Global Renewable Chemicals Market Size Likely to Grow at a CAGR of 11.3% By 2033

Global Renewable Chemicals Market size was valued at USD 124.6 Billion in 2023 and is expected to reach USD 270.8 Billion by 2032, at a CAGR of 11.3% during the forecast period 2023 – 2032.

Renewable Chemicals Market – Overview

Renewable chemicals are derived from sustainable feedstocks, such as biomass, agricultural residues, or waste materials, providing an eco-friendly alternative to traditional petrochemicals.

The global renewable chemicals market is witnessing dynamic trends driven by increasing environmental awareness and sustainability goals. Bio-based materials, derived from biomass, agricultural residues, or waste, are gaining prominence, reducing dependence on traditional petrochemicals.

Governments worldwide are implementing stringent regulations to curb carbon emissions, fostering the adoption of eco-friendly alternatives. Technological advancements and innovations in renewable chemical production processes enhance efficiency and cost-effectiveness, promoting market growth.

Growing consumer demand for sustainable products further propels the industry, influencing companies to integrate renewable chemicals into their portfolios. Collaboration between industries and a surge in investment in research and development signals a transformative shift toward greener practices.

The market’s expansion is characterized by a comprehensive approach, embracing various sectors like plastics, textiles, and fuels, as stakeholders strive to create a more sustainable and environmentally responsible chemical industry.

By type, the alcohol segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Alcohol drives the renewable chemicals market due to its versatility and eco-friendly nature.

Derived from renewable feedstocks like biomass, alcohol serves as a key building block for various sustainable chemicals. The global push for greener alternatives, coupled with the potential for lower carbon emissions, positions alcohol as a crucial component in fostering sustainability.

Industries increasingly recognize the economic and environmental benefits of alcohol-derived renewable chemicals, driving innovation and market growth towards a more sustainable and circular economy.

By application, the transportation segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The demand for bio-based alternatives in fuel production, such as ethanol and biodiesel, stems from environmental concerns and regulatory pressures to curb greenhouse gas emissions.

As the transportation sector increasingly adopts renewable chemicals for fuel production, it drives innovation and investment in the renewable energy sector. The transition to sustainable transportation fuels aligns with global efforts to address climate change, fostering growth in the renewable chemicals market as industries seek greener alternatives to traditional fossil fuels.

The Asia-Pacific region drives the renewable chemicals market due to rapid industrialization, growing population, and heightened environmental awareness. Governments in the region are implementing stringent regulations, fostering a shift towards sustainable practices.

Trillium Renewable Chemicals is positioned to tap into the burgeoning market by commercializing innovative technology developed by Southern Research. The technology transforms renewable feedstocks, such as sugar or glycerol, into chemical products including acrylonitrile, propylene glycol, and acrylic acid.

The conversion of renewable feedstocks into valuable chemical products underscores the potential for a more sustainable and environmentally conscious approach within the market.

Report Scope

CMI has comprehensively analyzed renewable chemicals market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this renewable chemicals industry.

The competitive landscape includes of key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Renewable Chemicals Market:

• BASF SE
• Mitsubishi Chemical Holdings Corporation
• Braskem
• OCI N.V.
• Solvay
• Corbion N.V.
• NatureWorks LLC
• Amyris
• Myriant Coperation
• Evonik Industries
• Novamont S.p.A.
• BioAmber
• Neste
• LyondellBasell
• Toray Industries
• PTT Global Chemical PCL
• Genomatica
• LanzaTech
• Metabolic Explorer
• Arbios
• Others

The Renewable Chemicals Market is segmented as follows:

By Feedstock

• Corn
• Sugarcane
• Biomass
• Algae
• Others

By Product

• Ethanol
• Methanol
• Ketones
• Glycerol
• Organic Acids
• Bio-Polymers
• Platform Chemicals
• Others

By End-Use Industry

• Petrochemical
• Food & Beverage
• Automotive
• Chemical
• Agricultural
• Packaging
• Textile
• Medical
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America