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Bio-renewable Chemicals Market Size 2020 Global Industry Trends, Analysis | Forecast To 2026 | Amyris, ZeaChem, Solazyme, Elevance BASF SE, Solvay, Myriant, BioAmber, DuPont
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As per the latest research conducted by Global Market Insights Inc., bio-renewable chemicals market is estimated to gain massive proceeds by 2025.
Latest trends witnessed in the bio-renewable chemicals market:
Increasing R&D activities in Asia-Pacific
According to Asia Biotech, the global chemicals industry is likely to witness an annual growth rate of 3% to 6% through 2025, with the contribution of bio-based chemicals market rising from 2% in 2005 to as much as 22% in 2025. As a supposed implication of this growth prospect, an MoU has been recently signed between the Institute of Engineering and Chemical Sciences, Singapore, and the Korea Institute of Industrial Technology for the development of research expertise in the bio-renewable chemicals domain.
The collaboration focuses on chemical and bio-catalysis areas for developing green and novel biodegradable polymers and chemicals. These materials are extremely inherent to the global chemical industry as such technological advancements foster industrial growth, reduce costs, strengthen partnerships, and secure feedstocks. Of late, the development of a bio-based economy is also witnessed as a basic pillar of the emerging new age economy. The R&D initiative between Singapore and Korea is likely to foster the utilization of usable agricultural waste as alternative feedstock thereby decreasing the dependence on present fossil-fuel based feedstock.
Drivers likely to influence bio-renewable chemicals market growth:
Surging oil prices, population growth, rising consumer-demand for eco-friendly products, and limited stores of non-renewable resources have been imperative for opening up new opportunities for players in the bio-renewable chemicals market. In addition to that, security of supply is also viewed as a significant growth driver in the bio-based chemicals industry.
Manufacturers cite that chemical and polymer production through the use of renewable resources is increasingly feasible for reaping rich dividends out of their investments. Emerging economies like the BRIC countries also need increasing supplies of oil and other fossil-based products and are therefore developing into competitive marketplaces for bio-renewable chemicals industry.
An overview of the restraints that hinder industrial growth:
Surging demand for bio-renewable chemical products creates conflicts in the areas of food production and unwanted environmental consequences. Some biofuels produced from edible sources such as starch or triglycerides also impose undue pressures over food availability and food prices.
Some feedstocks including algae provide a high yield of fat molecules and grow on non-arable land. These feedstocks also survive on various carbon sources. However, the costs associated with algal feedstock conversion are higher than other forms and essentially demand new technologies for competing with the prices of petroleum products.
The continuously evolving bio-renewable chemicals industry currently depicts an inevitable shift from the conventional petrochemical industry and reinvents itself amidst a carbon-constrained future. Further, various factors have been responsible for providing impetus for exploring alternative sources of carbon for a sustainable future.
Related News:
https://www.marketwatch.com/press-release/sodium-lauroyl-isethionate-market-to-showcase-significant-growth-from-skin-care-products-2020-08-05
https://www.marketwatch.com/press-release/vinyl-surface-coatings-market-and-their-increasing-deployment-in-the-construction-industry-2020-08-05
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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