According to the report, global demand for renewable chemicals market was valued at over USD 50.0 billion in 2015 and it is expected to reach around USD 85.0 billion in 2021, growing at a CAGR of above 11% between 2016 and 2021.
Renewable resources are generally known as natural resources or environmental friendly resources. Renewable chemicals are derived using biomass as a feedstock material. Renewable chemicals can be utilized in the production of formulated products, plastics, and polymers. Renewable chemicals are growing in popularity among end users owing to their attributes such as eco-friendly nature, abundant availability of feedstock material, etc.
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Increase in environmental concerns focuses on reducing harmful emissions caused by carbon and scarcity of non-renewable or fossil feedstock is driving the demand for renewable chemicals market. Other factors contributing towards the growth of renewable chemicals market is government initiative and funding, rising prices of petroleum products. However, higher cost of production as compared to petroleum-based products, patent protected production technology, high initial investment, lack of awareness are some of the major restrains for the renewable chemical market. Nevertheless, government funds for R&D for the development of cost-effective production technology, the introduction of new raw materials and rise in the number of end-user applications are likely to open new growth avenues for renewable chemicals in the near future.
The renewable chemical market is segmented on the basis of product, application, and region. Biopolymers, ketones, alcohols, platform chemicals and organic acids are some of the key product segments of renewable chemicals market. Alcohols followed by organic acids are the largest segment due to robust demand from pharmaceutical industry.
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Biopolymers are one of the fastest growing segment owing to widespread applications and strong demand from end users. The host of applications across the wide range of industries including textiles, environment, housing, health & hygiene, agriculture, transportation, food safety, communication, recreation, bio-medical and other is expected to boost the demand for renewable chemicals market.
Renewable chemicals market was dominated by Europe in 2014 and remain competitive with the presence of a large number of vendors. Asia-Pacific is the fastest growing market due to rapidly growing demand for eco-friendly products and vast availability of raw materials. North America, Latin America, and Middle East & Africa are also expected to experience strong growth of renewable chemicals market in the years to come.
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Some of the key players operating in global renewable chemicals market include Mitsubishi Chemical Corporation, Corbion N.V., Myriant Corporation, BASF, Genomatica, Metabolix Inc., Braskem, NatureWorks LLC, Corbion N.V., BioMCN, DuPont Tate & Lyle Bio Products, Cobalt Technologies and BioAmber among others. Innovations, development, and launch of new product, collaborations or partnerships are some of the important strategies practiced by the companies to increase their share in global market.