The global renewable chemicals market size is expected to reach USD 296.71 billion by 2030, according to a new study by Polaris Market Research. The report “Renewable Chemicals Market Share, Size, Trends, Industry Analysis Report, By Product Type (Alcohols, Biopolymers, Polyhydroxy Alkanoates (PHA), Starch Blends, Polylactic Acid (PLA), Regenerated Cellulose, Platform Chemicals, Organic Acids, Others); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for renewable chemicals is expected to increase in the coming years. Greater demand for sustainable solutions from the pharmaceutical, agriculture, and food & beverages sectors, rising industrialization in developing nations, and depletion of fossil fuels drive the growth of the market. Governments across the globe are introducing stringent emission regulations and investing in a circular economy to promote the adoption of renewable and green chemicals.
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Asia-Pacific region is expected to experience growth during the forecast period on account of rising demand from the automotive and transportation, food and beverage, and personal care sectors. Strengthening the automotive sector, rising prices of crude oil, and greater environmental awareness boosts the growth of the industry.
The different products analyzed in the report include alcohols, biopolymers, polyhydroxy alkanoates, starch blends, polylactic acid, regenerated cellulose, platform chemical, organic acids, and others. The alcohol segment accounted for a major share of the market in 2021. Bio-alcohol is increasingly being used in the industrial, food and beverage, transportation, industrial, and pharmaceutical sectors.
The end-user industries using renewable chemical include chemicals, agriculture, textiles, environment, transportation, food and beverage, packaging, bio-medical, and others. The demand for renewable chemical from the packaging sector is expected to increase during the forecast period. Growth in packaging waste and increasing environmental concerns are factors expected to boost the growth of the segment. Growth in e-commerce platforms and food delivery platforms are factors expected to provide growth opportunities in the coming years.
Renewable Chemicals Market Report Highlights
Polaris Market Research has segmented the renewable chemicals market report based on product, end-use, and region:
Renewable Chemicals, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Renewable Chemicals, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Renewable Chemicals, Regional Outlook (Revenue - USD Billion, 2018 - 2030)