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The Global Renewable Chemicals Market is projected to grow considerably and generate handsome revenue over the forecast period of 2016-2021, reveals a research report by Market Research Future (MRFR). Renewable Chemicals are produced through biological reproduction or other naturally occurring processes and thus is beneficial from both economic and ecological perspective. Sustainability is the principal driving force behind the growth of the Renewable Chemicals Market. Major corporations across the globe are embracing sustainability as critical business policy and sustainability issues in the chemical industry has urged transition towards renewable chemicals and has paved the way for the advancement of Renewable Chemicals into the mainstream. Moreover, with increasing awareness regarding health and environmental concerns, there has been a surge in demand for greener components in finished products which is, in turn, expanding the role of Renewable Chemicals in consumer products. Availability of abundant raw materials for the production of Renewable Chemicals coupled with volatility in prices of conventional alternatives adds fuel to the growth of the market. Rising demand for Renewable Chemicals from the cosmetic industry is also a critical factor which is supporting the growth of the market. The cosmetic industry always aims to replace synthetic, and petrochemical ingredients with novel plant-based ingredients and renewable chemicals are largely used in the cosmetics industry which is aiding the growth of the renewable chemicals market. Renewable chemicals such as hydrocarbon can help to considerably reduce crude oil-based materials in the production of renewable solvents and bio-based plastics and also in various other industrial application. A wide range of applications of renewable chemicals amplifies the growth of the market. Additionally, stringent regulations pertaining to the use of fossil fuels and petrochemicals has also encouraged the growth of the Renewable Chemicals Market.Get a Sample Report for Brief Overview @ https://www.marketresearchfuture.com/sample_request/1047
Renewable Chemicals find diverse application in various industry verticals such as textile, food & beverage packaging and growing use of biopolymers in food & beverage packaging industry is expected to accelerate the growth of the market over the forecast period. Despite the positive outlook, the Renewable Chemicals Market might be hindered by a number of factors. High processing cost and complicated manufacturing process of renewable chemicals are significant impediments to the market growth. Also, the high price of renewable chemicals and lack of awareness regarding the availability of such options restrict market growth. Furthermore, the efficiency of renewable chemicals as compared to conventional chemicals have not been proved yet. Lack of advanced technologies and low yield are other restraining factors. Essential development in the renewable chemicals market is the emergence of sugar-based Renewable Chemicals. Researchers and companies are looking forward to metabolizing sugars into chemical building blocks, polymers, and acids which might reflect positively on the Renewable Chemicals Market. However, rising concerns regarding food security and deforestation might hamper the growth of the market.
Segmentation
The Global Renewable Chemicals Market has been segmented based on Types and Applications. By Types, the market has been segmented into Alcohols, Organic Acids, Ketones, Platform Chemicals, Polymers, and Others. By Applications, the market has been segmented into Industrial, Transportation, Food Packaging & Beverage Bottling, Bio-Medical, Fertilizers, Agriculture, Textiles, Environment, Housing, Recreation and Health & Hygiene.
Regional Analysis
The key markets of the Global Renewable Chemicals Market include North America, Europe, Asia-Pacific and the Middle East & Africa. The markets in North America and Europe are stable due to the high adoption of novel green products in the regions. The Asia-Pacific market for Renewable Chemicals is projected to expand rapidly due to favorable government policies and the availability of cheap labor in the region. The market in the Middle East & Africa region is expected to exhibit comparatively slower growth due to the abundance of fossil fuel reserves in the region.
Competitive Landscape
The Global Renewable Chemicals Market is highly competitive with the presence of a few market players. The key players operating in the market include Archer-Daniels-Midland Company, BASF, Biomethanol Chemie Nederland, Cargill, E. I. DU PONT, Evonik industries, Amyris Inc, Bioamber, Braskem, DSM, and others.
Industry Updates
In June 2018, the US Senate passed a bill which mandates funding for energy title programs. The energy title would benefit renewable chemicals manufacturers and help rural farms, and businesses secure funds to adopt renewable energy technologies and generate economic opportunities.
In July 2018, ThyssenKrupp acquired a contract from an Australian company, Hydrogen Utility to perform a feasibility study for a new green hydrogen project. A commercial plant will be set up for the same purpose, and it will be the first ever plant to produce a carbon dioxide-free ammonia from renewable resources.
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