Lucintel's latest market report analyzed that renewable chemical provides attractive opportunities in the agriculture, textile, environment, transportation, food safety, and health & hygiene sectors. The renewable chemical market is expected to reach $120.0 billion by 2028 with a CAGR of 11.0%. In this market, alcohol is the largest segment by product type, whereas Textile is largest by application.
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Based on product type, the renewable chemical market is segmented into alcohol, organic acid, ketone, platform chemical, biopolymer, and others. The alcohol segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to increasing application in the industrial, pharmaceuticals, food and beverage, transportation, energy, and power sectors.
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The Renewable Chemical Market is marked by the presence of several big and small players. Some of the prominent players offering renewable chemical include Corbion NV, Mitsubishi Chemical, Genomatica, Natureworks, Bioamber.
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