Renewable Chemicals Market to Reach USD 370.68 Billion by 2031 Fueled by Eco-Conscious Shift

“The global renewable chemicals market is driven by growing concerns regarding greenhouse gas emissions and the depletion of fossil fuel resources, prompting a shift towards sustainable alternatives.”

A recent report by SNS Insider highlights a promising future for the renewable chemicals market, expected to reach USD 370.68 Billion by 2031 at a CAGR of 11.4%. The Renewable Chemicals Market was valued at USD 155.26 billion in 2023.

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Some of the Key Players Included are:

• Amyris
• NatureWorks LLC
• BASF SE
• Evonik Industries AG
• Mitsubishi Chemical Holdings Corporation
• Corbion N.V.
• Solvay, Genomatica Inc., LLC
• DuPont Tate & Lyle Bio Products, Mitsui Chemicals Inc.

Sustainability Concerns Drive Demand for Renewable Chemicals

Major chemical producers are actively transitioning towards natural sources for chemical production, aiming to reduce dependence on fossil fuels. Governments are implementing stricter regulations on the use and disposal of petroleum-based chemicals, promoting the adoption of bio-based alternatives. Rising governmental support for eco-friendly sources & processes, coupled with technological advancements, is further propelling market growth.

While the market offers promising opportunities, certain challenges need to be addressed:

• Complex manufacturing processes and high processing costs make renewable chemicals more expensive than their synthetic counterparts.
• Particularly in developing economies, a lack of consumer understanding and lower purchasing power can restrict product consumption.

Recent Developments

• July 2020: Praj Industries launched its Bio-Prism portfolio, expanding its product offerings for bio-based renewable chemicals and materials.
• October 2021: Mitsubishi Chemical Holdings announced its goal of achieving zero greenhouse gas emissions by 2050, focusing on eco-friendly production and renewable energy processes.
• May 2022: Verdant Specialty Solutions introduced a new range of green specialty chemicals catering to the nonwoven, textiles, and pulp industries.

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Segment Analysis

• By Product Type: The alcohol segment is expected to dominate the market due to rising demand for bio-alcohols as non-renewable resources become scarcer and crude oil prices fluctuate.
• By Feedstock: Biomass, including corn, sugarcane, wheat, and soybeans, is the dominant feedstock due to its high carbon content, ideal for synthesizing biofuels, bio-based plastics, and chemicals.
• By Application: The chemical segment held the largest share in 2023 due to the rapid growth of the chemical industry, particularly in China and India, driven by increasing demand from various end-use sectors.

By Product Type

• Alcohols
• Biopolymers
• Ketones
• Platform Chemicals
• Organic Acids
• Polyhydroxy Alkanoates (PHA)
• Starch Blends
• Polylactic Acid (PLA)
• Regenerated Cellulose

By Feedstock

• Sugarcane
• Biomass
• corn
• Algae
• Others

By Application

• Agriculture
• Textiles
• Communication
• Bio-Medical
• Housing
• Environment
• Transportation
• Food and Beverage Packaging
• Other

Impact of the Russia-Ukraine War:

The ongoing Russia-Ukraine war and potential economic slowdown pose uncertainties for the renewable chemicals market. Disruptions in the supply chain and rising energy prices could affect production costs and hinder market growth. However, the long-term outlook remains positive, as the need for sustainable solutions continues to be a priority. Governments and organizations are likely to prioritize policies and investments that promote energy security and sustainability, potentially benefiting the renewable chemicals market.

The Asia Pacific region held the largest market share in 2023

The Asia Pacific region led the market due to growing environmental concerns prompting governments to promote eco-friendly products and chemicals. China, in particular, is witnessing significant growth due to rising bio-polymer manufacturing, increased R&D activities, and a flourishing chemical industry.

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North America, with the US as a leading contributor, is driven by the expansion of e-commerce and food & beverage industries, which translates to higher demand for biopolymers and ketones in packaging and beverages.

In Europe, the high demand for green ammonia is linked to the growth of the automotive industry. The increasing adoption of ethylene glycol as an engine coolant, offering superior protection, is fueling regional market growth.

Key takeaways:

• Rising environmental concerns and depleting fossil fuel resources are fueling the adoption of eco-friendly chemicals and polymers. Government regulations and support for bio-based alternatives are further propelling market expansion.
• The report delves into segment analysis by product type, feedstock, and application, providing insights into market dynamics. It also acknowledges the challenges, such as the high cost of renewable chemicals and limited consumer awareness in developing economies.
• The report offers a detailed analysis of key regional developments, highlighting the dominance of Asia Pacific and the promising growth potential in North America and Europe.

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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.