The COVID-19 pandemic has had an immediate impact on the world economy and that impact goes across all industries, including Renewable Chemicals. The impact severely affected the automotive, industrial sectors as restrictions on international travel and regional and local movement avoid people and goods from socializing freely. An impact on the global renewable chemical market is yet hard to gauge. However, the regional development for a better environment has been a prior concern that might take growth in the renewable chemical market.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=11695
Report Price: $ 4500 (Single User License)
Renewable Chemicals Market Segment Analysis – By Source
The polymeric segment held the largest share of 53% in the Renewable Chemicals Market in 2020. Naturally occurring polymers such as cellulose, chitin, starch and numerous proteins. These materials comprise lignins, hemicelluloses, suberin, terpenes, steroids, vegetable oils, oligosaccharides, polysaccharides, polyunsaturated fatty acids and lipids. These materials are widely used in diverse fields, including in paper-making, adhesives, coating materials, biomedical application and manufacturing biofuels to name a few. For example, polysaccharides converted from solar energy or carbohydrates converted through organisms are two very attractive renewable materials because of their inexhaustible sources, with a production of 1013 tons annually.
Renewable Chemicals Market Segment Analysis – By Product Type
The polymer segment held the largest share in the Renewable Chemicals Market in 2020. The polymer segment consists of Polylactic acid (PLA), Bio-based polyethylene, Polyhydroxyalkanoates and others are massively used in the packaging, food and beverages, and consumer goods industries. They have higher carbon dioxide, oxygen, and water permeability coefficient and therefore, they are a completely safe polymer to use as a packaging material for food packaging. For example, Polylactic acid (PLA), has excellent degradation properties and is one of the most consumed bioplastics for bio-packaging, surgical sutures, and as a substrate for organic electronics. The initiatives for the development of PLA, for instance, Futerro, a subsidiary of the Belgian Galactic group launched the first fully integrated PLA plant in China in 2020 and already planning to bring PLA production to 100,000 tons/year which will make it Asia’s leading unit in terms of capacity. On the other hand, in 2021 NatureWorks has Launched PLA Biopolymer for Large-format 3D Printing. Such development in the polymer segment will enhance the growth of Renewable Chemicals Market.
Renewable Chemicals Market Segment Analysis – By Application
Bio-Medical dominates the Renewable Chemicals Market growing at a CAGR of 15.8% during forecast period. Renewable chemicals provide an eco-friendly nontoxic polymer with characteristics that permit use in the human body. Environmental bio-energy harvesting (EEH) is a method of powering biomedical devices by sifting several low-grade ambient energy sources such as infrared, solar, and wireless energy transmission, and their adaptation into practical electrical energy to power the implanted devices. For instance, in 2020, Mount Sinai launched the first center for biomedical blockchain research in the USA, which could also save the healthcare industry up to US$ 150 billion per year by 2025. On the other hand, the Medical Imaging and Data Resource Center (MIDRC), a collaboration of leading medical imaging organizations funded by the National Institute of Biomedical Imaging and Bioengineering (NIBIB), has launched a repository of imaging data to facilitate medical imaging research on COVID-19. Such initiatives and developments in the Bio-medical field will bring positive impact to the Renewable Chemicals Market growth.
Renewable Chemicals Market Segment Analysis – By End-Use Industry
Automotive Segment dominates the Renewable Chemicals Market in 2020 growing at a CAGR of 5.6% during forecast period. The automotive sector with a sales rate of 77.9 million according to Organisation Internationale des Constructeurs d’Automobiles (OICA). They are consuming renewable chemicals such as biomass-based diesel fuels, which are biofuels made from biomass include biodiesel and renewable diesel. It can be used as petroleum diesel and are called diesel fuels because they are mostly produced for use in diesel engines. For instance, in 2019, the United States consumed about 43 million barrels (1.8 billion gallons) of biomass-based diesel fuel, nearly all as biodiesel blends with petroleum diesel. According to the United States Environmental Protection Agency (EPA), after the adoption of green chemistry whereas the design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances, around 7.8 billion pounds of carbon dioxide equivalents released to air eliminated each year which is equal to taking 770,000 automobiles off the road.
