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, it has emerged as a potential substitute for petroleum-based chemicals. Increasing awareness and growing demand for methanol and ethanol in the pharmaceutical industry is a major factor expected to fuel growth of the renewable chemicals market during the forecast period. The renewable chemical market is expected to be dominated by Europe, 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. However, on the back of supportive government policies and low labor cost, Asia Pacific is expected to specter enormous growth for the market during the forecast period. Renewable chemicals have diverse application such as agriculture, food & beverages packaging, biomedical, among others. Technology applied for manufacturing renewable chemicals from biomass includes thermo chemical conversion, enzymatic hydrolysis, dehydrative transformation, fermentation and bioconversion, production of Fischer Tropsch diesel, acid hydrolysis, among others.
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Renewable Chemicals Market Outlook – Surge in End User Demand 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 witness tremendous growth during the forecast period. Abundant raw material, cheap labor cost, and increasing demand for renewable chemicals in China and India is expected to propel growth of the market for renewable chemicals. Moreover, tremendously escalating urbanization and industrialization in emerging economies of Asia Pacific are further expected to amplify demand for renewable chemicals across various flourishing end-use industries. Strict regulation by EU on the use of fossil fuels has compelled manufacturers and researchers to innovate and develop new technology, which can replace fossil fuel.
Renewable Chemicals Market Challenges – High Cost for Commercialization
The renewable chemicals market is very niche, with few numbers of players in the global market. Moreover, increasing consumer awareness about the environment is expected to sharply incline towards green and eco-friendly chemicals. To fulfill increasing demand for renewable chemicals, commercialization of pilot project and players have to make significant investment 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. Also, the viability of renewable chemicals in terms of matching performance of conventional chemicals is still to be conclusively proved, which dissuades end-use industries from adopting these chemicals. Increasing technological advancements and growing consumer awareness is expected to change the tide in the near future. Moreover, due to abundant petroleum reserves in Middle East and Latin America, the market for renewable chemicals in these region is expected to experience least growth during the forecasted period.
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Renewable Chemicals Market – Regulatory Scenario:
2009, Federal Legislation enthusiastic support for bio based products development and promotion.
As per The Biomass Research and Development Act of 2000, established the biomass research and development initiative to promote and develop bio based products, which consist of representatives from the white house, US Department of Agriculture (USDA) and US Department of Energy
The key players in the market include Archer-Daniels-Midland Company (ADM), Amyris Inc., BASF SE, Bioamber Inc., Biomethanol Chemie Nederland B.V., Braskem, Cargill Inc., DSM, E. I. DU Pont DE Nemours & Company, Evonik Industries AG, Genomatica Inc., Metabolix, Inc., Myriant Corporation, Natureworks LLC, Novozymes A/S, OPX Biotechnologies, Solazyme Inc., Solvay, The Dow Chemical Com