Renewable Chemicals Market Size & Share, Growth, Scope, Challenges, Key Players, Overview and Forecast to 2028, Fortune Business Insights
The global renewable chemicals market size is predicted to reach USD 252.55 billion by 2028 and exhibit a CAGR of 11.5% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled “Renewable Chemicals Market, 2021-2028”. Furthermore, due to increased greenhouse gas emissions and the depletion of fossil resources... moreRenewable Chemicals Market Size & Share, Growth, Scope, Challenges, Key Players, Overview and Forecast to 2028, Fortune Business Insights
The global renewable chemicals market size is predicted to reach USD 252.55 billion by 2028 and exhibit a CAGR of 11.5% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled “Renewable Chemicals Market, 2021-2028”. Furthermore, due to increased greenhouse gas emissions and the depletion of fossil resources, the usage of renewable chemicals and polymers has exploded in many end-user sectors. Additionally, the government's increased promotional actions for eco-friendly and bio-based creations will aid the market's long-term development.
Report Coverage-
The report delivers data on the renewable chemicals industry in-depth, focusing on critical elements such as key players, product type, applications, and goods. It also contains quantitative data in terms of volume and value, market analysis, market data research methodology, and industry trend insights. It emphasizes essential industry advancements as well as the competitive landscape. In addition to the causes listed above, the report includes several other variables contributing to the market's recent expansion.
Drivers & Restraints-
Rising Industrial Applications of Renewable Alcohols to Boost Market Growth
Renewable alcohols are used in various industrial applications such as solvents, fuel additives, and beverages, which will drive market growth. Renewable alcohols mainly comprise methanol and ethanol. Fuels such as regular gasoline are increasingly blended with ethanol as an oxygenate additive. Bio-based ethanol is also added to the product catalogs of some businesses due to its advantages of being ecologically sound.
Regional Insights-
Government in the Asia Pacific to Promote Production of Eco-Friendly Products and Chemicals
In 2020, the Asia Pacific renewable chemicals market share was valued at USD 71.43 billion. Governments in the region are promoting environment-friendly products and chemicals in response to growing environmental concerns. As a result, demand for these chemicals is increasing, leading to market growth in Asia Pacific. China has the largest market share and is the fastest-growing country in the area. The need for bio-based chemicals in China is fueled by rising bio-polymer manufacturing, increased research and development efforts, and a burgeoning chemical sector.
Due to the rise in the e-commerce and food & beverage industries, the U.S. is a prominent contributor in North America. As a result, the demand for ketones and biopolymers in packaging and beverage applications is expanding. The strong demand for the commodity in Europe is linked to the expansion of the automotive sector. The rising use of ethylene glycol fuels regional development as a coolant for engines since it provides greater protection against boil-over, freezing, cavitation, erosion, and corrosion.
