Renewable Chemicals Market by Alcohols, Biopolymers, Platform Chemicals & Region by 2020
Renewable chemicals market size in terms of value will grow from an estimated USD 49.0 Billion in 2015 to USD 84.3 Billion by 2020, with a CAGR of 11.47% between 2015 and 2020.
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The market has been majorly segmented into alcohols, platform chemicals, and biopolymers. The alcohols accounts for more than 80.0% of the renewable chemicals market, in terms of value in 2015 and the same trend is projected to continue during the forecast period.
The biopolymers constituted the second-major segment with the share of over 5% of the overall renewable chemicals market, by value. The biopolymers market is projected to register the high CAGR of 12.53% (by value) during the forecast period, due to the increasing demand for eco-friendly products. Starch blends constituted the largest share in biopolymers with 33.9% in 2014, in terms of value, followed by bio-PE. Bio-PET is projected to register the highest CAGR of over 15.00% during the forecast period.
The growth of the market is largely driven by the increasing environmental concerns, government support for eco-friendly sources & processes, and technological innovations. The major restraints identified in this report are cost and production issues along with the trade-off with the vital resources.
Opportunities such as improved yields, new generation feed-stocks, and collaboration with the universities can change the dynamics of this industry. The burning issue observed in the market is the fluctuating crude oil prices which will impact the renewable chemicals market in the short term.
For each chemical, there are limited players in the market and they do not pose high threat for each other. The demand for these chemicals is high with almost all production volumes being consumed. The renewable chemicals market is at growing stage and the companies are yet to stabilize their business. Thus, the degree of competition in the market is low.
The factors hindering the growth of the market are high price when compared to the conventional polymers and associated performance issues. However, with increasing research and innovation, improvement is expected in the near future. The growth opportunities for the renewable chemicals market are increasing scope in end-user segments, new raw materials, under penetration in Asian countries, and potential for cost reduction through economy of scale.
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Key players profiled in the report are Metabolix Inc. (U.S.), BioAmber (Canada), Genomatica (U.S.), Cobalt Technologies (U.S.), BASF (Germany), DuPont Tate & Lyle Bio Products (U.S.), Myriant Corporation (U.S.), BioMCN (The Netherlands), Corbion N.V. (The Netherlands), NatureWorks LLC (U.S.), Mitsubishi Chemical Corporation (Japan), and Braskem (Brazil). Partnerships/Agreements/Collabolrations and new product development & launches are the major strategies adopted by the players in this market in order to gain competitive edge and increase their market penetration.
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