Renewable Chemicals Market - Forecast(2022 - 2027)
Renewable Chemicals Market Overview Renewable Chemicals market size is forecast to reach US$ 52.3 Billion by 2026, after growing at a CAGR of 12.7% during 2021-2026. Renewable chemicals or 'bio-based chemicals' are chemicals obtained from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Polylactic acid (PLA) and polyhydroxyalkanoates are some of the most promising biopolymers as they can be produced from nontoxic renewable feedstock. Whereas, Itaconic acid is widely used as a building block for acrylic plastics. They have a lower carbon footprint compared to conventional Petro-based chemicals and are used widely as a direct substitution. It is majorly used in Automotive, Industrial, and Agriculture. Europe is considered to dominate the market on account of increasing European Union investment to establish a Green Economy coupled with stringent REACH and European Commission regulations towards petrochemic...