The global renewable chemicals market is suggested to have reached a value of around $57 billion at the beginning of 2013, and is forecast to hit a total of $83.4 billion by 2018. This suggests a CAGR growth rate of 7.7% between 2013 and 2018. The key category in the industry over the forecast period is suggested to be biopolymers sector. While not the largest category; currently alcohols; biopolymers is forecast to register a CAGR of 14.3% and will grow to a value of $4.8 billion in 2018, from $2.4 billion in 2013. The leading segment in biopolymers continues to be starch plastic, with almost 48% of the market in 2012, while PHA will see high growth of 27.7% between 2013 and 2018.
In the bioethanol market, the U.S. is the leading consumer. In Asia, China is the leading market with a share of 75% in 2012, while India is expected to be the fastest growing market in next five years with a CAGR of 20.4%.
The renewable chemicals market includes all the chemicals obtained from renewable feedstock such as agricultural raw materials, agricultural waste products or biomass microorganisms etc. The development of this market is driven by the fact that renewable chemicals decouple economic growth from finite, non-renewable resource consumption, and also help diversify the feedstock portfolio.
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