Global Renewable Chemicals Market, By Product Type (Alcohols, Ethanol, Methanol, Biopolymers, Polyhydroxy Alkanoates (PHA), Starch Blends, Polylactic Acid (PLA), Regenerated Cellulose, PBS, Bio-PET, Bio-PE, Ketones, Platform Chemicals, Organic Acids), Feedstock (Corn, Sugarcane, Biomass, Algae, Others), Application (Agriculture, Textiles, Environment, Transportation, Food and Beverage Packaging, Communication, Bio-Medical, Other) - Industry Trends and Forecast to 2023 to 2030.
Renewable Chemicals Market Analysis and Size
The essential factors contributing to the growth of the global renewable chemicals market in the forecast period of 2023 to 2030 include the high demand for renewable chemicals. Also, the stringent regulations associated with environmental safety are significantly contributing to the market's growth.
Data Bridge Market Research analyses that the global renewable chemicals market, which was USD 17.50 billion in 2022, is expected to reach USD 70.89 billion by 2030, growing at a CAGR of 19.11% from 2023 to 2030. "Alcohols" segment is dominating due to the scarcity of non-renewable resources, and the erratic price of crude oil has raised the demand for bio-alcohols, including bioethanol, biobutanol, and biomethanol. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Renewable Chemicals Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Alcohols, Ethanol, Methanol, Biopolymers, Polyhydroxy Alkanoates (PHA), Starch Blends, Polylactic Acid (PLA), Regenerated Cellulose, PBS, Bio-PET, Bio-PE, Ketones, Platform Chemicals, Organic Acids), Feedstock (Corn, Sugarcane, Biomass, Algae, Others), Application (Agriculture, Textiles, Environment, Transportation, Food and Beverage Packaging, Communication, Bio-Medical, Other)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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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)
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Market Opportunities
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Market Definition
Renewable chemicals, also known as "bio-based chemicals," are those derived from renewable resources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals have emerged as potential substitutes for petroleum-based chemicals due to their lower carbon constituent and environmentally friendly characteristics. Some of the most promising biopolymers are polylactic acid (PLA) and polyhydroxyalkanoates, which can be produced from nontoxic renewable feedstock.
Global Renewable Chemicals Market Dynamics
Drivers
- Stringent Regulations Associated with Environment Safety
There are various strict regulations and government initiatives to improve the environment, so renewable chemicals are increasing dramatically in almost every country. Brazil, for example, has been experimenting with programs aimed at ethanol made from sugar cane and biodiesel in the field of renewable fuel. In this regard, approximately 45 percent of Brazil's energy and 18 percent of its fuels are already renewable. On the other hand, the Air Pollution Control Act is the main piece of air pollution legislation in Japan. The government has set a target of a 26% reduction in greenhouse gas (GHG) emissions by 2030. (25.4 percent compared to 2005). Such stringent environmental regulations and initiatives will directly impact the growth of the renewable chemicals market.
- High Demand for the Renewable Chemicals
The rising demand for ethanol and methanol, green packaging materials, and consumer goods packaging materials is expected to drive market growth over the forecast period. There is a high demand for these market chemicals because of the consistent production volumes consumed in various global locations.
Furthermore, the factors such as the cheap labor cost, abundant raw materials, and cheap and increasing demand for renewable chemicals in China and India will further propel the growth rate of the renewable chemicals market. Additionally, rapid urbanization and industrialization will also drive market value growth.
Opportunities
- Focus Towards Technology and Growing Awareness
Furthermore, various manufacturers and researchers focus on new technology that may replace fossil fuels, extending profitable opportunities to the market players from 2023 to 2030.
- Growing awareness of the need to reduce carbon footprints
Additionally, the growing awareness of the need to reduce carbon footprints to deal with issues such as landfills, global warming, and rising consumer preferences for green and natural products will further expand the future growth of the renewable chemicals market.
Restraints/Challenges
- Huge capital requirement
The higher upfront cost of construction and technology investment may prevent the growth and implementation of renewable chemicals, particularly in areas where the potential exists but investors are lacking. In many regions, higher construction costs cause institutions to view renewable chemical projects as risky, resulting in a negative attitude toward renewables that could impact thousands of lives. The setbacks and unintended consequences may hamper the growth of the renewable chemicals market.
- High competition
Start-ups and young companies are willing to take on challenges and successfully implement renewable chemical projects; however, the existing market players and their market influence make it extremely difficult to overcome the challenges imposed by existing or conventional energy sources. Such technical limitations and development obstacles may challenge the renewable chemicals market growth rate over the forecast period.
This global renewable chemicals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global Renewable Chemicals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In November 2022, a leading manufacturer of low-carbon polylactic acid, NatureWorks LLC, announced their new fully integrated Ingeo PLA Biopolymer manufacturing facility in Thailand. This increased their market in renewable chemicals
- In September 2022, BASF SE announced the innovative partnership with a U.S.-based start-up technology RiKarbon. RiKarbon has patented technology to convert bio-waste into bio-based degradable emollients. BASF will provide its manufacturing facilities, and using this technology, BASF will expand its market
Global Renewable Chemicals Market Scope
The global renewable chemicals market is segmented based on product type, feedstock, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Alcohols, Ethanol
- Methanol
- Biopolymers
- Polyhydroxy Alkanoates (PHA)
- Starch Blends
- Polylactic Acid (PLA)
- Regenerated Cellulose
- PBS
- Bio-PET
- Bio-PE
- Ketones
- Platform Chemicals
- Organic Acids
Feedstock
- Corn
- Sugarcane
- Biomass
- Algae
- Others
Application
- Agriculture
- Textiles
- Environment
- Transportation
- Food and Beverage Packaging
- Communication
- Bio-Medical
- Other
Global Renewable Chemicals Market Regional Analysis/Insights
The global renewable chemicals market is analysed and market size insights and trends are provided by product type, feedstock, and application as referenced above.
The countries covered in the global renewable chemicals market report U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and rest of Middle East and Africa.
North America dominates the renewable chemicals market due to the strict regulations and government initiatives to improve the environment. The increasing use of renewable chemicals in almost every country also contributes to the market's growth.
Asia-Pacific is expected to grow from 2023 to 2030 due to the rising demand for ethanol and methanol, green packaging materials, and consumer goods. The high demand for these chemicals because of the consistent volumes consumed in various global locations has fueled the worldwide demand for renewable chemicals and is driving the market's growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Renewable Chemicals Market Share Analysis
The global renewable chemicals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the global renewable chemicals 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)
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