Bio-Renewable Chemicals Market to Garner $7.4 Billion, Globally, By 2031 at 11.6% CAGR, Says Allied Market Research

Factors such as rise in technological advancements, increase in dynamics of renewable energy, improvements in the economics of renewable, and emerging concerns for environmental protection activities have led consumers to shift toward using products derived from renewable resources, which has driven the global bio-renewable chemicals market.

PORTLAND, Ore., Feb. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Bio-Renewable Chemicals Market by Type (Glycerol, Lactic Acid, Succinic Acid, Acetone, Others), by Application (Packaging, Food and Beverages, Personal Care and Cosmetics, Chemical Industry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global bio-renewable chemicals industry generated $2.5 billion in 2021, and is estimated to reach $7.4 billion by 2031, witnessing a CAGR of 11.6% from 2022 to 2031. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Factors such as rise in technological advancements, increase in dynamics of renewable energy, improvements in the economics of renewable, and emerging concerns for environmental protection activities have led consumers to shift toward using products derived from renewable resources, which has driven the global bio-renewable chemicals market. On the other hand, high processing costs and complex manufacturing processes gives way to a surge in the overall prices of bio-renewable chemicals, which has restrained the growth to some extent. However, growing popularity of environment-friendly products has opened up lucrative opportunities for the key players in the industry.

Covid-19 scenario-

• Dependence of the bio-renewable chemicals market on sectors such as industrial, textile, and food & beverage impacted the global bio-renewable chemicals market negatively, especially during the initial period.
• However, major key players such as Cargill, BASF, DuPont, and others were constantly engaged in increasing their production and seeking for new investment opportunities even through the unprecedented situation, which helped the market recoup soon.

The glycerol segment held the major share in 2021-

By type, the glycerol segment accounted for around half of the global bio-renewable chemicals market share in 2021, and is projected to rule the roost by 2031. Rise in disposable income coupled with growing awareness for skin care activities has led the cosmetic sector in both developed and developing economies to witness a steep incline in the usage of glycerin as a denaturant, fragrance ingredient, hair conditioning agent, and humectant in various cosmetic and personal care products. The succinic acid segment, on the other hand, would showcase the fastest CAGR of 12.00% during the forecast period. Surge in awareness about eco-friendly activities coupled with sustainable development has led these chemical manufacturing facilities to shift toward using bio-based chemicals for producing a plethora of consumer goods. Bio-based succinic acid finds application as a major precursor in manufacturing various chemicals such as solvents, perfumes, lacquers, plasticizers, dyes, and photographic chemicals, thus propelling the growth of the segment.

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The chemical industry segment to rule the roost-

By application, the chemical industry segment contributed to nearly one-third of the global bio-renewable chemicals market revenue in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 12.00% during the forecast period. This is because increase in population coupled with a rise in demand for a wide range of consumer goods has heightened the establishment of chemical manufacturing units in both developed and developing economies wherein bio-renewable chemicals are used to produce a wide range of consumer goods.

Asia-Pacific garnered the highest share in 2021-

By region, Asia-Pacific held the highest share in 2021, generating more than one-third of the global bio-renewable chemicals market revenue, and is anticipated to retain its dominance by 2031. The same region would also showcase the fastest CAGR of 12.20% throughout the forecast period. This is attributed to development in the packaging, textile, personal care & cosmetics, and other sectors in the Asia-Pacific region.

Leading Market Players-

• Vizag Chemical
• Solvay
• BASF SE
• Amyris
• Unilever PLC
• Elevance Health
• ZeaChem
• Cargill
• Gevo, Inc.
• DuPont de Nemours, Inc.
• Incorporated

The report analyzes these key players in the global bio-renewable chemicals market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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