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Renewable Chemicals Global Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Renewable Chemicals Global Market
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According to The Business Research Company's, The renewable chemicals market size has grown rapidly in recent years. It will grow from $105.48 billion in 2023 to $118.42 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to growing environmental concerns, rise in consumer demand for sustainable products, volatility in petrochemical prices, government support and incentives, increased corporate sustainability initiatives, consumer awareness and education.
The renewable chemicals market size is expected to see rapid growth in the next few years. It will grow to $192.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to emergence of bio-based aviation fuels, wider adoption of renewable solvent, increasing investments in renewable chemical projects, focus on sustainable agriculture practices, development of advanced bio-based materials. Major trends in the forecast period include shift towards bio-based feedstocks, biofuel co-production, advanced bioconversion technologies, expansion of renewable platform chemicals, collaborations and partnerships, market expansion in asia-pacific, emergence of renewable lubricants and additives.
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Market Drivers and Trends:
The expansion of renewable feedstock sources is boosting market growth for renewable chemicals. Renewable feedstock sources are sustainable raw materials, typically derived from organic matter such as plants or waste, that can be replenished naturally and are used in the production of renewable products and materials, reducing reliance on finite fossil resources. The expansion of renewable feedstock sources provides a sustainable, environmentally responsible, and economically viable solution for the production of renewable chemicals, which is driving market growth in response to increasing demand and regulatory support for sustainable alternatives. For instance, in December 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the demand for vegetable oil, waste, and residue oils and fats is projected to surge by 56%, reaching 79 million metric tons during the forecast period of 2022-2027. The utilization of waste and residues for biofuel production is anticipated to grow from 9% in 2021 to 13% in 2027. Additionally, the consumption of vegetable oil for biofuel production is expected to rise by 46%, totaling 54 million metric tons from 2022 to 2027, thereby increasing the proportion of vegetable oil production dedicated to meeting the growing biofuel demand from 17% to 23%. Thus, the expansion of renewable feedstock sources will propel the renewable chemicals market forward.
Product innovation is a key trend gaining popularity in the renewable chemicals market. Major companies operating in the renewable chemicals market are focused on technological advancements to strengthen their position in the market. For instance, in March 2022, Evonik Industries, a Germany-based specialty chemicals company, launched sustainable isophorone products made from 100% renewable acetone. The company offers products with a significantly lower CO2 footprint across all stages. The new products in the VESTA eCO Grades range are designed to be used as sustainable raw materials for paints, lacquers, binders, and interiors in the automobile industry. The development of this innovative product is another step forward in the renewable chemicals market.
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Major Key Players of the Market:
Archer-Daniels-Midland Company, Amyris Inc., BASF SE, Bioamber Inc., Biomethanol Chemie Nederland BV, Corbion NV, Metabolix Inc., Genomatica Inc., NatureWorks LLC, Novozymes A/S, Evonik Industries AG, Cargill Inc., Myriant Corporation, Mitsubishi Chemical Corporation, Koninklijke DSM NV, Cobalt Technologies Ltd., Solazyme Inc., Elevance Renewable Sciences Inc., Gevo Inc., Avantium Technologies BV, Virent Inc., Anellotech Inc., Verdezyne Inc., Rennovia Inc., Terravia Holdings Inc., American Process Inc., Clariant AG, Global Bioenergies SA, Kiverdi Inc., LanzaTech Inc.
Renewable Chemicals Market 2024 Key Insights:
• The renewable chemicals market size is expected to see rapid growth in the next few years. It will grow to $192.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Automotive Industry's Rising Demand Fuels Growth In The Renewable Chemicals Market
• Product Innovation Drives Advancements In The Renewable Chemicals Market
• North America was the largest region in the renewable chemicals market in 2023
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