Renewable
chemicals commonly known as bio-based chemicals are obtained from
various renewable sources such as organic waste products,
agricultural waste, agricultural feedstock, microorganism, and
biomass. Due to lower carbon constituent and environment friendly
characteristics, it has emerged as a potential substitute for
petroleum-based chemicals. Increasing awareness and growing demand
for methanol and ethanol in the pharmaceutical industry is a major
factor expected to fuel growth of the renewable chemicals market
during the forecast period. The renewable chemical market is expected
to be dominated by Europe, followed by North America. This is mainly
attributed to inclination of the populace and industry players
towards adoption of novel and technologically advanced green
products. However, on the back of supportive government policies and
low labor cost, Asia Pacific is expected to specter enormous growth
for the market during the forecast period. Renewable chemicals have
diverse application such as agriculture, food & beverages
packaging, biomedical, among others. Technology applied for
manufacturing renewable chemicals from biomass includes thermo
chemical conversion, enzymatic hydrolysis, dehydrative
transformation, fermentation and bioconversion, production of Fischer
Tropsch diesel, acid hydrolysis, among others.
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Renewable
chemicals Market Taxonomy
On
the basis of product type, the global market is classified into:
-
Bio polymer
-
Alcohols
-
Ketones
-
Organic acids
-
Others
On
the basis of applications, the global market is classified into:
-
Agriculture
-
Food & beverages packaging
-
Bio medical
-
Textiles
-
Others
On
the basis of geography, the global market is classified into:
-
North America
-
U.S.
-
Canada
-
-
Europe
-
U.K.
-
Germany
-
Italy
-
France
-
Spain
-
Russia
-
Rest of Europe
-
-
Asia Pacific
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China
-
India
-
Japan
-
ASEAN
-
Australia
-
South Korea
-
Rest of Asia Pacific
-
-
Latin America
-
Brazil
-
Mexico
-
Argentina
-
Rest of Latin America
-
-
Middle East
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GCC Countries
-
Israel
-
Rest of Middle East
-
-
Africa
-
Northern Africa
-
Central Africa
-
South Africa
-
Renewable
Chemicals Market Outlook – Surge in End User Demand Augmenting
Market Growth
Emerging
technological breakthroughs, inclination of the populace towards
eco-friendly products, and supportive government policy are fueling
growth of the renewable chemicals market. Moreover, the growing
demand for ethanol & methanol, green packaging materials and
consumer goods packaging materials is expected to witness tremendous
growth during the forecast period. Abundant raw material, cheap labor
cost, and increasing demand for renewable chemicals in China and
India is expected to propel growth of the market for renewable
chemicals. Moreover, tremendously escalating urbanization and
industrialization in emerging economies of Asia Pacific are further
expected to amplify demand for renewable chemicals across various
flourishing end-use industries. Strict regulation by EU on the use of
fossil fuels has compelled manufacturers and researchers to innovate
and develop new technology, which can replace fossil fuel.
Renewable
Chemicals Market Challenges – High Cost for Commercialization
The
renewable chemicals market is very niche, with few numbers of players
in the global market. Moreover, increasing consumer awareness about
the environment is expected to sharply incline towards green and
eco-friendly chemicals. To fulfill increasing demand for renewable
chemicals, commercialization of pilot project and players have to
make significant investment in research and development to upgrade
the existing production technology and develop new products. While
the market offers highly lucrative growth opportunities, high capital
investment in production of renewable chemicals as compared to other
conventional chemicals and polymers, is expected to be a key
challenge for market growth. Also, the viability of renewable
chemicals in terms of matching performance of conventional chemicals
is still to be conclusively proved, which dissuades end-use
industries from adopting these chemicals. Increasing technological
advancements and growing consumer awareness is expected to change the
tide in the near future. Moreover, due to abundant petroleum reserves
in Middle East and Latin America, the market for renewable chemicals
in these region is expected to experience least growth during the
forecasted period.
Renewable
Chemicals Market – Regulatory Scenario:
-
2009, Federal Legislation enthusiastic support for bio based products development and promotion.
-
As per The Biomass Research and Development Act of 2000, established the biomass research and development initiative to promote and develop bio based products, which consist of representatives from the white house, US Department of Agriculture (USDA) and US Department of Energy
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The
key players in the market include Archer-Daniels-Midland Company
(ADM), Amyris Inc., BASF SE, Bioamber Inc., Biomethanol Chemie
Nederland B.V., Braskem, Cargill Inc., DSM, E. I. DU Pont DE Nemours
& Company, Evonik Industries AG, Genomatica Inc., Metabolix,
Inc., Myriant Corporation, Natureworks LLC, Novozymes A/S, OPX
Biotechnologies, Solazyme Inc., Solvay, The Dow Chemical Com
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