Renewable Chemicals Market ($176.75Bn by 2028) Growth Forecast at 11.9% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com

The Renewable Chemicals Market Growth impelled by growing awareness regarding renewable chemicals backed by increasing environmental concerns, consistent growing demand from transportation industry and rising adoption of bio-based platform chemicals.

/EIN News/ -- New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Renewable Chemicals Market: Key Insights
According to our new research study on “Renewable Chemicals Market to 2028 – Global Analysis and Forecast – by Product, Application, and Geography,” the Renewable Chemicals Market is projected to grow from US$ 80,566.30 million in 2021 to US$ 1,76,750.76 million by 2028; it is expected to grow at a CAGR of 11.9% during 2021–2028.

Renewable Chemicals Market: Competitive Landscape and Key Developments
Some of the players operating in the market are Archer-Daniels-Midland Company (ADM).; Cargill Inc.; DSM; BASF SE.; Amyris Inc.; Evonik Industries AG.; Solvay; The Dow Chemical Company and others. The companies have been involved in implementing various strategies that have helped the growth of the company and in turn, have brought about various changes in the market.

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Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared to traditional petro-based chemicals. Some of the most widely available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others.

A significant surge in the demand for bio-based platform chemicals has been witnessed over the past few years owing to expanding application base across diverse industries coupled with increasing regulations related to conventional petroleum-derived chemicals, and the growing adoption of environment-friendly products. As the demand for eco-friendly products across industries gathers strength and companies focus on the development of effective varieties of bio-based platform chemicals, the renewable chemicals market is expected to grow at an impressive pace in the next few years.

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Renewable Chemicals Market: Segmental Overview
Biopolymer’s segment is the fastest growing segment in the global renewable chemicals market during the forecasted period. The expanding demand for green packaging materials coupled with the increasing use of biopolymers in automotive industry is projected to drive the growth of the biopolymers in renewable chemicals market. Biopolymers includes polynucleotides (DNA, RNA), cellulose, chitosan, chitin, starch, proteins, polyesters, pectin, collagen, gelatin, gluten etc. They are an innovative and promising alternative to reduce greenhouse gas and toxic emissions, and the use of non-renewable resources. The rising focus towards environment-friendly and sustainable materials is expected to promote the demand for biopolymers.

Impact of COVID-19 on Renewable Chemicals Market:
The ongoing pandemic has drastically altered the status of the industrial sector and have negatively impacted the growth of the renewable chemicals market. The implementation of measures to combat the spread of the virus has aggravated the situation and have impacted the growth of several industrial sectors. Industries such as food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The significant decline in the growth of the several industrial sectors negatively impacted the demand for renewable chemicals in the global market. The disruptions in terms of sourcing of raw materials from suppliers as well as temporarily closures of manufacturing base due to indefinite lockdowns and temporary quarantines have impacted the growth of the market during pandemic period.

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