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Renewable Chemicals Market is Estimated to be US$ 262.9 Billion with a CAGR of 11.4% by 2032

06-20-2024 11:52 AM CET | Chemicals & Materials

Press release from: Fact.MR

Renewable Chemicals Market

Renewable Chemicals Market

According to a recent Fact.MR report, the renewable chemicals market generated revenues of US$ 86.7 billion in 2021 and is projected to grow at a CAGR of 10.6% from 2022 to 2032, reaching an estimated value of US$ 262.9 billion by the end of 2032. Between 2017 and 2021, the renewable ethanol market experienced a CAGR of 11.4%.

The Covid-19 outbreak disrupted the renewable chemicals market by affecting production and demand and causing global supply chain interruptions due to factory shutdowns, workplace lockdowns, and restricted air transport. Major players like BASF SE and Cargill shifted their focus to producing hand sanitizers, PPE kits, and masks during this period.

In the post-COVID-19 scenario, rising oil prices and the availability of agricultural raw materials are expected to realign the production and demand for renewable chemicals.

Market expansion is driven by increasing consumer adoption of eco-friendly products and stringent environmental regulations on the manufacturing and disposal of petrochemicals. Additionally, the market is influenced by volatile crude oil prices, high finished petrochemical costs, and the availability of abundant, low-cost feedstock.

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Key Takeaways from the Market Study

The global renewable chemicals market is projected to reach US$ 95.8 billion by 2022.
Ethanol is expected to have the highest CAGR of 12.5% during the forecast period.
The United States is anticipated to remain the dominant market, with an absolute dollar growth opportunity of US$ 38.6 billion from 2022 to 2032.
China is set to experience the highest CAGR of 15.7% during the same period.

Competitive Landscape

The market is highly competitive, with key players increasingly focused on gaining a competitive edge through innovation. Leading companies in the renewable chemicals market are prioritizing R&D to develop cutting-edge technological solutions.

In July 2020, Praj Industries launched its new Bio-Prism portfolio, which produces renewable chemicals and materials. This addition complements their existing Bio-Industrial products and is expected to boost revenue.
In April 2021, DuPont announced a heightened focus on sustainability, aiming to reduce its carbon footprint, minimize waste, and enhance energy efficiency in its operations.
In October 2021, Mitsubishi Chemical Holdings, based in Japan, announced plans to invest US$ 875 million by 2030. The investment will primarily fund the installation of solar energy systems and the development of a plastic business that recycles used vegetable oils. The corporation aims to achieve net-zero greenhouse gas emissions by 2050.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/renewable-chemicals-market

Market Segments Covered in Renewable Chemicals Market Analysis

By Product Type :
Ethanol
Biopolymers
Platform Chemicals
Other Product Types
By Feedstocks :
Biomass
Corn
Sugarcane
Algae
Other Feedstocks
By End-Use :
Automotive
Medical
Food and Beverages
Petrochemicals
Textiles
Agriculture
Other End-Uses
By Region :
North America
Latin America
Europe
APAC
MEA

Get Customization on this Report for Specific Research Solutions
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Renewable Chemicals Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in the Renewable Chemicals Market in terms of by Product Type (Ethanol, Biopolymers, Platform Chemicals, and Other Product Types), Feedstocks (Biomass, Corn, Sugarcane, Algae, and Other Feedstocks), End-Use (Automotive, Medical, Food and Beverages, Petrochemicals, Textile, Agriculture and Other End-Uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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