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Global Renewable Chemicals Market to Reach USD 66.1 Bn by 2018, Predicts GIA

Published on 2013-08-22. Author : SpecialChem

GIA announces the release of a comprehensive global report on Renewable Chemicals markets. Global market for Renewable Chemicals is projected to reach US$66.1 billion by 2018, driven by spiraling petroleum prices, rising demand for eco-friendly products and growing focus on environmental protection.

Over the last century, fossil fuels have been contributing significantly to environmental damage. Production of chemicals using fossil feedstocks releases high concentration of hazardous gases into the atmosphere, the repercussions of which the world is facing in the form of global warming and ozone depletion. Rapidly depleting fossil fuels and escalating energy consumption coupled with rising environmental awareness among nations has led to increased focus on alternate viable eco-friendly and renewable energy sources. The transition towards renewable energy is presenting immense opportunities for renewable chemicals. Growing efforts of governments and organizations directed towards building a bio-based economy is further driving gains in the market.

Produced from renewable feedstocks such as animal, forestry, municipal, household, horticultural, and agricultural waste, Renewable Chemicals are eliciting interest among investors, technology experts, developers, regulatory authorities, consumers, and corporations. Abundant biomass and renewable feedstocks, increased government focus on reducing dependence upon foreign oil and achieving self-sufficiency, international pressure to reduce greenhouse gas emissions, and the desire to reduce dependency on non-renewable petroleum products through renewable sourcing, are all factors poised to benefit the market. Additionally, factors such as sustainability, decreasing landfill space, strong pipeline of innovative bio-based products, and low costs of production of bio-based chemicals are also fuelling market growth. Advances in industrial biotechnology are helping renewable polymers and bio-based chemicals to compete with petroleum-based polymers in terms of performance and cost.

Renewable alcohols, including ethanol, methanol Iso-butanol, 1-propanol, 2-propanol, 1-pental, and 2-ethyl-1-hexanol, among others, represent the largest revenue contributor for renewable chemicals. Renewable ethanol and methanol considerably reduce greenhouse gas emissions and are therefore poised to benefit from the growing concerns over global warming. Ethanol continues to represent the largest segment in the global renewable chemicals market driven largely by eco-friendliness, cost-efficiency, and the ability to meet existing regulations. Developments in environment friendly production technologies will help drive growth of bio-based feedstock for chemicals manufacturing.

The market for renewable platform chemicals is expected to benefit from the increased investments being made to develop processes for producing renewable intermediates. Rising oil prices, advanced process technologies, and continued changes in regulations and policies will provide growth opportunities to renewable platform chemical manufacturers in the coming years. As stated by the new market research report on Renewable Chemicals, Europe represents the largest regional market worldwide, while Asia-Pacific represents the fastest growing market with a CAGR of 7.6% over the analysis period.

Key players covered in the report include Abengoa Bioenergy, Amyris Inc., Archer Daniels Midland Company, Arkenol Inc., Avantium Technologies, BASF SE, Beta Renewables SpA, BioAmber Inc., Braskem, Cargill Incorporated, NatureWorks LLC, Ceres, Inc., Chevron Corporation, Cobalt Technologies, Codexis Inc., Corbion Purac, Coskata Inc., Dow Chemical Company, E. I. Dupont De Nemours & Company, Eastman Chemicals, Elevance Renewable Sciences Inc., Enerkem Inc., Evonik Industries, Genencor International Inc., Genomatica Inc., Gevo Inc., GreenField Ethanol Inc., Honeywell UOP, Ineos Bio, Iogen Corporation, LS9 Inc., Metabolix Inc., Myriant Corporation, Novozymes A/S, OPX Biotechnologies Inc., PureVision Technology Inc., Rivertop Renewables Inc., Royal DSM NV, Sapphire Energy Inc., Solazyme Inc., Solvay Chemicals, Verdezyne Inc., Verenium Corporation and ZeaChem, Inc., among others.

About Global Industry Analysts, Inc. (GIA)

Global Industry Analysts, Inc. (GIA) is a reputed publisher of off-the-shelf market research. Recognized as one of the most consistently accurate forecasting company in the world, GIA currently serves more than 8,500 companies from 36 countries worldwide. The company was founded in 1987, initially recognized globally as a research boutique specializing in the medical industry. Over the past 25 years, the company expanded its coverage and now publishes extensively upon more than 180 major industries.

Source: Global Industry Analysts, Inc. (GIA)


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