Renewable chemicals are ‘bio-based chemicals’ obtained from renewable sources such as agricultural waste, organic waste products, agricultural feedstock, microorganisms, and biomass. This chemical may be a monomer, polymer, or formulated product obtained from renewable biomass.
Specialty chemicals are the materials used based on their performance and function. Specialty chemicals are particular products that provide a wide variety of effects on many other industry sectors. Some categories of specialty chemicals are cosmetic additives, agrochemicals, fragrances, lubricants, surfactants, and textile auxiliaries. Industrial sectors such as aerospace, cosmetics, food agriculture, manufacturing, and textiles greatly depend on these products.
The growing demand for renewable chemicals from various industries, such as pharmaceutical, agriculture, packaging, food, and beverages, Provides significant growth opportunities. The high use of renewable alcohol for industrial applications, such as necessary solvents, fuel additives, and liquids, will boost market growth. Renewable is mainly composed of methanol and ethanol.
Furthermore, the governmental structures have placed strict regulations on developing and removing petroleum-related chemicals to prevent such unnecessary harmful effects on the environment and individuals. The renewable chemicals industry includes renewable resources as the primary feedstock rather than fossil resources. Renewable chemicals are increasingly being used as a replacement for petrochemical to reduce carbon emissions. Various industries utilize it as an alternative to fossil fuels to achieve zero emission targets. The growth in the personal care industry has increased the demand in this industry. There are various severe regulations and government ambition to improve the environment, due to which the use of chemicals is unexpectedly growing in every country.
However, various manufacturers and researchers focus on new technology that may replace fossil fuels, extending profitable opportunities to market players. The renewable market reports provide details of new recent developments, production analysis, market share impact, technologies, growth size, and product approvals in the market.
The specialty chemical market is complicated; each section comprises many segments with each indusial product. Specialty chemicals may play an even more significant role in sustainable development in the future. Specialty chemicals are sold based on function and performance. The pharmaceutical industries accounted for the most significant market growth in specialty chemicals during the forecast period. The US market for specialty chemicals is predicted to witness a notable increase over the forecast period.
Leading Key Players in the market are Geomatica, Biosynthetic Technologies, Trucent, Amyris Inc, Cargill Inc, Archer Daniels Midland Company, Bioamber Inc., Praj Industries
Praj Industries has formed into the renewable chemicals and materials market through its newly launched Bio Prism portfolio.
Key Players of specialty chemicals are Solvay, Evonik Industries, Clariant AG, Akzo Nobel N.v, Lanxess, Albemarle Corporation
Our Chemicals & Materials category segmentation encompasses:
Bulk Chemicals Read More ▾
Coatings, Paints, and Additives