Renewable chemicals are chemicals derived from natural or organic feedstock as compared to crude oil. The inclination of chemical manufacturers towards renewable feedstock is likely to be an impetus for the market growth. The global renewable chemicals market report by Market Research Future (MRFR) comprises drivers, challenges, opportunities, insights, and threats for the period of 2019 to 2024 (forecast period). The impact of the COVID-19 virus has been included in the report.

Market Analysis  

The global renewable chemicals market is likely to grow at a favorable CAGR between 2022- 2030, according to the new report by Market Research Future (MRFR). Renewable chemicals, simply put, are specific chemicals that have sufficient renewable content which improves the recyclability. It comprises different chemicals that are obtained from renewable sources like microorganisms, biomass, organic waste products, agricultural waste, and agricultural feedstock.   

Various factors are propelling the global Renewable Chemicals Market growth. According to the new MRFR report, such factors include technological innovations, support from the government for eco-friendly processes and sources, rising environmental concerns, and strict environmental regulations associated with the manufacture disposal of petrochemical by leading regulatory bodies such as REACH and EPA. Besides, increasing consumer awareness about renewable chemicals is also adding market growth. 

 On the contrary, the high cost of renewable chemicals and related performance issues are factors that may limit the renewable chemicals market growth over the forecast period. Besides, the COVID-19 pandemic has also created a grave impact on the market growth with production facilities of various end user industries being halted, leading to a fall in demand for chemicals. The novel coronavirus has also impacted supply chain, availability of raw materials, logistics suppliers, and farm workers. 

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Segmentation

Based on feedstock, the biomass segment is expected to dominate the market and register a substantial CAGR during the forecast period. The growth is attributed to the increasing demand for the product in the production of bioethanol and biodiesel. Moreover, strict environmental regulations have increased the application of biomass-based products in various end use industries.

By product, the ethanol segment accounted for the largest market share in 2018 and is expected to witness significant growth during the forecast period. However, the bio-polymers segment is estimated to register a healthy CAGR during the forecast period owing to the growing adoption of the product in the packaging and automotive industries.

On the basis of end-use industry, the automotive is expected to be the fastest-growing segment of the global renewable chemicals market, as bioethanol, biodiesel, and biopolymers are widely used in the industry.

Regional Analysis

The global watch market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.

APAC is projected to account for the largest share of the global renewable chemicals market, with China and India being major contributors. In 2018, China and ASEAN countries accounted for over half of the overall revenue share of the regional renewable chemicals market. Huge demand for cosmetic and personal care products and rapid industrialization can fuel the market growth till 2023.

The North American and European markets are expected to witness significant growth owing to stringent regulations outlined for lowering carbon footprints. Octadecaneodioic acid has gained prominence in Europe for being a viable alternative to petroleum derivatives. A public-private partnership initiative by governments in Europe for pushing the commercialization of renewable chemicals is evident of the large potential of the market. The synthesis of adhesives, polyamide, and nylon can drive the market demand.

Competition Outlook

Novozymes A/S, SOLVAY, Genomatica Inc, Cargill Inc, Koninklijke DSM N.V., Evonik Industries AG, Braskem, Bioamber Inc, NatureWorks LLC, Biomethanol Chemie Nederland B.V., UOP LLC, BASF SE, DOW, Myriant Corporation, Solazyme Inc, Amyris Inc, and Archer-Daniels-Midland Company are key players of the global renewable chemicals market.

Worldwide Participants

The renewable chemicals market is home to renowned companies; like Myriant Corporation, BioAmber, Corbion N.V., Braskem, and Cobalt Technologies. However, its companies are lesser in comparison to other markets. In the coming years, higher demand for these chemicals will cause a transformation from pilot scale operations to full-scale commercialization. Novel participants would have to invest heavily in advanced technologies to enter the industry.

Also, European Union’s (EU’s) policy assistance and favorable biodegradable green regulations are likely to encourage more players to join the market. Going by the present scenario, this industry has huge potential, but less firms. Companies need more capital technological expertise to do better. Oil-independency trends and ‘carbon-footprint’ awareness have propelled the growth of renewable chemicals. Moreover, variations in ‘petroleum prices’ and instabilities in ‘oil-production’ should drive the worldwide market from 2016 to 2021 (forecast period).

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