Bio-based renewable chemicals industries and growing demand
Posted on 06-February-2022
Bio-based Renewable Chemicals Market Industries and Growing Demand
The global Bio-Renewable Chemicals market was valued at 7959.72 Million USD in 2021 and will grow with a CAGR of 12% from 2021 to 2027.
Nowadays, companies and governments around the world are emphasizing environmentally friendly business. In addition to that, scarcity of non-renewable resources also attracts stakeholders towards the bio-renewable chemical market. Nowadays, companies and governments around the world are emphasizing environmentally friendly business. In addition to that, scarcity of non-renewable resources also attracts stakeholders towards the bio-renewable chemical market.
By Market Vendors:
BASF
Solazyme
Myriant
Elevance Renewable Sciences
DuPont Biosciences (Genencor)
Lanza Tech
Amyris
ZeaChem
Gevo
Evonik Industries
Lanzatech
The growing demand for Bio-based Renewable Chemicals among different end-users, such as;
- Food Sectors,
- Transport,
- Pharmaceutical,
- Construction and textile industries.
These sectors support the expansion of the Bio-based renewable chemicals market. The expansion of the renewable chemicals market can be attributed to the rapid growth of the automotive segment.
The depletion of fossil fuels and rising greenhouse gas emissions are creating the need for Bio-based renewable chemicals to reduce the carbon footprint. Furthermore, the growing preference for biomaterials and the growing concern for sustainability, together with the aforementioned factors, could contribute to the expansion of the Bio-based renewable chemicals market in the coming years. Furthermore, the availability of low-cost raw materials, eco-friendly products, and continuous technical advances could boost the market in the near future.
Depending on the application, the bio-renewable chemicals market in the bio-solvent segment will witness strong revenue by 2027. This is the result of the increasing deployment of bio-based feedstock in the coatings and adhesives industry. In addition, the emergence of greener and more environmentally friendly alternatives to hazardous solvents, including Cyrene, for the pharmaceutical industry is also expected to boost the growth of this segment in the coming years.
COVID-19 Pandemic Can Positively Impact Markets
The outbreak of COVID-19 has adversely affected the renewable chemicals industry. The impact of SARS-COV-2 on the chemical industry has impacted the production of plastics, fertilizers, and packaging products, significantly impacting renewable chemicals. Increased production of PPE products such as; hand sanitizers and face masks can bring different opportunities for manufacturers in the renewable chemicals market.
However, due to the high emphasis on the "grab-to-go" packaging concept during the epidemic, the consumption of food thermal packaging containers may increase, which may help the recovery of the bio-renewable chemicals industry. With the rise of sustainable packaging and the preference to switch from plastic packaging to bio-based alternatives, the industry is likely to grow exponentially over the next few years.
Get Report Sample Copy: Global Bio-Renewable Chemicals Market Research Report 2022 Professional Edition
Img src: agro-chemistry.com
Content ref: ieabioenergy.com
