Segment Overview and Major Growth Areas in the Renewable Chemicals Market

The renewable chemicals market is gaining significant traction as industries worldwide intensify their efforts toward sustainability. With increasing environmental awareness and stricter decarbonization targets, this market is positioned for remarkable expansion. Let's explore the expected market growth, key players, emerging trends, and the ways this sector is evolving to meet future demands.

Projected Market Size and Growth Trajectory of the Renewable Chemicals Market
The renewable chemicals market is anticipated to experience rapid expansion, reaching a valuation of $244.85 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 13.4% during the forecast period. Several key factors contribute to this surge, including heightened decarbonization efforts across various industries, an increased appetite for sustainable polymers, expansion in biorefinery capacities, rising investments in synthetic biology, and a growing trend toward replacing petrochemical products with renewable chemical alternatives. Additionally, the forecast highlights trends such as broader acceptance of bio-based chemical substitutes, commercialization of platform chemicals, increased utilization of renewable feedstocks in industrial processes, expansion of biopolymer manufacturing capabilities, and a stronger emphasis on producing low-carbon chemicals.

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Leading Market Participants in the Renewable Chemicals Industry
The renewable chemicals sector features several influential companies shaping its direction globally. Key market players include Braskem, NatureWorks LLC, Cargill Incorporated, Archer Daniels Midland Company, BASF SE, DuPont, Evonik Industries AG, Mitsubishi Chemical Group, Covestro AG, TotalEnergies SE, Neste Oyj, Novamont S.p.A., Amyris Inc., Genomatica, Corbion NV, LanzaTech Global, Green Plains Inc., Gevo Inc., Clariant AG, and Versalis S.p.A.

A notable development occurred in April 2023 when Italy-based Versalis acquired Novamont S.p.A. Although the financial details were undisclosed, this acquisition is strategically important for Versalis. It integrates Novamont's unique and complementary technological platform, which is expected to accelerate Versalis' efforts to decarbonize its product portfolio and strengthen its position in renewable chemicals. Novamont itself is recognized for its innovative renewable chemical solutions.

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Emerging Trends Shaping the Future of Renewable Chemicals
Companies in this market are increasingly focusing on developing innovative products that align with shifting consumer preferences and stricter environmental regulations. One such area is bio-based surfactants, which are produced from renewable biological sources, primarily plant-derived materials, and manufactured using sustainable feedstocks. These bio-based surfactants aim to reduce the environmental footprint compared to traditional fossil fuel-based surfactants.

For example, in September 2024, Evonik Industries AG, a German chemical company, launched a new product line featuring 100% bio-based biosurfactants named TEGO Wet 570 Terra and TEGO Wet 580 Terra, tailored specifically for coatings and inks. These biosurfactants are derived entirely from renewable plant-based feedstocks through fermentation processes. Their advantages include high biodegradability, minimal volatile organic compound (VOC) content, and a significant reduction in environmental impact relative to conventional fossil-based products. This launch is backed by Evonik's first industrial-scale biosurfactant manufacturing plant, enabling commercial volume production and supporting the broader adoption of sustainable renewable chemicals across industrial applications.

Detailed Segmentation of the Global Renewable Chemicals Market
This report segments the renewable chemicals market into several categories based on product type, feedstock, and end-use sectors.

1) By Product Type:
- Ethanol
- nes
- Biopolymers
- Platform Chemicals
- Other Product Types

2) By Feedstocks:
- Biomass
- Corn
- Sugarcane
- Algae
- Other Feedstocks

3) By End-Use Industries:
- Automotive
- Medical
- Food and Beverages
- Petrochemicals
- Textiles
- Agriculture
- Other End-Uses

Further subcategories break down each product type:
- Ethanol includes Bioethanol and Cellulosic Ethanol
- nes include Acetone, Methyl Ethyl ne (MEK), and Other nes
- Biopolymers cover Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Starch-Based Polymers, among others
- Platform Chemicals cover Furfural, Levulinic Acid, Succinic Acid, and other chemicals
- Other Product Types include Glycerol, Lactic Acid, and other renewable chemical products

This comprehensive segmentation provides a thorough understanding of the market's structure, highlighting the diverse applications and feedstock sources driving its growth.

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This release was published on openPR.