewable Chemical Manufacturing Market Report Scope:
Report Attribute | Specifications |
Market Size Value In 2023 | USD 95.7 Bn |
Revenue Forecast In 2031 | USD 196.5 Bn |
Growth Rate CAGR | CAGR of 9.5% from 2024 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn, and CAGR from 2024 to 2031 |
Historic Year | 2019 to 2023 |
Forecast Year | 2024-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Product, Feedstock, Application |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
The renewable chemical manufacturing market is experiencing rapid growth driven by increasing environmental awareness, government regulations promoting sustainable practices, and the shift towards a circular economy. Key drivers include the rising demand for bio-based products, advancements in green technologies, and the quest for alternatives to fossil fuels. Renewable chemicals, such as bio-based plastics, enzymes, and organic acids, are gaining traction across various industries like healthcare, agriculture, and packaging due to their lower carbon footprint and biodegradability. With significant investments in research and development, along with collaborations between market players and academic institutions, the market is witnessing innovation in bio-refining processes and biotechnologies. The global renewable chemical manufacturing market is poised for expansion, offering promising opportunities for economic growth, environmental conservation, and sustainable development.
The renewable chemicals sector is seeing swift expansion, fueled by rising interest in bio-based polymers, advancements in technology and innovation, and supportive government policies and regulations. This transition toward renewable chemicals presents a host of environmental and economic advantages, such as lower carbon emissions, improved resource efficiency, and reduced dependence on fossil fuels.
With global sustainability becoming increasingly important, the renewable chemical manufacturing market is set for continued growth. Furthermore, industry players must address challenges such as cost-effectiveness, scalability of production, and maintaining sustainability in feedstock supply chains to drive revenue growth in this sector.
List of Prominent Players in the Renewable Chemical Manufacturing Market:
- BASF SE
- CropEnergies AG
- DSM
- Amyris
- Braskem
- Evonik
- Novozymes A/S
- Cargill, Incorporated
- NatureWorks LLC
- ADM
- ARD
- OCI
- Mitsubishi Chemical Group Corporation
- Corbion
- Carbon Recycling International
- Other Prominent Players
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Market Dynamics:
Drivers-
Several key factors drive the renewable chemical manufacturing market. Increasing environmental concerns and regulatory policies are pushing industries to adopt sustainable practices, boosting demand for renewable chemicals. Advancements in biotechnology and green chemistry are enhancing the efficiency as well as the cost-effectiveness of renewable chemical production.
Consumer preference for eco-friendly products is also growing, encouraging manufacturers to shift towards renewable chemicals. Additionally, fluctuations in fossil fuel prices and the desire to reduce dependency on non-renewable resources are compelling companies to explore renewable alternatives. Government incentives and investments in research and development further propel the market's growth.
Challenges:
The prime challenge faced by the renewable chemical manufacturing market is the cost competitiveness compared to traditional petrochemicals. While renewable chemicals offer environmental benefits and sustainability advantages, they often come with higher production costs due to the complexities of biomass sourcing, conversion technologies, and scale of operations.
Fluctuating raw material prices, limited infrastructure, and uncertain market demand further impact the economic viability of renewable chemical manufacturing. Overcoming these cost challenges through technological innovations, process optimizations, favorable government policies, and increased investment in research and development is crucial for the widespread adoption and commercial success of renewable chemicals in the market.
Regional Trends:
The Asia-Pacific renewable chemical manufacturing market is estimated to register a major market share. It is projected to grow at a high CAGR in the near future. Growing population, rapid urbanization, and increasing industrialization are factors expected to increase the growth of the renewable chemical manufacturing market in the region. The presence of key players and increasing collaboration among major key players for market growth in the region give the opportunity for growth of the global renewable chemical manufacturing market.
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Recent Developments:
- In May 2024, BASF intends to broaden its range of biomass balance products by including BMBCertTM 1,4-butanediol (BDO), tetrahydrofuran (THF), polytetrahydrofuran (PolyTHF®), and 3-(dimethylamino)propylamine (DMAPA). These new items are anticipated to aid in the substitution of fossil resources with renewable raw materials, as per a verified biomass balancing strategy.
- In Jan 2022, CropEnergies AG has recently engaged in an engineering, license, and technical services arrangement to establish a plant at its manufacturing facility in Zeitz, Germany. The purpose of this plant is to enable CropEnergies AG to manufacture renewable ethyl acetate using sustainable ethanol. By utilizing Johnson Matthey technology, CropEnergies produces renewable ethyl acetate that effectively decreases the amount of fossil carbon emissions associated with several common goods. This is a valuable opportunity for clients to align with the sustainability movement and promote growth.
Segmentation of Renewable Chemical Manufacturing Market -
By Product-
- Alcohols
- Organic Acids
- Polymers
- Others
By Application-
- Transportation
- Agrochemical
- Food and Beverage
- Personal Care
- Pharmaceuticals
- Paints and Coatings
- Detergents and Cleaners
- Industrial
By Feedstocks-
- Plant Oil
- Ligno
- Sugar
- Starch
- Biomass
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for global Renewable Chemical Manufacturing market
- To receive industry overview and future trends of global Renewable Chemical Manufacturing market
- To analyze the Renewable Chemical Manufacturing market drivers and challenges
- To get information on the Renewable Chemical Manufacturing market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Renewable Chemical Manufacturing industry
Other Related Reports Published by InsightAce Analytic:
Renewable Methanol Market
Green Chemicals Market
Biofuel Market
Sustainable Bio-based Surfactant Market
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