Global Renewable Chemicals Market Analysis 2024 – Estimated Market Size And Key Drivers

The Renewable Chemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Renewable Chemicals Global Market Report 2024, 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.

Increasing demand from the automotive industry is expected to propel the growth of the renewable chemicals market. The production of automobiles utilizes biopolymers from renewable sources engineered for automotive applications. For instance, according to May 2022 data from the Society of Indian Automobile Manufacturers (SIAM), an India-based non-profit organization representing automobile manufacturers, the production of automobiles has increased in the last two years, with total production increasing from 22,655,609 units in 2020–21 to 22,933,230 units in 2021–22. According to a May 2022 report by the China Association of Automobile Manufacturers, a China-based non-profit social organization, automobile sales in China grew to 27.5 million in 2022, up 5.4%. Therefore, the increase in demand from the automobile industry is driving the growth of the renewable chemicals market.

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The renewable chemicals market covered in this report is segmented –
1) By Product Type: Ethanol, Ketones, Biopolymers, Platform Chemicals, Other Product Types
2) By Feedstocks: Biomass, Corn, Sugarcane, Algae, Other Feedstocks
3) By End-Use: Automotive, Medical, Food And Beverages, Petrochemicals, Textiles, Agriculture, Other End-Uses

Top Major Players:
Archer-Daniels-Midland Company
Amyris Inc.
BASF SE
Bioamber Inc.
Biomethanol Chemie Nederland BV

North America was the largest region in the renewable chemicals market in 2023.

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.

The renewable chemicals market report table of contents includes:
1. Executive Summary
2. Renewable Chemicals Market Characteristics
3. Renewable Chemicals Market Trends and Strategies
4. Renewable Chemicals Market – Macro Economic Scenario
5. Global Renewable Chemicals Market Size and Growth
…..
26. Global Renewable Chemicals Market Competitive Benchmarking
27. Global Renewable Chemicals Market Competitive Dashboard
28. Key Mergers and Acquisitions In The Renewable Chemicals Market
29. Renewable Chemicals Market Future Outlook and Potential Analysis
30. Appendix

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