Global market for renewable chemicals to grow with rising focus on carbon emissions

摘要

THE global market for Renewable Chemicals is projected to reach US$73.8 billion by 2020, driven by the rising focus on reducing carbon emissions, and increasing demand for healthier, greener, and cleaner products, as per Global Industry Analysts (GI A). Renewable chemicals are chemicals produced from renewable feedstocks such as animal, municipal, household, horticultural, and agricultural waste. Bio-based chemicals are expected to bring a revolution in the way modern day wastes are managed. Green chemistry is eliciting massive interest among investors, technology experts, developers, regulatory authorities, consumers, and corporations. Future growth in the market will be driven by the rapid depletion of traditional sources of fossil fuel. The market's shift towards renewable sources will also be driven by consumers' increasing preference for environment friendly products, growing need to curb greenhouse gas emissions, escalating costs of petroleum feedstock, and landfill depletion.