Growing preferences for eco-friendly products coupled with the low-cost of the feedstock is driving the market growth of renewable chemicals. Increasing prices of fossil fuels and the need to reduce greenhouse emissions are again contributing to the market growth of renewable chemicals. Moreover, the growing cultivation of corn and sugarcane as they are the ideal substitute for renewable chemicals is further projected to accelerate the market growth over the forecast period. According to the International Sugar Organization, sugarcane, on average, accounts for nearly 80% of global sugar production. Between 2001 and 2018, world sugar consumption increased from 123.454 mln tones to 172.441 mln tones, the equivalent to average annual growth of 2.01%. Also, the growing popularity of biopolymers derived from renewable feedstock such as corn and sugarcane is further anticipated to foster the market growth of renewable chemicals over the forecast period.
North America is expected to gain significant growth over the forecast period and this is attributed to increasing initiatives by the government to promote the use of eco-friendly products. For instance, the US Environmental Protection Agency (EPA) has made it compulsory for the manufacturer of gasoline to use a percentage of renewable ethanol, as ethanol significantly reduces greenhouse gas emissions.
Key Developments:
In July 2020, Praj Industries foray into developing technologies to produce bio-based renewable chemicals and materials (RCM). RCM produced from bio-based feedstocks are sustainable alternatives to products made from fossil resources.
In October 2020, Perstorp announced the launch of the first partly renewable carboxylic acids - 2-Ethylhexanoic Acid Pro and Valeric Acid Pro. 2-EHA Pro is based on 25% renewable raw materials, and Valeric Acid Pro contains 20% renewable content.
In October 2019, Clariant has partnered with renewable hydrocarbon producer Neste to offer a wide range of additives based on mass balance certified ethylene and propylene from renewable feedstock, which reliably delivers both high performance and sustainability.
In August 2018, Braskem launches a new renewable resin made from sugarcane in Allbirds shoes. It is designed for the application such as footwear, automotive, transportation, and others.
In October 2020, Perstorp announced the launch of the first partly renewable carboxylic acids - 2-Ethylhexanoic Acid Pro and Valeric Acid Pro. 2-EHA Pro is based on 25% renewable raw materials, and Valeric Acid Pro contains 20% renewable content.
In October 2019, Clariant has partnered with renewable hydrocarbon producer Neste to offer a wide range of additives based on mass balance certified ethylene and propylene from renewable feedstock, which reliably delivers both high performance and sustainability.
In August 2018, Braskem launches a new renewable resin made from sugarcane in Allbirds shoes. It is designed for the application such as footwear, automotive, transportation, and others.
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