Global Renewable Chemicals Market size was valued at USD 124.6 Billion in 2023 and is expected to reach USD 270.8 Billion by 2032, at a CAGR of 11.3% during the forecast period 2023 – 2032.
Renewable Chemicals Market – Overview
Renewable chemicals are derived from sustainable feedstocks, such as biomass, agricultural residues, or waste materials, providing an eco-friendly alternative to traditional petrochemicals.
The global renewable chemicals market is witnessing dynamic trends driven by increasing environmental awareness and sustainability goals. Bio-based materials, derived from biomass, agricultural residues, or waste, are gaining prominence, reducing dependence on traditional petrochemicals.
Governments worldwide are implementing stringent regulations to curb carbon emissions, fostering the adoption of eco-friendly alternatives. Technological advancements and innovations in renewable chemical production processes enhance efficiency and cost-effectiveness, promoting market growth.
Growing consumer demand for sustainable products further propels the industry, influencing companies to integrate renewable chemicals into their portfolios. Collaboration between industries and a surge in investment in research and development signals a transformative shift toward greener practices.
The market’s expansion is characterized by a comprehensive approach, embracing various sectors like plastics, textiles, and fuels, as stakeholders strive to create a more sustainable and environmentally responsible chemical industry.
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By type, the alcohol segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Alcohol drives the renewable chemicals market due to its versatility and eco-friendly nature.
Derived from renewable feedstocks like biomass, alcohol serves as a key building block for various sustainable chemicals. The global push for greener alternatives, coupled with the potential for lower carbon emissions, positions alcohol as a crucial component in fostering sustainability.
Industries increasingly recognize the economic and environmental benefits of alcohol-derived renewable chemicals, driving innovation and market growth towards a more sustainable and circular economy.
By application, the transportation segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The demand for bio-based alternatives in fuel production, such as ethanol and biodiesel, stems from environmental concerns and regulatory pressures to curb greenhouse gas emissions.
CMI has comprehensively analyzed renewable chemicals market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this renewable chemicals industry.
The competitive landscape includes of key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Renewable Chemicals Market:
- BASF SE
- Mitsubishi Chemical Holdings Corporation
- Braskem
- OCI N.V.
- Solvay
- Corbion N.V.
- NatureWorks LLC
- Amyris
- Myriant Coperation
- Evonik Industries
- Novamont S.p.A.
- BioAmber
- Neste
- LyondellBasell
- Toray Industries
- PTT Global Chemical PCL
- Genomatica
- LanzaTech
- Metabolic Explorer
- Arbios
- Others
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