Renewable chemicals, commonly referred to as "bio-based" chemicals, are produced using biomass, microorganisms, agricultural waste, and organic waste. Because they contain less carbon and are better for the environment than petroleum-based chemicals, renewable chemicals are emerging as a viable replacement. Due to technical improvements, consumer preference for eco-friendly products, and favorable government legislation, the market for renewable chemicals is growing. During the projected period, the market is expected to expand due to rising demand for ethanol and methanol, eco-friendly packaging, and packaging materials for consumer goods. The market for these goods is projected to grow since China and India have an abundance of raw materials, cheap labor, and a need for more sustainable chemicals. In a number of end-use sectors, the rapid urbanization and industrialization of the developing countries in the Asia-Pacific region would probably increase demand for chemicals made from renewable sources. The extremely strict laws in the EU surrounding the use of fossil fuels have forced manufacturers and researchers to concentrate on the study and development of new technologies that might replace fossil fuels.The Renewable Chemicals Market is very niche, with few numbers of players in the global market. Increasing consumer awareness about the environment is expected to increase adoption of green and eco-friendly chemicals.
Major Players in the Renewable Chemicals Industry
1. Archer-Daniels-Midland Company (ADM)
Archer-Daniels-Midland Company (ADM) was founded in 1902 and headquartered in. It operates in more than 20 countries. In June 2022, executives from ADM and Marathon Petroleum Corporation, in conjunction with local, state, and federal policymakers, commemorated the commencement of construction for North Dakota's inaugural specialized soybean processing facility. It is projected that the Green Bison Soy Processing facility, which is owned by the joint venture between ADM and MPC, will generate roughly 600 million pounds of refined vegetable oil per year by the 2023 harvest. This oil will be utilized solely by MPC as a feedstock for renewable diesel.
2. Amyris Inc
Amyris Inc is a synthetic biotechnology and renewable chemical company, was founded in 2003 and headquartered in California, US. It operates as a biotechnology company in Europe, North America, Asia, South America, and internationally. In Mar 2023, Givaudan forms a strategic alliance with renewable chemical firm Amyris, Inc.
3. BASF SE
BASF SE. is a European multinational company and the largest chemical producer in the world. It was founded in 1865 and headquartered in Ludwigshafen, Germany. It operates in more than 80 countries. BASF established BASF Renewable Energy GmbH in November 2021 to consolidate its renewable energy activities.
4. Bioamber Inc.
Bioamber Inc. was a Delaware (USA) registered Canadian sustainable chemicals company, was founded in 2008 and was headquartered in Quebec, Canada. It operated in 17 countries.
5. Biomethanol Chemie Nederland B.V.
Biomethanol Chemie Nederland B.V was founded in 2006 and headquartered in Netherlands. It operates in the Netherlands, the United States, Egypt and Algeria.
6. Braskem
Braskem is a Brazilian petrochemical company, was founded in 2002 and headquartered in São Paulo, Brazil. It operates in 27 other countries. The signing of a cooperation agreement between Coolbrook, a transformational technology and engineering company that owns a disruptive technology called RotoDynamic Reactor (RDR), and Braskem, the largest producer of polyolefins in the Americas and a pioneer producer of biopolymers on an industrial scale, will take place in February 2023.
7. Cargill Inc.
Cargill Inc. was founded in 1865 and headquartered in Minnesota, U.S. It operates in 66 countries. Qore, a June 2021 Cargill-HELM joint venture, allows leading brands to reduce greenhouse gas emissions by moving from fossil-based chemicals to bio-based intermediates. The arrangement requires both companies to invest $300M in the nation's first large-scale, renewable BDO facility. Bio-based intermediates assist textile, automotive, electronics, and packaging companies reduce their environmental impact without affecting product performance or downstream manufacturing.
8. DSM
DSM is a Dutch multinational corporation active in the fields of health, nutrition and materials. It was founded in 1902 and headquartered in Heerlen, Netherlands. It operates in 50 countries. A unique green energy purchasing consortium including AkzoNobel Specialty Chemicals, DSM, Google, and Philips started receiving power from the Bouwdokken windfarm in the Netherlands in March 2020. Together, the four enterprises utilize a lot of power in the Netherlands and are helping meet the 14% renewable energy target by 2020.
9. Evonik Industries AG
Evonik Industries AG is a stock-listed German specialty chemicals company, was founded in 2007 and headquartered in North Rhine-Westphalia, Germany. It operates in more than 100 countries. In April 2023, Evonik installed a prototype electrolyzer at its Herne, Germany, location to produce green hydrogen as a feedstock for isophorone diamine (IPDA), a key raw material for wind turbine rotor blades.
10. Genomatica Inc
Genomatica Inc. delivers manufacturing processes that enable its partners to produce intermediate and basic chemicals from renewable feedstocks. It was founded in 2000 and headquartered in California, United States. It operates globally.
11. Metabolix, Inc.
Metabolix, Inc. is a developing bioplastics, bio-based chemicals, and bioenergy, was founded in 1992 and headquartered in Massachusetts, U.S. It operates in.
Definition: Renewable chemicals or 'bio-based chemicals' are chemicals derived from renewable sources, including agricultural feedstock, agricultural refuse, organic waste products, biomass, and microorganisms. They have a smaller carbon footprint than conventional petrochemicals and are widely used as direct replacements.
