MarketsandMarkets: Renewable Chemicals Market worth $67.13 billion in 2015.
According to the new market research report, “Renewable Chemicals Market: Winning Imperatives & Market Forecast” published by MarketsandMarkets (www.marketsandmarkets.com), the renewable chemicals market is expected to grow at an estimated CAGR of 11.66% from 2010 to 2015 and is expected to reach to $67.13 billion in 2015. Renewable ethanol is the most commercialized segment while Iso-butanol and succinic acid are on the verge of commercialization. The increasing focus on green chemistry and global concern over emission of greenhouse gases has given a boost to the renewable chemicals market.
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While chemicals were first derived from petroleum feedstock in 1872, the possibility of extracting chemicals from biomass was not explored until the last decade of the 19th century. Carbon black was the first non-renewable chemical made from petroleum; and Union Carbide, the wholly owned subsidiary, of Dow Chemical Company was one of the pioneers in this industry. Ethanol was first used as transportation fuel in 1908, when Henry Ford designed the Model T car to operate on a mixture of alcohol and gasoline.
Government support, development of new technologies and widely available feedstock are major drivers for the renewable chemicals market while the high set-up cost is a major drawback. New markets such as India and China provide new opportunities for renewable chemicals.
SCOPE AND FORMAT
The report analyzes renewable chemicals market:
- On the basis of products, applications and technologies
- On the basis of geographies of U.S., Brazil, Europe, Asia and RoW
- Major companies in the renewable chemicals market
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