With Market Size Valued at $126.7 Billion by 2026, it's a Healthy Outlook for the Global Renewable Chemicals Market
SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Renewable Chemicals - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 17; Released: May 2022
Executive Pool: 10413
Companies: 314 - Players covered include Amyris, Inc.; Archer Daniels Midland Company; Avantium Technologies; BASF SE; Braskem; Corbion NV; DuPont Tate & Lyle Bio Products Company, LLC; Eastman Chemicals Company; Elevance Renewable Sciences, Inc.; Enerkem, Inc.; Evonik Industries AG; Genomatica, Inc.; Gevo, Inc.; GreenField Global, Inc.; NatureWorks LLC; Novamont SpA; Novozymes A/S; PureVision Technology Inc.; Royal DSM NV; Virent, Inc.; Yokogawa Electric Corporation; Zea2 LLC and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Ethanol, Ketones, Bio Polymers, Platform Chemicals, Other Product Types); Feedstock (Biomass, Corn, Sugarcane, Algae, Other Feedstocks); End-Use (Automotive, Medical, Food & Beverage, Petrochemical, Textiles, Agriculture, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Amid the COVID-19 crisis, the global market for Renewable Chemicals estimated at US$80.2 Billion in the year 2022, is projected to reach a revised size of US$126.7 Billion by 2026, growing at a CAGR of 10.8% over the analysis period. Ethanol, one of the segments analyzed in the report, is projected to grow at a 10.8% CAGR, while growth in the Ketones segment is readjusted to a revised 9.7%. Renewable chemicals are expected to receive a remarkable stimulus from the bio-based wave, rising investments in sustainable materials, consumer awareness and mounting policy pressure to curtail use of fossil-intensive products. The bio-based wave experienced a big push from the COVID-19 pandemic that created a pressing need to embrace sustainable options, including renewable chemicals. The crisis made governments, industry participants and consumers to pay attention to green alternatives to regulate harmful chemicals and associated waste. These efforts align with ongoing programs intended to restore nature and reverse biodiversity. The increasing focus of consumers and client companies on sustainable and environmentally-friendly products is prompting a large number of players in the chemical industry to eye on effective measures for curbing carbon emissions and the resulting pollution. Stakeholders across the industry are likely to made serious efforts to lower greenhouse gas emissions through the value chain.
Companies are inclining towards bio-based raw materials that are not carbon-intensive in nature as well as implementing technologies to reduce emissions associated with product usage and disposal. In the recent years, the bio-based domain has experienced significant investments in sophisticated green and carbon capture technologies. Companies in the plastics industry are rethinking existing manufacturing and packaging approaches for reducing waste and carbon emissions. Renewable chemicals are anticipated to gain further from increasing policy pressure. The United Nations is making serious efforts to deal with mounting pollution and keep disposed plastics away from the environment. In addition, the European Green Deal is expected to impact the chemical industry and pave way for sustainable products. The Toxic Substances Control Act in the US is likely to support green options and efforts to reduce risks.
The bio-based industry exhibited relatively decent degree of resilience amid COVID-19 crisis and experienced consistent investments by players in R&D and products, including renewable chemicals. Various companies made pledges and investment plants to come up with bio-based offerings in line with their sustainability goals. While Unilever is looking forward to convert all products into biodegradable options, BMW Group is planning to focus on renewable materials. Players such as Unilever and Allbirds, a US-based eco-friendly footwear brand, are set to use bio-based materials and making significant investment in green options. Braskem, a Brazil-based provider of biopolymers, is investing big in bio-based products made using sugarcane. The company is expected to push biopolymer production at its facility in Rio Grande do Sul, which indicates strong focus on use of raw materials obtained from renewable sources. The company's investments in biopolymers align with sustainability and circular economy objectives. In another development, Neste, a Finland-based producer of renewable diesel, is boosting the capacity linked with renewable fuel. The company has acquired a Netherlands based refinery and is expanding capacity of its Singapore-based refinery.
Neste is investing in a Rotterdam refinery for production of eco-friendly aviation fuel. The company maintains a consistent focus on R&D activity to explore new technologies and raw materials. Bio-based investments also witnessed a notables surge in the US. Amyris, a California-based renewable chemical player, is betting big on synthetic biology and related platforms. COVID-19-led demand for clean beauty products prompted the company to tap the opportunity and invest in manufacturing operations, product portfolio and ingredients. Companies such as Mango Materials, a San Francisco Bay-based renewable bio-products player, are gaining from increasing attention of biomaterial replacements related to polyester and plastic. The pandemic created strong demand for biodegradable and bio-based materials, which is encouraging companies invest in bio-manufacturing technologies. The crisis prompted a large number of consumers to change their lifestyles and pay attention to sustainability. The trend is resulting in significant gains for players engaged in producing green packaging using mycelium and other sustainable options.
Renewable chemicals industry is increasingly becoming globalized. New legislations and growing environmental consciousness are expected to exert deep impact on the demand for various chemicals, which in turn will create opportunities for renewable chemicals. Renewable chemicals market comprises all chemicals, which are derived from renewable feedstock including microorganisms, agricultural waste products/biomass, forestry waste and agricultural raw materials. Due to the risk of instability in crude oil prices, several companies are increasingly shifting towards renewable feedstock from petrochemical feedstock, thereby further intensifying competition in the market. As a result, major players are striving to strengthen their market presence by developing innovative sophisticated technology and through strategic alliances. Major market participants in the renewable chemicals market include university spinouts and agricultural companies. The future impact of renewable chemicals on the traditional chemicals industry is forecast to be immense and this current scenario is forecast to change as traditional chemical giants eye the potential in this space with more than a passing interest. In other words, growing opportunities in the renewable chemicals space will witness an influx of newer players, especially large conventional chemical companies.
Biofuel companies are also focusing on high value-add renewable chemicals, thereby offering improved value proposition. Also, biofuel companies are forecast to foray into the renewable chemicals market encouraged by the need to diversify into secure, high value, higher priced co-product markets to finance the high upfront capital costs required to operate in the biofuels market. As biofuel companies begin to diversify their product lines to include renewable chemicals, biofuels-focused stimulus funding will be leveraged by these companies to finance development of renewable chemicals. This will help ease investment issues currently confronted in the area of accessing government funds for renewable chemicals. Increased level of partnerships, alliances, technology collaboration/sharing, joint ventures, mergers and acquisitions as a result are expected to gather momentum in the upcoming years. More
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