Environmental Concerns and Depleting Fossil Fuels Drive the Renewable Chemicals Market
SAN JOSE, CA – Publishing company Global Industry Analysts Inc. has released a study that reports the market for renewable chemicals is projected to reach $66.1 billion by 2018. Spiraling petroleum prices, rising demand for eco-friendly products and the growing focus on environmental protection will drive growth.
Rapidly depleting fossil fuels and escalating energy consumption coupled with rising environmental awareness among nations has led to increased focus on alternate, viable eco-friendly and renewable energy sources. The transition towards renewable energy is presenting immense opportunities for renewable chemicals. Growing efforts of governments and organizations directed towards building a bio-based economy is further driving gains in the market.