October 19, 2022 11:00 ET | Source: Data Bridge Market Research Data Bridge Market Research
BOSTON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- A Qualitative Research Study accomplished by Data Bridge Market research's database, titled “Renewable Chemicals Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The Renewable Chemicals Market research report is a top-notch research report that portrays key rising patterns and their effect on present and future improvement. It has secured huge perspectives that are contributing to the development of the Insulation market. The fundamental objective of this report is to include the diverse key market components, for instance, drivers, development, and restrictions that are influencing the overall Renewable Chemicals Market. This report has offered a clear picture of the market's present status which includes ongoing market mergers, partnerships, trending products, new product launches, etc.
The global renewable chemicals market was valued at USD 98.00 billion in 2021 and is expected to reach USD 224.71 billion by 2029, registering a CAGR of 10.93% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Renewable chemicals, also known as "bio-based chemicals," are those derived from renewable resources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals have emerged as potential substitutes for petroleum-based chemicals due to their lower carbon constituent and environmentally friendly characteristics. Some of the most promising biopolymers are polylactic acid (PLA) and polyhydroxyalkanoates, which can be produced from nontoxic renewable feedstock.
The global renewable chemicals market is expected to grow significantly over the forecast period. This is due to the benefits of bio-based chemicals, such as their lower environmental footprint compared to traditional petrochemicals and rising consumer demand for products derived from renewable resources. In addition, the rapid transition to bio-economy and renewable feedstocks to produce low-carbon alternatives for industries such as chemical will drive market outlook.
Focus Towards Technology and Growing Awareness
Furthermore, various manufacturers and researchers are focusing on new technology that may replace fossil fuels, which extend profitable opportunities to the market players in 2022 to 2029. Additionally, the growing awareness of the need to reduce carbon footprints to deal with issues such as landfills and global warming and rising consumer preferences for green and natural products will further expand the future growth of the renewable chemicals market
Some of the major players operating in the Renewable Chemicals Market are
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There are various strict regulations and government initiatives to improve the environment, due to which the use of renewable chemicals is increasing dramatically in almost every country. Brazil, for example, has been experimenting with programs aimed at ethanol made from sugar cane and biodiesel in the field of renewable fuel. In this regard, approximately 45 percent of Brazil's energy and 18 percent of its fuels are already renewable.
The rising demand for ethanol and methanol, green packaging materials, and consumer goods packaging materials is expected to drive market growth over the forecast period. There is a high demand for these market chemicals because of the consistent production volumes consumed in various global locations.
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Global Renewable Chemicals Market Scope
The renewable chemicals industry is segmented on the basis of product type, feedstock and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Renewable Chemicals Market Regional Analysis/Insights
The renewable chemicals market is analyzed and market size insights and trends are provided by country, product type, feedstock and application as referenced above.
The countries covered in the renewable chemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the market in terms of market share and revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the due to the presence of stringent regulations and favorable government regulations within the region within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing concerns regarding the environment and the rising chemical demand in the region.
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