Zion Market Research has published a new report titled “Renewable Chemicals (Biopolymers, Ketones, Alcohols, Platform Chemicals, Organic Acids and Others) Market for Textiles, Environment, Housing, Health & Hygiene, Agriculture, Transportation, Food Safety, Communication, Recreation, Bio-Medical and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global demand for renewable chemicals market was valued at over USD 50.0 billion in 2015 and it is expected to reach around USD 85.0 billion in 2021, growing at a CAGR of above 11% between 2016 and 2021.
Rapidly depleting fossil derived resources has been resulted into increasing demand for renewable resources for the production of chemicals. Renewable resources are natural resources and also known as eco-friendly resources. Renewable chemicals can be defined as chemicals that are produced with the use of biomass as a raw material, which can be utilized in the manufacturing of formulated products, plastics, and polymers.
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Ever increasing environmental concerns associated with the manufacturing of chemicals using crude derived resources as a feedstock materials, increasing pressure from regulatory authorities to lower carbon footprints has resulted into increasing use of renewable feedstock for the production of chemicals. The abundance of raw materials, government initiatives, ongoing research & development in the field of renewable chemicals for cost effective manufacturing is also expected to fuel the growth of renewable chemicals market. However, high initial investment, higher cost of production and competition from other industries to procure raw materials is expected to hamper the growth of this industry to some extent.
Biopolymers, ketones, alcohols, platform chemicals, organic acids are some of the important product segments of the renewable chemicals market. Alcohols and organic acids together account for the largest share of the global renewable chemicals market in terms of volume as well as revenue in 2014. However, biopolymers are expected to be the fastest growing segment of renewable chemicals market during the forecast period. Textiles, environment, housing, health & hygiene, agriculture, transportation, food safety, communication, recreation, bio-medical, etc. are some of the major outlets for renewable chemicals.
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The global renewable chemicals market was dominated by Europe and accounted for the largest share in 2015. Stringent environmental regulations across the region have resulted into growing demand for renewable chemicals. However, Asia Pacific is expected to exhibit fastest CAGR during 2016 to 2021. North America, Latin America, and Middle East & Africa are also expected to witness rapid growth in demand for renewable chemicals during the forecast period.
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The key players for the renewable chemicals market include Mitsubishi Chemical Corporation, Corbion N.V., Myriant Corporation, BASF, Genomatica, Metabolix Inc., Braskem, NatureWorks LLC, Corbion N.V., BioMCN, DuPont Tate & Lyle Bio Products, Cobalt Technologies and Bio Amber among others. In order to gain a competitive advantage over its competitors, key players in the market are focusing on development and launch of the innovative product, mergers & acquisition, collaborations, etc.
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