Report : North America Renewable Chemicals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, and Others) and Application (Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, and Others)
The Transportation Segment to Dominate North America Renewable Chemicals Market during 2021-2028
According to a new market research study on “North America Renewable Chemicals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product, Application and Country,” is expected to reach US$ 49,773.91 million by 2028 from US$ 23,053.80 million in 2021. The market is estimated to grow at a CAGR of 11.6% from 2021 to 2028. The report provides trends prevailing in the North America renewable chemicals market along with the drivers and restraints pertaining to the market growth. Growing awareness regarding renewable chemicals backed by increasing environmental concerns and expanding application base across diverse end-use sectors are major factors driving the growth of the North America renewable chemicals market. However, complex and costly manufacturing process may hinder the growth of North America renewable chemicals market.
In North America, the US reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including renewable chemicals manufacturing activities. The significant decline in the growth of several industrial sectors negatively impacted the demand for renewable chemicals in North America. The disruptions in terms of sourcing of raw materials from suppliers as well as temporary closures of manufacturing base due to lockdowns and quarantines have impacted the growth of the market during the pandemic. However, as the economies are planning to revive their operations, the demand for renewable chemicals is expected to rise in North America. The expanding demand for renewable chemicals across food & beverages, agriculture, textiles, transportation, packaging, pharmaceuticals, and other industries, along with significant investment by prominent manufacturers, is expected to drive the growth for renewable chemicals.
The market for North America renewable chemicals is segmented into product, application and country. Based on product, the market is segmented into alcohols, organic acids, ketones, platform chemicals, biopolymers and others. In 2020, the alcohols segment held the largest share in North America renewable chemicals market. Based on application, the North America renewable chemicals market is divided into food and beverages, agriculture, textiles, transportation, chemical intermediates, packaging, bio-medical & pharmaceuticals, and others. The packaging segment is expected to be the fastest growing segment over the forecast period. Based on country, the North America renewable chemicals market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America renewable chemicals market. Furthermore, in this present scenario of COVID 19 pandemic, the North America renewable chemicals market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for renewable chemicals.
The Archer-Daniels-Midland Company (ADM); Cargill Incorporated; DSM; BASF SE.; Amyris Inc.; Evonik Industries AG.; Solvay; the Dow Chemical Company.; Genomatica, Inc. and Braskem SA are some of the leading companies in the North America renewable chemicals market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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