Renewable Chemicals Market Segment Analysis – Geography
Europe region held the largest share in the Renewable Chemicals in 2020 up to 31% followed by North America and the Asia Pacific. Stringent packaging regulations in Europe have enabled significant growth in the renewable chemicals market, for instance, the European Union (EU) promotes the use of biofuels and bio-liquids as an alternative to fossil fuels in order to decrease carbon emissions from transport. The target was to have 10% of the transport fuel of every EU Member State come from renewable fuels by 2020 as part of the overall goal to fulfill at least 20% of the EUs total energy needs with renewables as set out in the Renewable Energy Directive. Besides, abundant raw material availability, particularly in economies North and Latin America such as U.S., Brazil, and Argentina, is expected to strengthen the supply side for local manufacturers within the region. The Asia Pacific is one of the most lucrative markets owing to rising chemical demand along with increasing environmental concerns. The constant development in all the regions is enhancing the growth of the Renewable Chemicals Market.
Renewable Chemicals Market Drivers
Government Regulations towards Environment Safety
Almost in every country, the use of renewable chemicals is massively increasing due to strict regulations and initiatives taken by the government towards better environment. For Instance, in the area of renewable fuel, Brazil has been experimenting with programs geared towards ethanol made from sugar cane and biodiesel. In this regard, about 45% of the energy and 18% of the fuels consumed in Brazil are already renewable. In China, National standards for fuel consumption limits have been established for various types of vehicles. The current Phase IV standards for passenger cars, which took effect on January 1, 2016, set a fleet average target of 5.0 L/100km for new vehicles sold in 2020. On the other hand, the Air Pollution Control Act is the main legislation concerning air pollution in Japan. The government has set a greenhouse gas (GHG) emission reduction target of 26% by 2030 (25.4% compared to 2005). Such stringent regulations and initiatives for a better and safe environment will directly impact the growth of the Renewable Chemicals Market.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=11695
Renewable Chemicals Market Challenges
Requires a Huge Upfront Capital Outlay
The higher cost of construction and investment in technology upfront is the major challenge that could result in preventing the growth of renewable chemicals and its implementation especially in the areas where there are potentials but lack investors. There are many region where higher construction cost makes the institution treat renewable chemicals projects as risky and this only leads to a negative approach towards renewables which could impact thousands of lives. The setbacks and the unintended consequences may hinder the market growth of Renewable Chemicals.
Intense Competition from existing chemicals companies
There are startups and young companies who are willing to take the challenges and successfully implementing renewable chemical projects, however, the existing market player and their influence on the market make it extremely difficult to overcome the challenges imposed by the existing or conventional sources of energy. Such technical limitations and obstacles in the development might hinder the growth of Renewable Chemicals market.
Automotive OEM Coatings Market Segment Analysis – Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV-Curable Adhesives. Major players in the Automotive OEM Coatings Market are Metabolix Inc., BioAmber, Genomatica, Cobalt Technologies, BASF, DuPont Tate & Lyle Bio Products, Myriant Corporation, BioMCN, Corbion N.V., NatureWorks LLC, Mitsubishi Chemical Corporation and Braskem.
Acquisitions/Technology Launches/ Product Launches
In August 2020, TFL, a chemical company launched MAGNOPAL Pure A, an environmentally friendly, film-forming bio-polymer base on vegetable biomass. It is not only designed to substitute fossil fuel-based polymers but also offers interesting, economic application features for a wide range of different leather articles.
In April, 2021, the start-up Trillium Renewable Chemicals was launched with backing from the Belgian investment firm Capricorn Partners and technology from the nonprofit Southern Research. Trillium has $8.5 million from Capricorns sustainable chemistry fund to scale up a Southern Research thermochemical process for converting sugars and glycerin into acrylonitrile and propylene glycol.
Europe dominates the Renewable Chemicals Market owing to a rapid increase in Industrial, Power and Energy sectors.
The market drivers and restraints have been assessed to understand their impact on the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end-use industry in Renewable Chemicals Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Renewable Chemicals related industries has been negatively affected, thus hampering the growth of the market.
A.Fine Chemicals Market
B.Industrial Waste Water Treatment Chemicals (IWTC) Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.