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RENEWABLE CHEMICALS MARKET ANALYSIS

Renewable Chemicals Market<br>

bharatjagtap0022
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RENEWABLE CHEMICALS MARKET ANALYSIS

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  1. RENEWABLE CHEMICALS MARKET ANALYSIS Renewable chemicals, commonly known as bio-based chemicals, are obtained from various renewable sources such as organic waste products, agricultural waste, agricultural feedstock, microorganism, and biomass. Due to lower carbon constituent and environment-friendly characteristics, renewable chemicals have emerged as potential substitutes for petroleum- based chemicals. Increasing awareness and growing demand for methanol and ethanol in the pharmaceutical industry is a major factor that is expected to fuel growth of the renewable chemicals market during the forecast period. Europe is expected to hold dominant position in the renewable chemicals market, followed by North America. This is mainly attributed to inclination of the populace and industry players towards adoption of novel and technologically advanced green products. Asia Pacific is also expected to witness significant growth during the forecast period backed up by supportive government policies and low labor cost. Renewable chemicals are used in various applications such as agriculture, food & beverages packaging, and biomedical. Technology applied for manufacturing renewable chemicals from biomass includes thermo chemical conversion, enzymatic hydrolysis, dehydrative transformation, fermentation and bioconversion, production of Fischer Tropsch diesel, and acid hydrolysis. Renewable Chemicals Market Taxonomy On the basis of product type, the global market is classified into: •Biopolymer •Alcohols •Ketones •Organic acids •Others On the basis of applications, the global market is classified into: •Agriculture

  2. •Food & beverages packaging •Biomedical •Textiles •Others Renewable Chemicals Market Outlook – Surge in End User Demand is Augmenting Market Growth Emerging technological breakthroughs, inclination of the populace towards eco-friendly products, and supportive government policy are fueling growth of the renewable chemicals market. Moreover, the growing demand for ethanol & methanol, green packaging materials, and consumer goods packaging materials is expected to boost the market growth during the forecast period. Renewable Chemicals Market Challenges – High Cost for Commercialization The renewable chemicals market is very niche, with few numbers of players in the global market. Increasing consumer awareness about the environment is expected to increase adoption of green and eco-friendly chemicals. To fulfill increasing demand for renewable chemicals, pilot projects have to be commercialized and players have to make significant investments in research and development to upgrade the existing production technology and develop new products. While the market offers highly lucrative growth opportunities, high capital investment in production of renewable chemicals as compared to other conventional chemicals and polymers, is expected to be a key challenge for market growth. Key Developments 1. Major companies are adopting business expansion strategy, in order to gain competitive edge in the global market. For instance, in April 2018, Braskem, a Brazil-based petrochemical company, expanded its research and development activities of renewable chemicals in Boston, U.S. This will include material science and biotechnology R&D. 2. Key players in the market are focused on various growth strategies such as merger and acquisition, in order to enhance their market presence. For instance, in June 2019, Genomatic, Inc., a biotechnology company, acquired selected assets of

  3. Renewable Energy Group, which is the largest supplier of biofuels in North America. It will help Genomatic, Inc. to develop wider range of renewable chemicals. 3. Major companies in the market are involved in various business strategies such as product launches, in order to expand their product portfolio and gain competitive advantage in the market. For instance, in July 2019, Braskem, a Brazil-based petrochemical company, launched first solvent HE-70S, which is made from renewable resources. The solvent will be used in various applications such as adhesives, thickeners, and inks.

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