Press release
Renewable Chemicals Market Set to Surge Significantly During 2024 - 2031 | Archer-Daniels-Midland Company (ADM)
Renewable Chemicals Market
Renewable chemicals are chemical products that are produced from renewable feedstock such as corn, sugarcane bagasse, vegetable oils, and agricultural waste. They are primarily used in applications such as solvents, polymers, and chemicals.
Market Dynamics:
The renewable chemicals market is expected to witness significant growth over the forecast period owing to two main drivers. Firstly, the rapidly growing demand for sustainable and eco-friendly products from end-use industries such as packaging, transportation, construction, and textiles is expected to support the market growth. With increasing environmental awareness, companies are focusing on reducing dependence on petrochemicals and adopting greener alternatives which is fueling the demand for renewable chemicals. Secondly, stringent government policies and regulations towards limiting carbon emissions and promoting sustainable development offer a positive outlook for the renewable chemicals market. Various governments worldwide have introduced subsidies, tax exemptions and incentives for manufacturers using renewable feedstock and resources, thus benefitting the market.
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Major Driver: Growing Demand for Sustainable Raw Materials Due to Environmental Concerns
The renewable chemicals market is being driven by the growing demand for sustainable raw materials that are eco-friendly. There is an increasing awareness among consumers about the negative environmental impact of petroleum-based chemicals. People want products that have minimal carbon footprint and are biodegradable. This change in consumer preference is forcing companies to shift from conventional chemicals to renewable alternatives obtained from agricultural waste, plant extracts, and microorganisms. Renewable chemicals can significantly reduce dependence on fossil fuels and help lower greenhouse gas emissions. They also ease the pressure on depleting natural resources. Various industries like packaging, textiles, automotive, construction are actively seeking renewable chemicals to meet sustainability goals and appeal to environmentally conscious customers.
Major Opportunity: Expanding Applications Across Multiple Industries
The renewable chemicals market possesses significant opportunities arising from the expanding applications across multiple industries. While they are currently used majorly in applications like solvents, polymers, and chemicals; renewable chemicals can also play an important role in sectors like pharmaceuticals, food and beverage, consumer goods over the coming years. For example, they offer viable sustainable alternatives for petrol-derived ingredients in personal care products and help manufacturers address Eco label requirements. In packaging industry, they assist in developing biodegradable and compostable alternatives to single use plastic items. The construction sector is exploring bio-based materials for insulation, surfaces coatings etc. As renewable chemicals start addressing more application areas, it will open up new revenue streams for market players. Extensive R&D focusing on specialized product ranges can help tap into the various emerging opportunities.
Major Trend: Shift Towards Drop-in Renewable Chemicals
A noticeable trend in the renewable chemicals industry is the shift towards developing drop-in renewable chemicals. These are chemicals produced through biological or chemical conversion of biomass but having identical properties to existing fossil fuel-based chemicals. They can be directly used in applications without any requirement of re-engineering products or processes. For example, bio-based mono-ethylene glycol is a drop-in replacement for petrol-derived mono-ethylene glycol used in polyester production. Compared to conventional bio-based chemicals, drop-in types offer significant advantages to buyers - easy integration into supply chains, no additional investments and familiar quality standards. They also help address concerns of end-users over performance shortcomings of some bio-based materials. This emerging focus on compatible drop-in chemicals aligns well with industry's needs and transition towards sustainable options will be smooth. Their large scale availability in future will be a major market booster.
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Top Companies Featured in This Report:
★ Archer-Daniels-Midland Company (ADM)
★ Amyris Inc.
★ BASF SE
★ Bioamber Inc.
★ Biomethanol Chemie Nederland B.V.
★ Braskem
★ Cargill Inc.
★ DSM
★ E. I. DU Pont DE Nemours & Company
★ Evonik Industries AG
★ Genomatica Inc.
★ Metabolix Inc.
★ Myriant Corporation
★ Natureworks LLC
★ Novozymes A/S
★ OPX Biotechnologies
★ Solazyme Inc.
★ Solvay
★ The Dow Chemical Com.
Market Segmentation:
By Product Type:
★ On the basis of product type, the global market is classified into:
★
★ Biopolymer
★ Alcohols
★ Organic acids
★ Others
By Applications:
★ On the basis of applications, the global market is classified into:
★ Agriculture
★ Food & beverages packaging
★ Biomedical
★ Textiles
★ Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Renewable Chemicals Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Renewable Chemicals market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Renewable Chemicals market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Renewable Chemicals market.
Segment Analysis: Examining the market value and sales volume of Renewable Chemicals by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Renewable Chemicals market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Renewable Chemicals sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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