Biopolymer Usage in Packaging to Provide Renewable Chemicals US$ 262.9 Bn Market Opportunity by 2032

What Does Surging Ethylene Glycol Sales Mean for the U.S. Renewable Chemicals Market

The latest survey by Fact.MR uncovers hidden opportunities for renewable chemicals market expansion. It delivers an unbiased analysis of the demand for renewable chemicals presenting forecast statistics for the period from 2022 to 2032. Further, it delves deeper into the growth prospects across various market segments on the basis of product type, feedstock, end use, and region.

NEW YORK, June 14, 2022 /PRNewswire/ -- The global renewable chemicals market size is expected to be valued at US$ 262.9 Bn in 2032 and exhibit growth at a CAGR of 10.6% throughout the forecast period (2022-2032). Implementation of stringent norms by government bodies to push the adoption of eco-friendly materials among various industries is set to aid growth.

As per the report, sales in the global renewable chemicals market are projected to reach US$ 95.8 Bn in 2022. Increasing greenhouse gas emissions and hazardous waste disposal practices by organizations worldwide are encouraging chemical manufacturers to produce renewable or green chemicals.

Numerous beneficial properties of renewable chemicals, including end-of-pipe treatments and relatively low cost are also projected to foster growth. In addition, ongoing technological advancements, such as using old bottles for the manufacturing of polyurethane raw materials is likely to bolster growth.

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Further, rapid expansion of the food & beverage and e-commerce industries in the U.S. would push the usage of ketones and biopolymers in packaging. Besides, rising adoption of ethylene glycol as a coolant in vehicle engines across the U.S. is set to augment growth.

Increasing utilization of ethanol and methanol in the pharmaceutical, beverages, and cosmetics industries across the globe is another crucial factor that is projected to drive the U.S. market. High demand for biopolymers in drug delivery and tissue engineering applications is expected to aid growth.

Moreover, increasing government initiatives in China and India to propel the production of renewable chemicals for reducing emissions are set to spur growth. Surging demand for acetic acid, formic acid, and organic acid in the pharmaceutical industry is also expected to accelerate the market.

Key Takeaways:

• The U.S. renewable chemicals market is expected to reach a valuation of US$ 63.1 Bn by 2032.
• By product type, demand for ethanol is set to grow at a rapid pace at a CAGR of 12.5% by 2032.
• Based on feedstock, the biomass segment is likely to showcase steady growth at a CAGR of about 13.2% in 2022-2032.
• The global renewable chemicals market is projected to grow 2.7x in the evaluation period (2022-2032).
• In 2021, Asia Pacific renewable chemicals market size stood at approximately US$ 73 Bn.

Growth Drivers:

• Rapid inclination of manufacturers towards renewable feedstock and bio-economy to produce low-carbon chemical alternatives is set to drive growth.
• High demand for green packaging materials, such as methanol and ethanol across the globe is projected to boost growth in future.

Restraints:

• As compared to conventional polymers, renewable chemicals are expensive and thus may not be easily adopted in emerging economies.
• As renewable or green chemicals require innovative equipment or even a whole new manufacturing facility, the set up costs can be high.

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Competitive Landscape:

Key players operating in the global renewable chemicals market are persistently striving to come up with novel solutions to expand their existing product portfolios. A few other key players are mainly focusing on partnerships and signing contracts with regional or start-up companies across the globe to jointly develop innovative products and broaden their distribution networks.

For instance,

• In November 2021, Lummus Technology, a leading chemical company headquartered in the U.S., signed a Memorandum of Understanding (MoU) with Braskem Netherlands B.V. Lummus is planning to strengthen its technology leadership in terms of energy transition and co-develop green solutions under the MoU.
• In September 2021, BASF, a multinational chemical company based in Germany, purchased nearly 49.5% of Hollandse Kust Zuid, the offshore wind farm from Vattenfall, a Swedish multinational power company. BASF aims to fully operate the subsidy-free offshore wind farm by the end of 2023 with a total installed capacity of 1.5 gigawatts.

Key Companies Profiled by Fact.MR

• Mitsubishi Chemical Corporation
• Genomatica
• Cobalt Technologies
• BASF SE
• Du Pont Tate and Lyle Bio Products
• Amyris, Incorporation
• Archer Daniels Midland Company
• Bio Amber Incorporation
• Braskem
• Cargill Incorporation
• Myriant Corporation
• Evonik Industries AG
• Praj Industries Ltd

More Valuable Insights on Renewable Chemicals Market

In the latest study, Fact.MR offers a detailed study on global renewable chemicals market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of renewable chemicals through detailed segmentation as follows:

By Product Type:

• Ethanol
• Ketones
• Biopolymers
• Platform Chemicals
• Other Product Types

By Feedstock:

• Biomass
• Corn
• Sugarcane
• Algae
• Other Feedstock

By End Use:

• Automotive
• Medical
• Food and Beverages
• Petrochemicals
• Textiles
• Agriculture
• Other End-Uses

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

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Key Questions Covered in the Renewable Chemicals Market Report

• What is the projected value of the renewable chemicals market in 2022?
• At what rate will the global renewable chemicals market grow until 2032?
• Which are the factors hampering the growth in the renewable chemicals market?
• Which region is expected to lead in the global renewable chemicals market during 2022-2032?
• Which are the factors driving the renewable chemicals market during the forecast period?
• What is the expected market value of the renewable chemicals market during the forecast period?

Explore Fact.MR's Coverage on the Chemicals & Materials Domain

Renewable PVDF Market: As per Fact.MR, the global renewable PVDF market is projected to grow at 9% CAGR in the forecast period from 2021 to 2031. Increasing usage of lithium-ion batteries equipped with renewable PVDF for binding electrodes in the automotive industry is set to aid growth.

Biorenewable Catalysts Market: Rising focus of manufacturers on the development of biorenewable and bio-based products, including catalysts is expected to bode well for the global market. In addition to that, the easy availability of various types of biorenewable catalysts, such as alumina, nickel, and copper catalysts is likely to spur growth.

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Bio-based Platform Chemicals Market- Bio-based platform chemicals are a class of chemical building blocks that can be made from sugar using a biological conversion method. One of the primary drivers driving the market's favorable outlook is significant expansion in the chemical and pharmaceutical industries.

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High Purity Silica Market Insights - Rising demand for high pure silica in electronics and semiconductor appliances is expected to boost sales. The rise of the automotive industry has provided manufacturers with several options.

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Fumaric Acid Market: Growth in the fumaric acid market is attributed to the expansion of food & beverage industry. As per Fact.MR, over 25% of fumaric acid sales are concentrated in food & beverage industry. Use of fumaric acid in food processing and other industries such as pharmaceuticals and rubber will drive the market over the forthcoming decade.

Ethoxylates Market: The demand for ethoxylates as intermediates during the manufacturing of detergents, paints, and cosmetics is surging. Ethoxylates are primarily used in industrial applications attributing its high water solubility and low aquatic toxicity. This is one of the key factor driving the growth in the ethoxylates market.

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