The renewable chemicals market is driven by various factors including increasing consumer awareness regarding sustainable development and the rising awareness of the harmful effect caused due to persistence usage of conventional chemicals. The government and environmental regulatory authorities are imposing strict regulations to curb environmental damage such as European Commission has initiated the REACH regulatory mechanism for the protection of human health and environment from the risks posed by chemicals, which favours the growth of the renewable chemicals market.
High cost of product serves a major restraint in the renewable chemicals market. The production technology used for producing these chemicals is relatively new and there is a limited production capacity for producing these chemicals, global production of these chemicals is yet to achieve economy of scale.
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Based on application, the renewable chemicals market is categorized into transportation, textiles, food safety, environment, communication, housing, recreation, health and hygiene, bio-medical, agriculture, and others. Owing to stringent government regulations, environmental awareness among people to use eco-friendly products are boosting the renewable chemicals market in environment, bio-medical, and agriculture categories.
The demand for renewable chemicals in the emerging nations such as China and India are limited and is in a nascent stage. However, owing to the vast market for chemicals in order to facilitate the production processes of manufacturing industry with minimum environmental pollution, the demand for environmental friendly chemicals will rise at a significant pace in these countries.
During the historical period, Europe accounted for a significant market share in the renewable chemicals market owing to the strict government norms which promotes the usage of environment friendly chemicals. However, APAC is expected to witnesses highest CAGR in the renewable chemicals market owing to growing demand for clean chemicals for supporting various manufacturing processes.
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Some of the major players operating in the global renewable chemicals market are BioAmber Inc., Genomatica Inc., Myriant Corporation, DuPont Tate & Lyle Bio Products Company LLC, Cobalt Technology LLC, BioMCN B.V., Yield10 Bioscience Inc., Corbion NV, NatureWorks LLC, and Mitsubishi Chemical Corporation.
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