Green Chemistry to Pave Potential Pathways for Bio-Renewable Chemicals Market
Pervasiveness of green chemistry on the back of increasing efforts by the US Environmental Protection Agency is expected to witness a momentous upswing in the years to follow. The adoption of this diverse and revolutionary discipline is likely to offer significant environmental advantages along with a strengthened economy. Derived from the perception of green chemistry, the emphasis on bio-renewable chemicals has increased at a noteworthy pace in turn attracting several stakeholders and companies towards this novel concept.
Increasingly, bio-renewable chemicals are gaining high ground and are becoming extremely cost competitive. This is likely to provide a near-term opportunity with regards to the replacement of petrochemicals with renewable resources. While industrial biotechnology provides a comprehensible value proposition, few hurdles need to be resolved in a bid to completely realize the full commercial potential of renewable products and chemicals. Cost-efficient solutions requiring continual research and development along with investments by the private sector and governments alike are aiding market growth. Furthermore, establishment of a robust supply chain for sustainable solutions coupled with compatibility with current infrastructure and market acceptance are crucial factors determining the future of bio-based products such as bio-renewable chemicals.
Stringent Government Regulations Coupled With Increasing Inclination Towards Natural Sources to Complement Bio-Renewable Chemicals Market Growth
Government bodies worldwide have been focusing on the promotion of environment friendly solutions on the back of growing concerns apropos to increasing carbon footprint and greenhouse gas emissions on the global front. In response to this, several petrochemical companies and manufacturers of bio-renewable chemicals are planning to expand their current product lines by including new variants of bio-based products, in turn fuelling the growth of the bio-renewable chemicals market.
Stringent regulations by government bodies such as REACH and US EPA have also influenced the adoption of bio-renewable chemicals since past few years. Increasing volatility in prices of crude oil along with high pricing of finished petrochemical products have given an impetus to the use of renewable sources on the commercial front, which is expected to further augment the growth of the bio-renewable chemicals market. Regulations on disposal and usage of petrochemicals by local and national governments as an effort to reduce carbon footprint and hazardous impact on environment and humans alike has forced companies to shift towards utilization of natural resources for producing chemicals and in turn reduce the dependency on fossil fuels. This factor continues to influence the adoption of natural sources consequently complementing the bio-renewable chemicals market growth.
Bio-Based Solvents to Gain High Traction in turn Supplementing Bio-renewable Chemicals Market Growth
Demand of bio-based solvents is poised to increase at a significant rate on the back of their perceived benefits such as high safety quotient (environment friendly), high boiling point, recyclability, less toxicity and low miscibility. Moreover, a crucial fact due to which bio-based solvents have gained increasing attention is that they produce negligible amount of volatile organic compounds throughout their manufacturing process, as compared to their petroleum-based counterparts. Their widespread use across various industrial applications such as coatings, paints, cosmetics, printing inks, pharmaceuticals and adhesives and sealants is expected to significantly supplement to the growth of the bio-renewable chemicals market.
North America Poised to Account for a Significant Share in the Bio-Renewable Chemicals Market
Developed economies in North America are expected to account for a major share in the bio-renewable chemicals market. This is mainly attributed towards growing government regulations and efforts in promoting use of bio-based products coupled with a continued focus on research and development. This has led to a significant rise in the adoption of bio-renewable chemicals across various industrial applications. Various initiatives are being undertaken by regulating authorities in the region apropos to production and use of bio-renewable chemicals. For instance, the “Federal Bio-preferred and Toxic Substitute Program” in the United States and “Toxic Chemical List and Alternatives Initiatives” in California and Canada are few of the initiatives regulating the usage and production of chemicals in North America. Such initiatives are expected to strengthen the perception of bio-based products in turn bolstering the growth of the bio-renewable chemicals market across various countries in North America.
Bio-Renewable Chemicals Market Competitive Landscape
Key players in the bio-renewable chemicals market include DuPont, Solvay, BioAmber, BASF SE, ZeaChem, Amyris, Gevo, Myriant and LanzaTech.
The Global Bio-renewable Chemicals Market Is Segmented As Below:
Key Elements Included In The Study: Global Bio-Renewable Chemicals Market
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