APAC Renewable Chemicals Market Projected to Reach US$ 185.82 Billion by 2030, Growing at a 13.5% CAGR

APAC Renewable Chemicals Market Overview

The APAC Renewable Chemicals Market was valued at USD 91.45 billion in 2023 and is projected to expand at a CAGR of 13.5% from 2024 to 2030.

Market Definition

Renewable chemicals, or bio-based chemicals, are derived from renewable sources such as agricultural waste, feedstock, biomass, microorganisms, and organic waste. These chemicals present a lower carbon footprint compared to traditional petrochemical counterparts and are increasingly utilized as sustainable alternatives. Common renewable chemical substances include polymeric hemicellulose, lignin, starch, cellulose, proteins, oils, plant extractives, and amino acids. The rising concern over greenhouse gas emissions and the depletion of fossil resources has accelerated the adoption of these chemicals across various industries. Additionally, government initiatives promoting eco-friendly and bio-based products are expected to bolster sustainable growth in the market.

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Market Segmentation

The APAC Renewable Chemicals Market is segmented by:

• Type: Alcohol, Biopolymers, Organic Acids, Ketones, and Others.
• Application: Petrochemicals, Pharmaceuticals, Packaging Products, Automotive, and Others.
• Feedstock: Corn, Sugarcane, Biomass, Algae, and Others.
• Geography: Key countries include China, India, Japan, Australia, and other parts of the Asia Pacific region. Market sizing and forecasts are based on value (in USD million/billion) for each segment.

Market Dynamics

Renewable chemicals, characterized as eco-friendly and sustainable, are produced from renewable feedstocks such as agricultural residues and microorganisms. These chemicals are recognized for their potential to reduce environmental impact and promote sustainability.

Common renewable chemicals, including lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, and proteins, find applications across various sectors such as food and beverage, agriculture, textiles, automotive, and packaging. The shift towards renewable chemicals is driven by the need to mitigate environmental degradation and combat climate change.

However, challenges like higher costs compared to conventional polymers and performance-related issues could hinder market growth. Nevertheless, advancements in research and development are anticipated to address these issues. Opportunities for growth exist in expanding end-user sectors, exploring new raw materials, and the potential for cost reduction through economies of scale.

Segment Analysis

• By Type: The alcohol segment is expected to dominate the market, driven by increasing demand for bio-alcohols like bioethanol, biobutanol, and biomethanol due to rising petroleum prices and the quest for sustainable energy sources.
• By Application: The chemicals segment accounted for the largest share in 2023, primarily driven by the robust demand from pharmaceuticals, food and beverages, and agriculture sectors. The packaging industry is expected to witness the fastest growth, fueled by the adoption of biopolymers with superior properties.

Regional Insights

The Asia Pacific region represented the largest market share, accounting for 63% in 2023, with a market value of USD 71 billion in 2022. Growing environmental concerns have prompted governments to foster the development of eco-friendly products, enhancing market growth. China is the leading player in this market, benefiting from substantial advancements in the biopolymer sector, increased R&D activities, and a growing agricultural industry.

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Key Players

The market is characterized by several prominent companies with significant market share and diverse product portfolios. Notable players include:

• Trucent (U.S.)
• BRASKEM (Brazil)
• Archer-Daniels-Midland Company (ADM) (U.S.)
• Amyris Inc. (U.S.)
• BASF SE (Germany)
• Bioamber Inc. (Canada)
• Biomethanol Chemie Nederland B.V (Netherlands)
• Cargill Inc (U.S.)
• DSM, E. I (Netherlands)
• Mitsubishi Chemical Corporation (Japan)

Conclusion

This report aims to provide a thorough analysis of the APAC Renewable Chemicals Market for stakeholders. It covers prevailing trends, potential investments, market dynamics, and competitive structures, offering valuable insights for businesses seeking to navigate this evolving landscape.