Growing Renewable Chemicals Market Projected to Reach $317 Billion by 2033, with a Compound Annual Growth Rate (CAGR) of 10.6%

In 2023, the renewable chemicals sector witnessed significant strides, with major chemical companies and specialized firms in sustainability and advanced packaging solutions leading the charge.

Mitsui Chemicals Inc. made headlines by introducing pyrolysis oil from plastic waste as a feedstock for its chemical crackers at its Osaka Works. This innovative move signified a step towards a more circular economy and reduced carbon footprint.

BASF SE, another industry giant, received funding approval for a 54-megawatt water electrolysis plant, set to begin operation in 2025. BASF aims to significantly reduce carbon emissions by switching to renewable energy sources and enhancing energy efficiency across its operations.

Solvay, known for its commitment to renewable chemistry, has been actively developing bio-based polymers and integrating renewable energy sources into its production processes.

Genomatica Inc. has been expanding its renewable chemicals initiatives, emphasising partnerships and scaling its technology for bio-based product development.

Elevance utilises its metathesis technology to create a range of bio-based products, used across various applications, including personal care, detergents, and lubricants.

Cargill advanced its regenerative agriculture practices across 880,000 acres in North America in 2023, demonstrating a commitment to sustainability.

The Asia-Pacific region is emerging as a pivotal market due to strong governmental support and abundant biomass resources.

ADM launched a biobased propylene glycol facility in Decatur, with the produced product meeting US Pharmacopeia (USP) and USDA Certified Biobased Product Label standards.

Novamont S.p.A. is spearheading the development of innovative, circular, and biobased packaging solutions through its coordination of the TERRIFIC project, which launched in June 2024.

OCI N.V. has continued to strengthen its position in the renewable chemicals sector, particularly focusing on low carbon ammonia and green methanol production.

Evonik Industries AG expanded its green transformation efforts with projects like the new plant for sustainable emollients at its Steinau site in Germany in 2024.

Mitsubishi Chemical Holdings Corporation is developing bio-based materials and improving recycling processes to support a circular economy.

DuPont, DSM after merging with Firmenich, and NatureWorks LLC continue to be leaders in the production of renewable chemicals and biopolymers, focusing on sustainable innovations and material science solutions.

Cargill Inc. invested $78 million in efficiency and sustainability projects within its operations in 2023, demonstrating a commitment to reducing its carbon footprint.

The renewable chemicals market is projected to expand robustly, driven by global shifts towards sustainability and green practices, with key opportunities in biopolymers, bioplastics, and alcohol-based chemicals. The integration of renewable chemicals across various industries promises not only environmental benefits but also substantial economic opportunities.

Growing Renewable Chemicals Market Projected to Reach $317 Billion by 2033, with a Compound Annual Growth Rate (CAGR) of 10.6%