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Trends in Renewable Chemicals Market 2024 by Production Market Analysis and Regional Market Performance
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With the declining reserves of petroleum reserves and associated environment pollution in using derived products, chemicals which are renewable in nature can act as a better alternative to the petroleum-based product types. Due to rapidly growing demand for chemicals to support various industrial processes and growing environmental concerns, the renewable chemicals market is set to rise as these chemicals are environment friendly in nature.
During the historical period, Europe accounted for a significant market share in the renewable chemicals market owing to the strict government norms which promotes the usage of environment friendly chemicals. However, APAC is expected to witnesses highest CAGR in the renewable chemicals market owing to growing demand for clean chemicals for supporting various manufacturing processes. The persistent issue of high environmental pollution, faster rate of oil depletion, and growing greenhouse gases concern in the region are the major will also positively influence the market growth.
The renewable chemicals market is driven by various factors including increasing consumer awareness regarding sustainable development and the rising awareness of the harmful effect caused due to persistence usage of conventional chemicals. The government and environmental regulatory authorities are imposing strict regulations to curb environmental damage such as European Commission has initiated the REACH regulatory mechanism for the protection of human health and environment from the risks posed by chemicals, which favours the growth of the renewable chemicals market.
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Moreover, in addition to these, abundant and low-cost feedstock, and increasing technological innovations are boosting the growth of the renewable chemicals market.
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