Renewable Chemical Manufacturing Market Size is valued at USD 95.7 Bn in 2023 and is predicted to reach USD 196.5 Bn by the year 2031 at a 9.5% CAGR during the forecast period for 2024-2031.
The renewable chemicals sector is witnessing a significant upswing in growth, fueled by increasing demand driven by sustainability efforts, biotechnology innovations, and substantial investments in pilot and large-scale production plants. Past challenges have instilled caution about the widespread adoption of bio-based chemicals, but there's now a clear increase in investment activity evident throughout industry and its target markets. Climate change and the rise in focus on the circular economy encourage research and advancements in the development of renewable chemicals. These chemicals are developed for energy-efficient recycling. Organic acids are used in surfactant food ingredients.
However, the COVID-19 pandemic disrupted the renewable chemical manufacturing market, causing supply chain interruptions and reduced demand in various industries. However, it also spurred innovation and investment in sustainable practices as companies sought resilient, eco-friendly alternatives, potentially accelerating long-term growth in renewable chemicals. The negative impact of on industries such as automotive, agriculture, along textiles reduced market demand during these industries.
Competitive Landscape
Some of the major key players in the renewable chemical manufacturing market are
- BASF SE
- CropEnergies AG
- DSM
- Amyris
- Braskem
- Evonik
- Novozymes A/S
- Cargill, Incorporated
- NatureWorks LLC
- ADM
- ARD
- OCI
- Mitsubishi Chemical Group Corporation
- Corbion
- Carbon Recycling International
- Other Prominent Players
Market Segmentation:
The renewable chemical manufacturing market is segmented by product, application, and feedstocks. Based on product, the market includes segments of alcohols, organic acids, polymers, and other products. By application, the segmentation includes transportation, agrochemicals, food and beverage, personal care, pharmaceuticals, paints and coatings, detergents and cleaners, and Industrial applications. Feedstock segmentation includes plant oil, ligno, sugar, starch, biomass, and others.
Based On Application, The Transportation Segment Is Accounted As A Major Contributor To The Renewable Chemical Manufacturing Market.
Transportation is poised to dominate the global renewable chemical manufacturing market, leveraging sustainable practices to meet the growing demand for eco-friendly alternatives. With advancements in biofuels, bioplastics, and biochemicals, transportation is experiencing a paradigm shift toward clean energy sources. Manufacturers are increasingly investing in innovative processes such as fermentation, catalysis, and bioconversion to produce renewable chemicals that reduce carbon footprint. This transformation is not only driving environmental benefits but also opening new avenues for economic growth and technological innovation in the transportation sector on a global scale. Embracing renewable chemicals is key to a more sustainable future in transportation.
The Alcohol Segment Witnessed Growth At A Rapid Rate.
Alcohol is projected to dominate the global renewable chemical manufacturing market due to its versatility and sustainability. The shift towards alcohol-based chemicals is driven by factors like eco-friendliness, biodegradability, and lower toxicity compared to traditional petrochemicals. As more countries embrace renewable energy initiatives, alcohol-derived chemicals are poised to play a pivotal role in decreasing greenhouse gas emissions and promoting a circular economy. The future of global renewable chemical manufacturing looks bright, with alcohol at the forefront.
In The Region, The North America Renewable Chemical Manufacturing Market Holds A Significant Revenue Share.
The market demand for renewable chemicals is expected to increase in North America owing to the region's industrial growth. The increasing demand for sustainable chemicals supports the market growth in the region. Market players have taken greater initiatives to reduce dependence on fossil fuels. Growing prices related to crude oil and the increase of policies associated with emissions and a strong research and development infrastructure, with a particular emphasis on chemical engineering and biotechnology drive market growth.
Renewable Chemical Manufacturing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 95.7 Bn |
|
Revenue Forecast In 2031 |
USD 196.5 Bn |
|
Growth Rate CAGR |
CAGR of 9.5% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, Feedstock, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Amyris, BioAmber, Bio methanol Chemie Nederland B.V, BioMCN, Braskem, Corbion Nv, DSM, DuPont Tate & Lyle Bio Products, Metabolix Inc., Mitsubishi Chemical Corp, Cobalt Technologies, Myriant Corporation, and NatureWorks LLC. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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