Asia Pacific Renewable Chemicals Market revenue to cross $42,999.35 million by 2028, Says Business Market Insights

The renewable chemicals market in Asia Pacific is expected to grow from US$ 17,680.50 million in 2021 to US$ 42,999.35 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028.

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Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared to traditional petro-based chemicals. Some of the most widely available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others. Renewable sciences have been regarded as one of the effective ways to promote the quality of air, water, and soil and contribute to sustainability by commercializing the use of eco-friendly bio-based chemicals in diverse applications. Eco-friendly sustainable renewable chemicals can be sourced from renewable feedstocks such as biomass, agricultural residues or feedstock, and microorganisms with the help of green chemistry synthesis or biorefineries. The chemicals have been identified as cost-competitive resources and portray potential for effective substitution of petrochemicals with renewable resources. Several nations are aiming to surpass the dependency on fossil-based resources. Also, the growing concern toward environmental degradation along with climate change propel the demand for renewable chemicals.

Market Introduction:
A significant surge in the demand for bio-based platform chemicals has been witnessed over the past few years owing to expanding application base across diverse industries coupled with increasing regulations related to conventional petroleum-derived chemicals, and the growing adoption of environment-friendly products. As the demand for eco-friendly products across industries gathers strength and companies focus on the development of effective varieties of bio-based platform chemicals, the renewable chemicals market is expected to grow at an impressive pace in the next few years. Additionally, the emergence of bio-refineries has provided a thrust in the development of bio-based platform chemicals as a significant substitute to petrochemicals. The use of bio-based platform chemicals holds strong potential for decarbonizing into novel products. Therefore, they find application in the production of plastics, car parts, and consumer products such as shoe soles. Several studies have been conducted to promote the use of platform chemicals over petrochemical chemicals. Several advances have been made to overcome a few potential challenges associated with limited production, complex synthesis mechanism, high costs, and the deactivation of catalysts. To overcome these challenges, researchers suggest the deployment of single-step catalytic conversions with the help of highly efficient and selective catalysts, exploring purification and separation technologies. Hence, rising adoption of bio-based platform chemicals is expected to promote the demand for renewable chemicals in Asia Pacific market.

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Company Profiles:
• The Archer-Daniels-Midland Company
• Cargill, Incorporated
• DSM
• BASF SE
• The Dow Chemical Company
• Braskem S.A.
• Solvay
• Amyris Inc.
• Genomatica, Inc.

Key Market Segments:
Based on product, the alcohols segment accounted for the largest share of the Asia Pacific renewable chemicals market in 2020. Based on application, the chemical intermediate segment accounted for the largest share of the Asia Pacific renewable chemicals market in 2020.

Asia Pacific Renewable Chemicals market- By Type:
1. Alcohols
2. Organic Acids
4. Platform Chemicals
5. Biopolymers
6. Others

Asia Pacific Renewable Chemicals market-by Application
• Food and Beverages
• Agriculture
• Textiles
• Transportation
• Chemical Intermediates
• Packaging
• Bio-Medical & Pharmaceuticals
• Others

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Identify the major channels driving the Asia Pacific Renewable Chemicals market, providing a clear picture of future opportunities that will help analyse, resulting in revenue expansion.

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