Global renewable chemicals market is expected to witness significant growth over the forecast period owing to increasing awareness towards natural source utilization. Stringent regulations imposed by organizations such as REACH, EPA and European Commission regarding synthetic chemicals disposal and manufacturing are anticipated to have a positive impact on the market growth. Impulsive crude oil prices have affected overall manufacturing costs in end-use industries and led to use of renewable resources. Most of the industries have been dependent on petrochemicals which created scarcity of resources and fueled renewable chemicals demand. High installation cost of renewable chemicals manufacturing processes is expected to hinder the market growth in next six years.
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Many industries have been switching from synthetic to renewable resources to cut down manufacturing costs and harmful impact on environment in long run. Renewable chemicals have been gaining popularity in various industries such as food & beverages, textile, automotive, plastics, healthcare, consumer goods, house appliances, fuel and chemical intermediaries.
Alcohols dominated the global renewable chemicals market owing to increasing applications in several end-use industries and abundant availability. Other significant products include biopolymers, ketones and organic acids. Based on raw materials, the market has been classified as biomass, agriculture wastes, microorganisms and vegetable oils.
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Increasing government spending and concern towards forming ‘Green Economy’ particularly in mature economies of Europe and North America is anticipated to drive the market growth in these regions. “20-20-20” scheme under the European Commission may also bolster the renewable chemicals market growth in Europe. Asia Pacific is expected to lead the global renewable chemicals market in the forecast period owing to increasing renewable chemicals demand from emerging economies such as India, Malaysia and China.
The key players in global renewable chemicals market include Cargill, BASF SE, Verenium Corporation, Braskem, Natureworks LLC, BioAmber Inc., Chevron Corporation, Amyris Inc., and Archer Daniels Midland Company.
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