The renewable chemicals market size reached US$ 119.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 292.3 Billion by 2032, exhibiting a growth rate (CAGR) of 10.33% during 2024-2032. The rapid degradation of fossil fuels, easy availability of renewable feedstocks, and the rising government support for eco-friendly products represent some of the key factors driving the market.
Market Size in 2023
|US$ 119.7 Billion
Market Forecast in 2032
|US$ 292.3 Billion
|Market Growth Rate 2024-2032
Renewable chemicals are a class of compounds derived from numerous renewable resources, such as biomass and waste, which are utilized in a wide range of applications. They are produced through chemical reactions rather than via physical or mechanical processes and are used to produce diverse products, including plastics, solvents, lubricants, and surfactants. They are essential for the development of several types of sustainable products, as they are more eco-friendly than those produced from petroleum-based feedstocks. Additionally, they are derived from a variety of sources, including plant oils, plant-based starches, and lignocellulosic biomass as well as microbial fermentation, which uses microorganisms to convert renewable feedstocks into chemicals. This process is fundamental in producing chemicals with high value and low environmental impact. Moreover, in comparison to conventional petrol-based chemicals, they are a sustainable carbon source as they provide fewer carbon footprints.
Renewable Chemicals Market Trends:
The escalating demand for renewable chemicals from the commercial and industrial sectors majorly drives the global market. This can be supported by the rising product utilization in the manufacturing of finished products, such as medicines, plastics, pharmaceuticals, and food additives. With the growing degradation of fossil fuels and environmental damage across the globe, there has been a considerable rise in the demand for products that are more environmentally friendly and better for the ecosystem, which is acting as a major driving factor. Along with this, several governments and corporations are focusing on reducing carbon emissions and their reliance on fossil fuels, further driving the need for renewable chemicals to replace traditional petroleum-based chemicals. Apart from this, the easy availability of renewable feedstocks, including sugar, starch, vegetable oils, and cellulose, is driving the market for renewable chemicals across the globe. In line with this, numerous manufacturers are heavily investing in research and development (R&D) of renewable chemicals and commercializing these products, which is acting as another growth-inducing factor. Furthermore, the escalating demand for green solvents, such as vegetable oils and alcohols, which are safer for the environment and human health, is creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and continual technological advancements.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global renewable chemicals market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type and application.
Product Type Insights:
- Organic Acids
- Platform Chemicals
The report has provided a detailed breakup and analysis of the renewable chemicals market based on the product type. This includes alcohols, organic acids, ketones, platform chemicals, biopolymers, and others. According to the report, alcohol represented the largest segment.
- Food and Beverage Packaging
A detailed breakup and analysis of the renewable chemicals market based on the application has also been provided in the report. This includes agriculture, textiles, environment, transportation, food and beverage packaging, communication, bio-medical, and others. According to the report, textiles accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for renewable chemicals. Some of the factors driving the Asia Pacific renewable chemicals market included rapid industrialization, the growing concerns regarding environmental conditions, continual technological innovations, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global renewable chemicals market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Amyris Inc., Archer-Daniels-Midland Company, BASF SE, Braskem, Genomatica Inc., OCI N.V., Trucent, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
|Product Types Covered
||Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others
||Agriculture, Textiles, Environment, Transportation, Food and Beverage Packaging, Communication, Bio-Medical, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amyris Inc., Archer-Daniels-Midland Company, BASF SE, Braskem, Genomatica Inc., OCI N.V., Trucent, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global renewable chemicals market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global renewable chemicals market?
- What is the impact of each driver, restraint, and opportunity on the global renewable chemicals market?
- What are the key regional markets?
- Which countries represent the most attractive renewable chemicals market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the renewable chemicals market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the renewable chemicals market?
- What is the competitive structure of the global renewable chemicals market?
- Who are the key players/companies in the global renewable chemicals market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the renewable chemicals market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global renewable chemicals market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the renewable chemicals industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.