BAKU, Azerbaijan, July 21
By Leman Zeynalova – Trend:
Global renewable chemicals market is expected to reach $87.8 billion by 2027, Trend reports with reference to ReportLinker.
Amid the COVID-19 crisis, the global market for renewable chemicals estimated at US$60, reads the report.
Renewable chemicals and bioproducts from biorefineries continue to grow rapidly and gain increased market share. While industrial biotechnology offers a clear value proposition, a number of hurdles need to be addressed to fully realize the commercial potential of bio-based products and chemicals. Fortunately, the world seems to be on the path to commercialize these solutions and to build a worldwide bio-based economy, which is good news for business, consumers and environment.
“Ethanol, one of the segments analyzed in the report, is projected to grow at a 5.5 percent CAGR to reach $72.3 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ketones segment is readjusted to a revised 4.9 percent CAGR for the next 7-year period. This segment currently accounts for a 3 percent share of the global Renewable Chemicals market,” says ReportLinker.
The report shows that Renewable Chemicals market in the U.S. is estimated at $16.3 Billion in the year 2020. The country currently accounts for a 26.95 percent share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of $19.1 Billion in the year 2027 trailing a CAGR of 9 percent through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3 percent and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9 percent CAGR while Rest of European market (as defined in the study) will reach $19.1 billion by the year 2027.
In the global Bio Polymers segment, USA, Canada, Japan, China and Europe will drive the 6 percent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$910.5 Million in the year 2020 will reach a projected size of US$1.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12 Billion by the year 2027, while Latin America will expand at a 6.9 percent CAGR through the analysis period.
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