The global renewable chemicals market is expected to reach US$ 262.9 billion by the end of 2032, up from US$ 86.7 billion in 2021. The anticipated market growth for 2022–2032 is 10.6%, which is much larger than the increase in the past. With a projected compound annual growth rate (CAGR) of more than 12.5% from 2022 to 2032, ethanol is anticipated to be the segment that generates the most income.
Market expansion is driven by increasing consumer adoption of eco-friendly products and stringent environmental regulations on the manufacturing and disposal of petrochemicals. Additionally, the market is influenced by volatile crude oil prices, high finished petrochemical costs, and the availability of abundant, low-cost feedstock.
Key Takeaways from the Market Study:
· The global renewable chemicals market is projected to reach US$ 95.8 billion by 2022.
· Ethanol is expected to have the highest CAGR of 12.5% during the forecast period.
· The United States is anticipated to remain the dominant market, with an absolute dollar growth opportunity of US$ 38.6 billion from 2022 to 2032.
· China is set to experience the highest CAGR of 15.7% during the same period.
Competitive Landscape:
The market is highly competitive, with key players increasingly focused on gaining a competitive edge through innovation. Leading companies in the renewable chemicals market are prioritizing R&D to develop cutting-edge technological solutions.
· In July 2020, Praj Industries launched its new Bio-Prism portfolio, which produces renewable chemicals and materials. This addition complements their existing Bio-Industrial products and is expected to boost revenue.
· In April 2021, DuPont announced a heightened focus on sustainability, aiming to reduce its carbon footprint, minimize waste, and enhance energy efficiency in its operations.
· In October 2021, Mitsubishi Chemical Holdings, based in Japan, announced plans to invest US$ 875 million by 2030.
· The investment will primarily fund the installation of solar energy systems and the development of a plastic business that recycles used vegetable oils. The corporation aims to achieve net-zero greenhouse gas emissions.
View Full Report: https://www.openpr.com/news/3546409/renewable-chemicals-market-is-estimated-to-be-us-262-9-billion
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