Renewable Chemicals Market Global News, Industry Policies, Growth Opportunities & Forecast To 2023
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.
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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.
Renewable chemicals are one such chemicals which are derived from rapidly replaceable sources of carbon. These chemicals are basically produced from renewable feedstock including biomass, microorganisms, and agricultural raw materials. These chemicals serve as a substitute for petroleum-based chemicals.
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 maufacturing 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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