The global market for renewable chemicals is projected to hit USD 252.55 billion by 2028, with a CAGR of 11.5% expected during the forecast period. This data comes from Fortune Business InsightsTM, as detailed in their report titled “Renewable Chemicals Market, 2021-2028.” The surge in greenhouse gas emissions and the depletion of fossil resources has led to a widespread adoption of renewable chemicals and polymers across various industries. Additionally, increased governmental support for eco-friendly and bio-based products is anticipated to fuel long-term market growth.
Report Coverage:
The comprehensive report delves into the renewable chemicals industry, covering key aspects such as major players, product types, applications, and market dynamics. It provides quantitative data on volume and value, along with detailed market analysis, research methodology insights, and industry trends. The report highlights significant industry advancements and examines the competitive landscape. Moreover, besides the factors mentioned, the report also explores other variables contributing to the recent expansion of the market.
Drivers & Restraints:
The increasing industrial applications of renewable alcohols, including solvents, fuel additives, and beverages, are expected to drive market growth. Renewable alcohols, primarily methanol and ethanol, are increasingly blended with fuels like regular gasoline as oxygenate additives. Bio-based ethanol, known for its ecological benefits, is being incorporated into the product portfolios of various companies.
Regional Insights:
In the Asia Pacific region, the renewable chemicals market reached USD 71.43 billion in 2020. Governments in this region are actively promoting environmentally friendly products and chemicals to address growing environmental concerns. Consequently, there’s a rising demand for these chemicals, contributing to market growth. China, with its largest market share and fastest-growing economy in the region, is experiencing heightened demand for bio-based chemicals driven by increased bio-polymer production, research and development initiatives, and a thriving chemical sector.
In North America, the U.S. is a major contributor, particularly due to the booming e-commerce and food & beverage industries. This has led to expanding demand for ketones and biopolymers, especially in packaging and beverage applications. In Europe, the strong demand for renewable chemicals is closely tied to the automotive sector’s expansion. Ethylene glycol, used as a coolant for engines, is witnessing increased adoption, driving regional growth by offering superior protection against various engine-related issues.
For more detailed insights, you can browse the summary at: Renewable Chemicals Market Summary