I've been waiting for some figures from consultants about the possible current worth of renewable chemicals and one finally arrived from a Delaware-based firm called Markets and Markets. They estimated the global renewable chemicals market to be worth $45bn this year and is expected to reach $59.1bn by 2014, with an aggregate growth rate of 5.3% from 2009-2014.
The U.S. and Europe is said to account for nearly 30% and 35% of the total revenues respectively. The largest market, Europe, is estimated to reach $21bn by 2014, with growth rate of 5.5% driven by consumer demand for green products and governmental support. The second largest segment, US, will reach $17.5bn by 2014 with growth rate of 5.1%.
Immense market opportunity, is in the developing economies of India, China along with Japan and Russia, the report said.
"The market for renewable chemicals is untapped in these economies that largely consume chemicals from petrochemical feedstock. It is expected that government support and initiatives for the consumption of these chemicals will provide necessary boost to the market for renewable chemicals in these economies."The alcohols market is said to be the primary contributor to the significant market size but is expected to grow at the slowest pace among all the market segments. Polymers represent the highest growth potential with a CAGR of 11% from 2009 to 2014.
Platform chemicals are estimated to reach $3.5bn in 2014 from $1.9 billion in 2009 at an optimistic CAGR of 12.6% from 2009 to 2014.
"Platform chemicals play an important role in the renewable chemicals market since they contain multiple functional groups and hence present practical potential for their conversion to families of useful products."In terms of application, transportation accounts for the maximum share at 23% of the overall market followed by health & hygiene and safe food supply at 19% and 15%, respectively.