Global Renewable Chemicals Market Expected To Reach $ 93.76 Billion By 2021 With A CAGR Of 11.4%

Date: 2017-08-17

The bio renewable chemical is a concept of “green chemistry”, which uses natural renewable source of energy to produce certain chemicals. Now a days, companies and governments around the world are emphasizing on environmentally friendly business. In addition to that, scarcity of non-renewable resources also attracts stakeholders towards bio-renewable chemical market.  Increase in demand for fossil fuels leads to increase in price of fuel related products and hence, to decrease this dependency, the demand for bio renewable chemicals is increasing.

The global Renewable Chemicals market was estimated at USD$ 54.65 billion in 2016, and is anticipated to reach USD$ 93.76 billion by 2021, expanding at a CAGR of 11.4% between 2017 and 2021. The global market for bio-renewable chemicals is hampered due to unavailability or scarcity of raw materials used in production of renewable chemicals. The global market for bio renewable chemicals is facing challenges in availing cost effective raw material due to its generic applications. However, governments and private organizations are granting reimbursements to promote the production of raw materials.

The drivers for renewable chemical market include abundant & low-cost feedstock, technological innovations, consumer acceptance for eco-friendly products, and government support for eco-friendly sources and processes. The factors hindering the growth of the renewable chemicals market are high price when compared to the conventional polymers and associated performance issues. However, with the increasing research and innovation, improvement is expected in the near future. The growth opportunities for the renewable chemicals market are increasing scope in end-user segments, new raw materials, under penetration in the Asian countries, and potential for cost reduction through economy of scale.

The renewable chemicals market can be broadly classified into five major product segments such as alcohols, biopolymers, ketones, platform chemicals and organic acids. Alcohol is further divided into ethanol and methanol. Huge demand for ethanol and methanol from pharmaceutical industry has resulted into amplifying the growth of alcohol market which in turn is anticipated to aid the renewable chemicals growth. Renewable chemicals find diverse applications, some of which includes agriculture, textiles, environment, transportation, food & beverage packaging, communication, biomedical and other applications. High usage of biopolymers in food and beverage packaging is expected to nurture the growth of the renewable chemicals market in the forecast period.

Europe was the largest market for renewable chemical in 2013 closely followed by Asia Pacific and North America. Asia Pacific market for renewable chemicals is growing in double digit and is expected to take over Europe in terms of market share during the forecasted period. Easy and cheap availability of raw materials, cheap labor and increasing demand of renewable chemicals from growing countries such as China, Japan and India are some major factors propelling the market for renewable chemicals in Asia Pacific.
 

Read Full Report:
http://www.gosreports.com/global-renewable-chemicals-industry-2016-market-research-report/ 

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
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