The Business Research Company’s report on the Renewable Chemicals Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the renewable chemicals market’s growth in recent years?
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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How does the future projection of the renewable chemicals market size compare to its historical growth?
The renewable chemicals market size has grown rapidly in recent years. It will grow from $117.68 billion in 2024 to $131.73 billion in 2025 at a compound annual growth rate (CAGR) of 11.9%. 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 $222.61 billion in 2029 at a compound annual growth rate (CAGR) of 14.0%. 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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Which key players are shaping the future of the renewable chemicals market?
Major companies operating in the renewable chemicals market are 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.
What trends will propel the growth and evolution of the renewable chemicals market?
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.
Which regions are expected to become dominant players in the renewable chemicals market?
North America was the largest region in the renewable chemicals market in 2024. Europe is expected to be the fastest-growing region in the renewable chemicals market report during the forecast period. The regions covered in the renewable chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the renewable chemicals market, and how are they evolving?
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
Subsegments:
1) By Ethanol: Bioethanol, Cellulosic Ethanol
2) By Ketones: Acetone, Methyl Ethyl Ketone (MEK), Other Ketones
3) By Biopolymers: Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Starch-Based Polymers, Other Biopolymers
4) By Platform Chemicals: Furfural, Levulinic Acid, Succinic Acid, Other Platform Chemicals
5) By Other Product Types: Glycerol, Lactic Acid, Other Renewable Chemicals
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What defines the structure and scope of the renewable chemicals market?
Renewable chemicals are substances derived from renewable resources such as biomass, microorganisms, agricultural waste, agricultural feedstock, and organic waste products. Renewable chemicals are frequently used as direct replacements and have a smaller carbon impact than traditional petro-based compounds.
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