Zion Research has published a new report titled “Renewable Chemicals (Biopolymers, Ketones, Alcohols, Platform Chemicals, Organic Acids and Others) Market for Textiles, Environment, Housing, Health & Hygiene, Agriculture, Transportation, Food Safety, Communication, Recreation, Bio-Medical and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global demand for renewable chemicals market was valued at over USD 50.0 billion in 2015 and it is expected to reach around USD 85.0 billion in 2021, growing at a CAGR of above 11% between 2016 and 2021.
Renewable resources are generally known as natural resources or environmental friendly resources. Renewable chemicals are derived using biomass as a feedstock material. Renewable chemicals can be utilized in the production of formulated products, plastics, and polymers. Renewable chemicals are growing in popularity among end users owing to their attributes such as eco-friendly nature, abundant availability of feedstock material, etc.
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The increase in environmental concerns, focus on reducing harmful emissions caused by carbon and scarcity of non-renewable or fossil feedstock is driving the demand for renewable chemicals market. Other factors contributing towards growth of renewable chemicals market is government initiative and funding, rising prices of petroleum products. However, higher cost of production as compared to petroleum based products, patent protected production technology, high initial investment, lack of awareness are some of the major restraints for renewable chemical market. Nevertheless, government funds for R&D for the development of cost-effective production technology, introduction of new raw materials and rise in number of end user applications are likely to open new growth avenues for renewable chemicals in the near future.
Renewable chemical market is segmented on the basis of product, application and region. Biopolymers, ketones, alcohols, platform chemicals and organic acids are some of the key product segments of renewable chemicals market. Alcohols followed by organic acids are the largest segment due to robust demand from pharmaceutical industry. Biopolymers is one of the fastest growing segment owing to widespread applications and strong demand from end users. Host of applications across wide range of industries including textiles, environment, housing, health & hygiene, agriculture, transportation, food safety, communication, recreation, bio-medical and other is expected to boost the demand for renewable chemicals market.
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Renewable chemicals market was dominated by Europe in 2014 and remains competitive with the presence of a large number of vendors. Asia-Pacific is the fastest growing market due to rapidly growing demand for eco-friendly products and vast availability of raw materials. North America, Latin America, and Middle East & Africa are also expected to experience strong growth of renewable chemicals market in the years to come.
The key players for the renewable chemicals market include Mitsubishi Chemical Corporation, Corbion N.V., Myriant Corporation, BASF, Genomatica, Metabolix Inc., Braskem, NatureWorks LLC, Corbion N.V., BioMCN, DuPont Tate & Lyle BioProducts, Cobalt Technologies and Bio Amber among others. In order to gain competitive advantage over its competitors, key players in the market are focusing on development and launch of innovative product, mergers & acquisition, collaborations, etc.
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This report segments the renewable chemicals market as follows:
Renewable Chemicals Market: Product Segment Analysis
- Platform Chemicals
- Organic acids
Renewable Chemicals Market: Applications Segment Analysis
- Hygiene and Health
- Food safety
Renewable Chemicals Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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