Popular Industry Trends & Growth Opportunities in Renewable Chemicals Market

There has been an incredible decrement in the suitable fuel sources. This has led to the rollout of renewable chemicals that are inexhaustible and eco-friendly. Renewable chemicals are employed as feedstock for most of the formulations. Biopolymers and alcohols are ruling the renewable chemicals due to varied applications by the end users.

To conquer the drawbacks posed by the employment of fossil fuels such as the elevated release of carbon has led to the elevated employment of renewable chemicals. The continuation of plentiful raw resources for the manufacturing of renewable chemicals is antedated to make stronger the market for renewable chemicals. Rising environmental worries in addition to volatile conventional fuels costs are expected to help the market of renewable chemicals over the upcoming years. In addition to this, support from the government paired with promotions of the manufacturer for employment of renewable chemicals might boost the market for renewable chemicals. On the other hand, lack of low yield and enhanced technologies might hinder the growth of the market for renewable chemicals. In contrast, intense study for getting higher yield and growth of low-cost production method might provide the market with the abundant prospect in the forecast.

According to the research report, global renewable chemicals market was valued at over USD 49.22 billion in 2016, is expected to reach above USD 102.76 billion in 2022 and is anticipated to grow at a CAGR of slightly above 11.29% between 2017 and 2022.

The market for renewable chemicals can be broadly divided into 5 major product sectors such as biopolymers, alcohols, platform chemicals, ketones, and organic acids. Renewable chemicals have varied applications, some of which comprises textiles, agriculture, transportation, environment, communication, food & beverage packaging, other applications including biomedical. Elevated usage of biopolymers in food & beverage packaging is anticipated to foster the development of the market for renewable chemicals in the near future.

Europe held the biggest share in the market for the in 2016. This is chiefly attributed to increasing environmental concerns that have forced the makers to design formulations on the basis renewable chemicals. In addition to this, the presence of different companies in Europe is anticipated to boost the development of the market for renewable chemicals in near future. Different laws led by the Government of North America for the use of traditional chemicals have resulted in selection for renewable chemicals. This factor is expected to help the market for renewable chemicals in the near future. The Asia Pacific is expected to see steady development and is anticipated to get a grip in near future. Government proposals for designing bio-renewable and eco-friendly chemicals in China and India are expected to force the development of the market for renewable chemicals in the forecast.

Mitsubishi Chemical Corporation, Corbion N.V., Genomatica, Metabolix Inc., Myriant Corporation, Braskem, BASF, NatureWorks LLC, BioMCN, Cobalt Technologies, DuPont Tate & Lyle Bio Products, and BioAmber are some of the leading companies operating in the market for renewable chemicals.

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