Traditionally, the chemical industry has been dependent on inexpensive, petroleum-based carbon feedstock for the production of a small collection of platform chemicals that lead to the manufacture of a large variety of chemical products. However, of late, implementation of government regulations on the use of toxic chemicals and rise in impetus on environmentally-friendly products are driving the need to explore alternative renewable sources of carbon. This has brought about a shift in the chemical industry to manufacture chemicals from renewable carbon sources rather than non-renewable carbon sources. Additionally, insufficiency of non-renewable resources draws attention of stakeholders toward bio-renewable chemicals.

The price of fuel related products is invariably dependent on the demand for fossil fuels; hence, increase in demand for bio-renewable chemicals is anticipated to lower the reliance on demand for fossil fuel. For instance, increase in demand for polylactic acid (PLA), bioethylene, and polyhydroxyalkanoate (PHA) is estimated to lower the demand for fossil fuels during the projected period. Low availability of raw materials required for the production of bio-renewable chemicals may hamper the market. The bio-renewable chemicals market is also facing challenges in terms of using cost-effective raw materials for the various generic applications. However, governments and private organizations are offering reimbursements to promote the production of raw materials.

In terms of product, the global bio-renewable chemicals market can be segmented into glycerin, lactic acid, succinic acid, and other chemical products. The glycerin segment accounted for the major share of the market in 2016 owing to its increasing demand in pharmaceutical and personal care industries. Demand for succinic acid is also increasing, as it is used as a main ingredient for pigment and coating in construction and pharmaceutical industries.

Based on end-user industry, the bio-renewable chemicals market can be divided into industrial and domestic cleaners, paints & coatings, printing inks, pharmaceutical, and personal care products. Bio-renewable chemicals are used in these industries for applications such as bio-plastics, bio-solvents, and bio-cleaners & detergents. Bio-plastics are largely used as packaging materials, as they emit less number of greenhouse gasses (GHGs). Therefore, demand for bio-plastics has been rising across the globe, particularly in the U.S. and Europe.

In terms of geography, the market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is projected to be the fastest-growing and largest region in terms of production and consumption of bio-renewable chemicals, respectively, due to the increase in government initiatives and focus on consumption of renewable chemicals. Some of the programs that regulate the production and usage of chemicals in countries in North America are ‘federal bio preferred and toxic substitute program’ in the U.S. and ‘toxic chemical list and alternatives initiatives’ in Canada. Several countries in Europe and the Middle East are also focusing on environmental issues and implementation of related environmental regulations on chemical manufacturing.

Key players operating in the bio-renewable chemicals market include BASF SE, Solazyme, Myriant, Elevance Renewable Sciences, BioAmber, DuPont Industrial Biosciences (Genencor), Lanza Tech, Amyris, ZeaChem, and Gevo. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Bio Renewable Chemicals Market

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