Renewable chemicals Market – Market Overview
Renewable chemicals are a specific chemicals containing considerable amount of renewable content which enhances the recyclability. Rising consumer awareness regarding sustainable development and vast spread understanding about the harms of persistent chemical to the environment are the major factors driving growth of the market during the forecast period. In addition to this the stringent regulatory measures put in place by the government and environmental regulatory authorities in mature economies has driven the development of bio-based renewable products. European Commission has regulated REACH which is intended to improve the protection of human health and the environment from the risks that can be posed by chemicals. Collectively these trends are anticipated to fuel growth of the global renewable chemicals market.
Archer Daniels Midland Company, Amyris, BASF SE, BioAmber Inc., BioMCN, Braskem, Cargill, Royal DSM, DowDuPont, and Evonik AG industries among others are some of the prominent players at the forefront of competition in the Global Renewable chemicals Industry and are profiled in MRFR Analysis.
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Renewable chemicals Market by Application - Competitive Landscape The global renewable chemical market is witnessing rapid growth primarily driven by growing consumer awareness and rising global sentiments in favour of environmental. BioAmber Inc, Archer Daniels Midland Company, Evonik AG, Cargill, and DowDuPont are the major players in this market. Almost all of them are adopting the expansion, collaboration tactics and launching new products in order to strengthen their market position and meet the growing demand. Growing end user industries, and continuous collaborations and agreements between manufacturers, distributers, and marketing firms are key factors for the growth of Renewable chemicals in the global market. Taking into account these competitive trends, the global renewable chemicals market is projected to witness higher competition on the Research front during the review period of 2017-2023.
Industry/ Innovation/ Related News:
June 15, 2017- BioAmber Inc. introduced a new pharmaceutical grade product called BIO-SA™. This new grade of material provides a USP/NF and FCC Grade of bio-succinic acid manufactured under the United States Food and Drug Administration's (FDA) good manufacturing practices (GMP) for food and Excipients. These standards are used by regulatory agencies and manufacturers to ensure products are of the appropriate identity, strength, quality, purity and consistency and renewability. Therefore, achieving this new benchmark is a significant development which assured that BioAmber's facility adheres to the rigorous quality control standards set by the United States Food and Drug Administration (FDA).
October 19, 2017- The Renewable Chemicals Act of 2017, introduced in the House in June 2017 by Rep. Bill Pascrell (D-NJ). This Senate bill is companion legislation, which if enacted would create a targeted, short-term tax credit for production of qualifying renewable chemicals from biomass or investment in production facilities. In long term this tax credit would be evaluated on the basis of job creation, innovation, environmental benefits, commercial viability and contribution to U.S. energy independence. This development is the start of new era of government policies supporting the efforts of manufacturer’s move in favor of environmental protection.
28 November 2017- Emery Oleochemicals introduced a new product, through its Eco-Friendly Polyols platform, called EMEROX®. The product has high renewable content and superior performance property. This product possess all the structural design freedom of a petrochemical-based polyol. This is going add a new chapter of technological advancement in the global renewable chemicals market.
November 9, 2017- Braskem has partnered with RPC M&H Plastics to create “green” polyethylene (PE) packaging for Bulldog Skincare for Men’s line of skincare. Braskem is a Brazil based thermoplastics resin producer which has been entering into a series of new partnerships to make bio-based packaging. This development is significant for the packaging industry which is being hampered by stringent regulatory measures restricting use of harmful synthetic material especially in food, pharmaceuticals and personal care product packaging.
8 November 2017- Stora Enso, one of the leading developer, manufacturer and supplier of renewable solutions in packaging, biomaterials, wooden constructions and paper is investing USD 108.79 million to grow in the field of renewable materials and to increase competitiveness in consumer board and biomaterials. This move by Stora Enso is anticipated to substitute use of fossil-based alternatives in longer run.
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