ID: MRFR/CnM/0541-CR | July 2019 | Region: Global | 147 pages
Renewable Chemicals Market is projected to hold a significant market value while expanding at a considerable CAGR during the forecast period, evaluates Market Research Future (MRFR).
The outbreak of COVID-19 has brought an adverse impact on the renewable chemicals industry. The chemical sector plays an essential role in the production of fertilizers, plastic, packaging products, and others. The pandemic resulted in the temporary suspension of the various non-essential facilities that negatively impacted the renewable chemicals industry. The pandemic caused the disruption of the supply and manufacture chain due to the temporary shutdown of factories, suspended flight services, and the lockdown. However, various players are opting for strategies to mitigate losses incurred during the complete shutdown of factories and manufacturing units. The players in the market have begun with the production of PPE products such as; masks, hand sanitizers, and others. The initiative is expected to bring opportunities for the renewable chemicals market manufacturers.
Growing Demand for Renewable Chemicals in Various End-Users to Boost the Market Growth
The growing demand for renewable chemicals in transportation, food processing, pharmaceuticals, textiles, and construction sectors is expected to be a significant factor that can grow the renewable chemicals market during the assessment term. The rapid depletion of fossil fuels and increasing greenhouse gas emissions are anticipated to increase the need for biomaterial, which can benefit the market in various ways. The rising concerns towards the protection of the environment and the increasing demand for renewable chemicals is likely to popularize the “Green Chemistry” concept that is projected to augment the market share. The availability of low-cost feedstock, on-going technical development, and the growing preference for eco-friendly products are likely to propel the market expansion.
Growing Popularity of Biopolymers to Offer Significant Opportunities for Market Expansion
The growing popularity of biopolymers and platform chemicals derived from renewable feedstock is expected to offer lucrative market opportunities during the forecast period.
Complex Manufacturing Process to Restrain the Market Growth during the Review Term
The complex manufacturing process associated with the manufacturing of renewable chemical products is likely to hinder the market growth during the forecast period.
Volatility in Raw Material and High Processing Cost to Pose Significant Challenge
The high prices associated with the processing of products and the volatility in raw materials are some significant factors that are expected to pose a substantial challenge to the market growth in the analysis timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global market for renewable chemicals is expected to witness significant market growth. The growing environmental crisis and the increasing popularity of biopolymers are predicted to make substantial participation in boosting the industry.
By End-Use Industry
In the end-use industry of the global renewable chemicals market, the automotive segment is anticipated to be the fastest-growing segment of the market. The growth of the component can be attributed to the growing application of biodiesel, bioethanol, and biopolymers in the industry.
In the feedstock segment of the global renewable chemicals market, the biomass segment is anticipated to lead the market and showcase a notable CAGR during the forecast period. The growth of the market can be attributed to the growing demand for biodiesel and bioethanol. Besides, the rising usage of biomass-based products in several end-use sectors is another significant factor that is projected to boost the market.
In the product segment of the global renewable chemicals market, the bio-polymers segment is anticipated to witness a promising CAGR during the review term due to the growing demand for the product in the automotive and packaging sectors.
APAC to Lead the Market during the Forecast Period
As per the assessment by MRFR, APAC is anticipated to lead the global market during the forecast period owing to the growing concerns regarding the environment. Various economies such as; China, India, Japan, and others are anticipated to play a significant role in developing the market owing to the increasing demand for such products in various end-user sectors. Besides, the on-going development in the extraction techniques and the presence of multiple opportunities in the growth-centric countries are predicted to be other salient factors that can actuate the market size.
North America to Display Significant Market Growth
North America is expected to witness significant market growth during the forecast period owing to the imposition of various rules and regulations to regulate the emission of greenhouse gases. The US is expected to be one of the most lucrative markets that are likely to enhance market growth in the projection term.
Europe to Grow due to Growing Investment by Governments of Various Countries of the Region
Europe is projected to showcase a significant rise in the market due to increasing European Union investment to establish and promote the ‘Green Economy’. Besides, the government of various European countries is taking initiatives to encourage renewable chemicals, which is expected to strengthen the industry in the region.
Various strategic alliances and the on-going technical development in renewable chemicals are anticipated to enhance the consumer base of key players and offer various lucrative opportunities. The growing demand for renewable chemicals is likely to motivate the key players to add innovation in the product that may provide an upper hand to them. Besides, the number of new players entering the market is expected to accelerate the competition in the industry.
The analysis report prepared on the global market for the renewable chemical by MRFR presents an in-depth study of the market during the forecast period. The report highlights the market dynamics, which has been performed on the basis of Porter’s Five-Factor analysis and Supply Chain Analysis. The market has been segmented to provide a better understanding of the market. The market report also highlights the strategies employed by the key players to stay relevant in the market. The crucial details of the market have been protracted on the basis of competitive partners, key players, and the revenue generated during the analysis term. In addition, the report also throws light on the regional, global, and domestically renowned players that play a significant role in augmenting the market. The report also talks about the impact of COVID-19 on the global market for renewable chemicals.
Global Renewable Chemicals Market, By-Products
Global Renewable Chemicals Market, By End-Use Industry
Global Renewable Chemicals Market, By Products Feedstock
Frequently Asked Questions (FAQ) :
In 2018, the global renewable chemicals market was valued at USD 88 billion.
The increasing awareness about the environmental impact of the chemical industry is likely to remain the major driver for the renewable chemicals market.
Ethanol accounts for the largest share in the global renewable chemicals market, accounting for USD 75.6 billion in 2018.
The biomass segment dominates the global renewable chemicals market by feedstock.
The automotive industry is the major end user of renewable chemicals.