The forecast for the global renewable chemicals market indicates a substantial growth trajectory, with an estimated value of USD 252.55 billion by 2028 and a projected Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. This analysis comes from Fortune Business InsightsTM in their comprehensive report titled “Renewable Chemicals Market, 2021-2028”. The surge in demand for renewable chemicals and polymers across various end-user sectors stems from heightened concerns over greenhouse gas emissions and the depletion of fossil resources. Additionally, increased government initiatives promoting eco-friendly and bio-based products are expected to further propel long-term market development.
Report Overview:
The report provides detailed insights into the renewable chemicals industry, covering critical aspects such as key players, product types, applications, and market trends. It offers quantitative data on volume and value, along with comprehensive market analysis, research methodology, and industry trend insights. Special emphasis is placed on significant industry advancements and the competitive landscape. Furthermore, the report identifies various factors contributing to the recent expansion of the market, in addition to those mentioned above.
Drivers & Constraints:
Rising Industrial Applications of Renewable Alcohols Driving Market Growth
Renewable alcohols, including methanol and ethanol, find extensive use in various industrial applications such as solvents, fuel additives, and beverages, thus propelling market growth. The blending of ethanol with fuels like regular gasoline as an oxygenate additive is witnessing a notable increase. Moreover, the ecological benefits associated with bio-based ethanol are prompting several businesses to include it in their product portfolios.
Regional Insights:
Government Initiatives in Asia Pacific Promoting Eco-Friendly Products and Chemicals
The Asia Pacific region, which accounted for a market share of USD 71.43 billion in 2020, is witnessing significant government support for environment-friendly products and chemicals to address growing environmental concerns. Consequently, there's a surge in demand for renewable chemicals, fostering market growth in the region. China, with its substantial market share and rapid growth, is spearheading this trend, driven by increased bio-polymer manufacturing, intensified research and development efforts, and a burgeoning chemical sector.
In North America, the U.S. emerges as a prominent contributor, particularly due to the burgeoning e-commerce and food & beverage industries. This has led to an increased demand for ketones and biopolymers in packaging and beverage applications. Meanwhile, in Europe, the automotive sector's expansion is driving strong demand for renewable chemicals, particularly ethylene glycol, as a coolant for engines, offering superior protection against various issues like boil-over, freezing, cavitation, erosion, and corrosion.
Browse Detailed Summary:
https://www.fortunebusinessinsights.com/renewable-chemicals-market-106572
