Renewable chemicals, also well-known as bio-based chemicals are generated from natural and bio-based raw materials. They are attained from agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals have appeared as potential substitutes for petroleum-based chemicals as they propose fewer carbon footprints and are eco-friendly. Some of the commonly utilized renewable chemicals comprise polymeric (lignin, hemicellulose, cellulose, starch, protein) and monomeric (carbohydrates, oils, plant extractives, amino acids) components. Renewable chemicals are used in surfactants and lubricants, consumer goods, resins, and plastics for environmental determinations. Renewable chemicals find application in several chemical industries such as housing, environment, transportation, food processing, pharmaceutical, textiles, and several others.
According to the report analysis, ‘Renewable Chemicals Market by Product Type (Alcohols, Ethanol, Methanol, Biopolymers, Ketones, Platform Chemicals, Organic Acids and Others); By Application (Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, and others); and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030’ states that Global Renewable Chemicals market is projected to grow owing to the growing awareness concerning environmental safety and government assistance for eco-friendly sources & processes, and technological innovations. Additionally, increasing requirement for ethanol & methanol, green packaging materials, and consumer goods packaging materials is projected to boost the market growth during the coming years.
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Moreover, the significant augment in environmental concerns and safety along with government support and initiatives are motivating the production, usage, and souring of renewable chemicals. Additionally, customers are getting aware of the health issues and the negative impression of the chemicals on the environment which has led to growing demand for renewable chemicals. Furthermore, numerous technological innovations from the manufacturers are probable to stimulate the market growth.
The effective growth in greenhouse gas emissions and growing prices of fuel linked with conventional petroleum-derived feedstocks are projected to boost the requirement for renewable chemicals as a substitute for such products. Bio-feedstocks such as sugarcane and corn are cultivated around the globe, which makes it a probable substitute for crude oil as a feedstock in the manufacturing of chemicals.
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Based on the region, Global Renewable Chemicals Market is sectored based on regional analysis into five foremost regions. These comprise North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Renewable Chemicals Market markets market in Asia Pacific controlled the largest market share during the year 2019. Asia Pacific will endure to dominate the global Renewable Chemicals market due to abundant raw material and cheap labor costs. Speedy urbanization and industrialization in this region are further projected to proliferate the requirement for renewable chemicals across several end-user industries. Stringent regulation on the usage of fossil fuels has compelled producers and researchers to emphasize on R&D of new technology that may substitute fossil fuels and foster the requirement for renewable chemicals. Therefore, in the near years, it is predicted that the market of renewable chemicals will increase around the globe more effectively over the near years.
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Ankur Gupta, Head Marketing & Communications