Global Renewable Chemicals Market Size To Worth USD 334.5 Billion by 2033 | CAGR of 11.24%
Category: Chemicals & MaterialsGlobal Renewable Chemicals Marke Size To Worth USD 334.5 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Renewable Chemicals Market is to Grow from USD 115.3 Billion in 2023 to USD 334.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.24% during the projected period.
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Browse key industry insights spread across 220 pages with 120 Market data tables and figures & charts from the report on the "Global Renewable Chemicals Market Size, Share, and COVID-19 Impact Analysis, By Type (Alcohols, Organic Acids, Ketones, Biopolymers, and Others), By Application (Transportation, Textiles, Petrochemicals, Packaging, Agriculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/renewable-chemicals-market
Biomass sources including trash, plants, and algae are the source of renewable chemicals. They can provide for sustainable development, lessen dependency on fossil fuels, and lower greenhouse gas emissions. Renewable chemical production involves the use of sustainable feedstocks such as biomass, crop residue, or excess materials. These substances have the potential to outpace market expansion and provide a useful organic alternative to traditional petrochemicals. Transitioning from fossil fuel-based petrochemicals to renewable chemicals presents a substantial potential for the industry to advance environmental goals and spur market expansion. However, the high cost of chemicals in comparison to typical chemical polymers could restrict market growth.
The alcohol category is anticipated to hold the largest market share.
Based on the type, the global renewable chemicals market is divided into alcohols, organic acids, ketones, biopolymers, and others. Among these, the alcohol category is anticipated to hold the largest market share. Alcohol is a key factor driving the market for renewable chemicals since it is an essential feedstock for production that is environmentally benign. When it comes to a variety of ecologically friendly compounds made from renewable resources like biomass, alcohol is a versatile building block. The segment's growth has been accelerated by the government's ambitious program for sustainable development.
The packaging segment holds the biggest market share.
Based on the application, the global renewable chemicals market is divided into transportation, textiles, petrochemicals, packaging, agriculture, and others. Among these, the packaging segment holds the biggest market share. The primary drivers of this category are the global population explosion, the increasing suburbanization of society, and the growing consumer desire for environmentally friendly packaging. A number of factors, such as consumers' increasingly environmentally conscious lifestyles, growing worries about packaging waste, and the development of sustainable packaging solutions by significant industry players, are driving the need for renewable chemicals in the packaging sector.
Asia-Pacific is having the biggest share of the global renewable chemicals market over the forecast period.
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The local governments are promoting the production of chemicals and products that are environmentally benign. Due to this, there is a greater demand for the products, which is propelling the Asia Pacific market's growth. In this region, China has the fastest growth rate and the biggest market share. The primary drivers of China's demand for bio-based chemicals include the nation's expanding chemical sector, increasing output of bio-polymers, and increased R&D spending.
Latin America is predicted to grow fastest pace throughout the forecast period. The increased use of alcohols like ethanol and methanol in the solvents business, which supplies the beverage, cosmetics, and pharmaceutical sectors, is thought to be the reason for the market expansion. Developers' boosting efforts to conduct research and development across the region to create affordable methods for producing renewable chemicals are creating an appealing possibility for regional growth.
Major vendors in the global renewable chemicals market include, OCI N.V, Solvay, DSM, Genomatica Inc, Cobalt Technology, LLC, Elevance, Evonik Industries A, DuPont, Novamont S.p.A, Novozymes, AVERY DENNISON CORPORATION, Mitsui Chemicals Inc, BASF SE, Mitsubishi Chemical Holdings Corporation, DAIKIN, Braskem, and Others.
Recent Developments
- In June 2024, Trillium Renewable Chemicals selected INEOS Green Lake to be the world's first sustainable acrylonitrile production demonstration plant.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global renewable chemicals market based on the below-mentioned segments:
Global Renewable Chemicals Market, By Type
- Alcohols
- Organic Acids
- Ketones
- Biopolymers
- Others
Global Renewable Chemicals Market, By Application
- Transportation
- Textiles
- Petrochemicals
- Packaging
- Agriculture
- Others
Global Renewable Chemicals Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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