WASHINGTON, Sept. 14, 2023 (GLOBE NEWSWIRE) — As per Vantage Market Research, the global renewable chemicals market has been rapidly growing due to increasing environmental concerns and the need for sustainable alternatives to fossil fuels.
Enjoy a Fabulous 50% Discount with code “SEP50”! Don’t miss out on these incredible savings @The global renewable chemicals market has been experiencing substantial growth in recent years, driven by several key factors. One of the main drivers of this market is the increasing focus on sustainability and the need to reduce reliance on fossil fuels. With the growing concerns about climate change and environmental degradation, there is a growing demand for renewable alternatives to traditional chemicals.While the renewable chemicals market has great potential, specific challenges must be addressed for further growth. The cost of production, for instance, is still relatively higher than petroleum-based chemicals. Additionally, the lack of standardized regulations and certifications for renewable chemicals can confuse the market. Furthermore, developing cost-effective and efficient conversion technologies for biomass and waste is crucial for the scalability of renewable chemical production.Renewable chemicals, derived from renewable sources such as biomass, are environment-friendly alternatives to traditional petrochemicals. This market is projected to witness significant growth in the coming years, presenting opportunities for industry players to capitalize on. The increasing adoption of renewable chemicals in various sectors, such as packaging, agriculture, and cosmetics, is driving the market. Moreover, government initiatives and policies promoting the use of renewable chemicals are further boosting its growth. Overall, the global renewable chemicals market offers immense opportunities for existing players and new entrants.Alcohol category dominated the market with the largest market share in recent times. Due to their versatile properties and applications, this is because alcohols are widely used in various industries, such as pharmaceuticals, personal care, and food and beverage. The global renewable chemicals market is based on product types segmented into alcohols, biopolymers, ketones, platform chemicals, organic acids, etc. Furthermore, their ability to be used as solvents, fuels, and intermediates for producing other chemicals makes them a preferred choice amongst manufacturers aiming for a greener and more sustainable future. Additionally, the increasing awareness regarding the harmful effects of fossil fuels has driven the demand for renewable alcohol, further consolidating their market dominance.The transportation segment dominated the largest market share and will dominate in the forecast period because of the growing demand for sustainable and environmentally friendly transportation solutions. Renewable chemicals, such as biofuels and bioplastics, offer a sustainable alternative to traditional petrochemical-based products. Furthermore, stringent government regulations promoting using renewable energy sources in transportation have further fueled the demand for renewable chemicals. The global renewable chemicals market is based on the application analysis segmented into agriculture, textiles, environment, transportation, food and beverage packaging, communication, bio-medical, and other applications. Additionally, the transportation sector’s large scale and wide usage of chemicals, such as lubricants and specialty chemicals, also contribute to the dominance of this segment in the renewable chemicals market.
(GlobeNewsWire)