Renewable chemicals contain all the chemicals which are produced from renewable feedstock such as microorganisms, biomass (plant, animal, and marine), and agricultural raw materials. These chemicals are used by several industries such as in food processing, housing, textiles, environment, transportation, hygiene, pharmaceuticals and other applications. These chemicals are mainly available as ketones, alcohols, organic acids, and bio-polymers.
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Renewable chemical market is witnessing rapid growth primarily driven by growing consumer awareness and rising global sentiments in the favour of environment. Renewable chemicals market has seen a prospective growth in the last few years. The presence of regulatory, government and environmental regulatory authorities makes the world to use developed bio-based renewable chemicals product. There are several factors which drive the global renewable chemical market considered as low cost feedstock, technological innovation, consumer acceptance for eco-friendly product, government support, growing popularity and growing rural market.
Renewable chemicals market is divided in types and application. On the basis of types, renewable chemical markets are segmented into alcohols such as methane and ethanol, polymer such as polylactic acid, bio based polyethylene, organic acid such as formic acid, acetic acid and glycolic acid, ketones such as acetone and methyl ethyl ketone, platform chemicals. On the basis of application, the renewable chemicals markets are segmented into industrial, transportation, food packaging & beverage bottling, bio-medical, fertilizers, agriculture, textiles, environment, housing, recreation and health & Hygiene. Among all these base of segments, it is anticipated that the main demand and uses of renewable chemicals comes from the pharmaceuticals industry because of the companies R&D and innovation in the medicine.
Global awareness among the consumer to use renewable chemicals increase the demand of renewable chemical. Europe was the largest renewable chemical market because of European Union Investment to make the region Green economy and promote the chemicals in the region for the penetration. There are regions also where the renewable chemicals are available in large quantity. Region like North and Latin America countries such as U.S., Brazil and Argentina has strength to supply the resource for local manufacturer in that region. Technological advancement along with increasing availability and user of chemical manufacturing is estimated to have opportunities of market expansion over the next few years. In this region wide application of industrial users such as domestic cleaner, paint and coatings, printing inks, pharmaceuticals and personal care products makes more demand for renewable chemicals. It is expected that chemical demand will come from economies like China, India, South Africa, Japan and European Union. Growing end user industries and continuous collaborations and agreements between manufacturers, distributors and marketing firms are the key factor for the growth of renewable chemicals in the global market and mentioned economies. The cheap availability of raw materials, cheap labour and increase demand of renewable chemicals are propelling factors in the countries like China, India and Japan has increase the demand of renewable chemicals. It is estimated that during the period of 2018-2021, the market of renewable chemical market will increase in a fast pace.
Major companies dealing with the renewable chemical market include Archer-Daniel-Midland Company, Amyris Inc., BioAmber Inc., Biomethanol Chemie Nederland B.V., Braskem, Cargill Inc., Evonik Industries AG, Genometica Inc., Metabolix Inc., Myriant Corporation, DSM, E.I. DU Pont DE Nemours & Company, Natureworks LLC, Novozymes A/S, Opx Biotechnologies, Solazyme Inc., The Dow Chemical Company and Verenium Corp.
Global renewable chemical market has been segmented as follows:
Global Renewable Chemical Market, By Type
- Organic Acid
- Platform Chemicals
Global Renewable Chemicals Market, By Application
- Food packaging and beverages bottling
- Health & Hygiene
- Housing Recreation
Global Renewable Chemicals Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific