• The global thermoplastic elastomers market is set to gain traction from the rising demand for bio-based products to increase sustainability and support environmental protection. Fortune Business Insights™ published this information in a new studyThe study further mentions that the thermoplastic elastomers (TPEs) market size was USD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by 2027, exhibiting a CAGR of 5.7% during the forecast period.

    Information Source- https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515

    How is This Report Developed?

    We refer to secondary data sources, such as press releases of end-user facilities, investor presentations, annual reports, and industry journals to gather authentic information of the market. Our unique bottom-up approach helps in generating crucial data about the competitive landscape and recent industry developments, such as new product launches, collaborations, agreements, joint ventures, partnerships, contracts, and acquisitions. We also conduct extensive primary research to collect information about the current market trends.

    Drivers & Restraints-

    Increasing Need to Manufacture Automotive Gaskets to Aid Growth

    People nowadays are demanding for lightweight vehicles worldwide. Hence, the automotive industry is conducting research and development activities to bring innovations. Thermoplastic elastomers are extensively used in automotive gaskets, exterior filler panels, and door & window handles. However, the fluctuating prices of crude oil may hamper the thermoplastic elastomers market growth in the near future.

    Segment-

    Automotive Segment to Grow Rapidly Backed by High Demand for Lightweight Vehicles

    Based on application, the automotive segment dominated in 2019 by generating the largest thermoplastic elastomers market share. This growth is attributable to the rising demand for lightweight vehicles from the rapidly increasing population in numerous countries. TPEs are mainly used to manufacture boots, bonnets, exterior panels, and wipers of vehicles.

    Regional Insights-

    Surging Demand for Luxury Vehicles to Accelerate Growth in Europe

    In 2019, Asia Pacific held USD 14,226.7 million in terms of revenue. It was in the leading position because of the high demand for TPEs from the footwear, construction, and automobile industries. Also, improvements in lifestyles of people are set to augment the economic development in Japan, India, and China. These would surge the middle-class population, thereby driving growth.

    In North America, high disposable incomes of the masses, coupled with the rising technological advancements in the field of thermoplastic elastomers would propel growth. Europe, on the other hand, is expected to grow considerably backed by the increasing demand for luxury vehicles.

    Competitive Landscape-

    Key Players Focus on Expanding Production Capacity to Fulfill Needs amid COVID-19

    The market for thermoplastic elastomers contains various prominent manufacturers that are mainly focusing on extending their production capacities to help manufacturers of medical equipment for catering to the high demand amid COVID-19. Below are the two latest industry developments:
    The global thermoplastic elastomers market is set to gain traction from the rising demand for bio-based products to increase sustainability and support environmental protection. Fortune Business Insights™ published this information in a new studyThe study further mentions that the thermoplastic elastomers (TPEs) market size was USD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by 2027, exhibiting a CAGR of 5.7% during the forecast period. Information Source- https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515 How is This Report Developed? We refer to secondary data sources, such as press releases of end-user facilities, investor presentations, annual reports, and industry journals to gather authentic information of the market. Our unique bottom-up approach helps in generating crucial data about the competitive landscape and recent industry developments, such as new product launches, collaborations, agreements, joint ventures, partnerships, contracts, and acquisitions. We also conduct extensive primary research to collect information about the current market trends. Drivers & Restraints- Increasing Need to Manufacture Automotive Gaskets to Aid Growth People nowadays are demanding for lightweight vehicles worldwide. Hence, the automotive industry is conducting research and development activities to bring innovations. Thermoplastic elastomers are extensively used in automotive gaskets, exterior filler panels, and door & window handles. However, the fluctuating prices of crude oil may hamper the thermoplastic elastomers market growth in the near future. Segment- Automotive Segment to Grow Rapidly Backed by High Demand for Lightweight Vehicles Based on application, the automotive segment dominated in 2019 by generating the largest thermoplastic elastomers market share. This growth is attributable to the rising demand for lightweight vehicles from the rapidly increasing population in numerous countries. TPEs are mainly used to manufacture boots, bonnets, exterior panels, and wipers of vehicles. Regional Insights- Surging Demand for Luxury Vehicles to Accelerate Growth in Europe In 2019, Asia Pacific held USD 14,226.7 million in terms of revenue. It was in the leading position because of the high demand for TPEs from the footwear, construction, and automobile industries. Also, improvements in lifestyles of people are set to augment the economic development in Japan, India, and China. These would surge the middle-class population, thereby driving growth. In North America, high disposable incomes of the masses, coupled with the rising technological advancements in the field of thermoplastic elastomers would propel growth. Europe, on the other hand, is expected to grow considerably backed by the increasing demand for luxury vehicles. Competitive Landscape- Key Players Focus on Expanding Production Capacity to Fulfill Needs amid COVID-19 The market for thermoplastic elastomers contains various prominent manufacturers that are mainly focusing on extending their production capacities to help manufacturers of medical equipment for catering to the high demand amid COVID-19. Below are the two latest industry developments:
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    Thermoplastic Elastomer Market Size, Growth Rate, Report, 2032
    The global thermoplastic elastomer market size was USD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by 2027, exhibiting a CAGR of 5.7% during the forecast period.
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  • The global ceramic coatings market size is anticipated to hit USD 3.32 billion by 2026, exhibiting a CAGR of 7.1% during the forecast period. High versatility of ceramic coatings will boost their adoption across industries, Ceramic coatings, or high solids coatings, are essentially paints that are loaded with ceramic microspheres. Unlike conventional paints that contain more than 50% water, ceramic coatings comprise of dense solid microspheres, which makes them a highly attractive coating solution in many industries.

    Information Source- https://www.fortunebusinessinsights.com/ceramic-coatings-market-102325

    For example, the oil & gas industry can potentially lose millions of dollars due to ineffective coating. Therefore, the industry extensively employs ceramic coating materials to pipes and other equipment. This is because, when dried, a ceramic coating can form a hardened and impenetrable layer on the metal substrate on which it is applied, thereby preventing corrosion. Furthermore, their low friction coefficient makes these coatings energy-efficient, resulting in their high usage in manufacturing processes.

    According to the ceramic coatings market report, the value of the market was at USD 1.96 billion in 2018. Other highlights of the report include:

    In-depth understanding of market drivers and trends;
    Panoramic overview of the general industry outlook;
    Piece-meal study of the different market segments;
    Detailed assessment of the market restraints; and
    Exhaustive analysis of the regional developments and competitive dynamics of the market.
    Market Restraint
    The global ceramic coatings market size is anticipated to hit USD 3.32 billion by 2026, exhibiting a CAGR of 7.1% during the forecast period. High versatility of ceramic coatings will boost their adoption across industries, Ceramic coatings, or high solids coatings, are essentially paints that are loaded with ceramic microspheres. Unlike conventional paints that contain more than 50% water, ceramic coatings comprise of dense solid microspheres, which makes them a highly attractive coating solution in many industries. Information Source- https://www.fortunebusinessinsights.com/ceramic-coatings-market-102325 For example, the oil & gas industry can potentially lose millions of dollars due to ineffective coating. Therefore, the industry extensively employs ceramic coating materials to pipes and other equipment. This is because, when dried, a ceramic coating can form a hardened and impenetrable layer on the metal substrate on which it is applied, thereby preventing corrosion. Furthermore, their low friction coefficient makes these coatings energy-efficient, resulting in their high usage in manufacturing processes. According to the ceramic coatings market report, the value of the market was at USD 1.96 billion in 2018. Other highlights of the report include: In-depth understanding of market drivers and trends; Panoramic overview of the general industry outlook; Piece-meal study of the different market segments; Detailed assessment of the market restraints; and Exhaustive analysis of the regional developments and competitive dynamics of the market. Market Restraint
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    Ceramic Coatings Market Size, Trends | Global Industry Report, 2026
    The global ceramic coatings market Size was valued at USD 1.96 billion in 2018 and is projected to reach USD 3.32 billion by 2026, exhibiting a CAGR of 7.1% during the forecast period.
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  • Gate Valve supplier in Australia
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    Gate Valve supplier in Australia Australian Valve is one of the most famous Gate Valve Supplier in Australia. Description: • Available materials: WCB, WC6, WCC, LCB, LCC, Cast iron, Ductile Iron, SS316, SS304 • Size: 2" to 80" • Class: 150 to 300Nominal Pressure: PN6 to PN40 • Operation: Handwheel, Electric and Pneumatic Actuated, Gear operated • Ends: Flanged, Buttweld, Socket weld, Threaded Visit us: https://www.australianvalve.com/product-category/gate-valve/
    Gate Valve Supplier in Australia - Australia
    Australian Valve is one of the leading Gate Valve Supplier in Australia. Our products are known for their durable, cost effectiveness & strong structures.
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  • Get Fit Anywhere with the Best Online Personal Trainer
    Achieve your fitness goals with the guidance of the best online personal trainer from Fit for Living. Tailored workout programs, virtual sessions and progress tracking are at your fingertips. Get your bookings done for a 1:1 session to find the perfect balance between mind, soul and spirit. Call us today or visit our website.
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    Get Fit Anywhere with the Best Online Personal Trainer Achieve your fitness goals with the guidance of the best online personal trainer from Fit for Living. Tailored workout programs, virtual sessions and progress tracking are at your fingertips. Get your bookings done for a 1:1 session to find the perfect balance between mind, soul and spirit. Call us today or visit our website. https://www.fitforliving.co.uk/
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  • Phosphoric Acid Market 2021-2028| Current Trends, Issues, Challenges, Forecasts, Competition Analysis, and Companies Involved
    The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.


    How Did We Conduct Our Research?

    The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.

    Drivers & Restraints-

    Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth

    Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.


    Regional Insights-

    Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years

    Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries.

    On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth.

    Information Source:

    https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571
    Phosphoric Acid Market 2021-2028| Current Trends, Issues, Challenges, Forecasts, Competition Analysis, and Companies Involved The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period. How Did We Conduct Our Research? The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size. Drivers & Restraints- Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future. Regional Insights- Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries. On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth. Information Source: https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571
    WWW.FORTUNEBUSINESSINSIGHTS.COM
    Phosphoric Acid Market Size, Growth & Analysis [2021-2028]
    The global phosphoric acid market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
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  • Bioplastics Market Share, Demand, Analysis, Growth, Size and Forecast 2028
    The global bioplastics market size is expected to experience exponential growth by reaching USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020. Factors such as the increasing demand for eco-friendly plastics across packaging industry and the rising concerns over non-degradable plastic waste are expected to drive the product’s demand in the forthcoming years.

    Postponement of Green Investment by Government amid COVID-19 to Hamper Growth

    According to Capgemini Research Institute, out of the 300 large energy companies surveyed in October 2020, 37% planned to postpone investments in low-carbon projects and infrastructure amid the novel coronavirus. The pandemic has dented the growth prospects of several industries across the globe. Postponement or halting of several projects is expected to hamper the growth prospects of the global market.


    What does the Report Include?

    The global market for bioplastics report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

    DRIVING FACTORS

    Increasing Demand for Eco-Friendly Plastics to Aid Growth

    According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine animals across the globe. The growing concern over plastic disposal is propelling the demand for eco-friendly variants of plastics such as biodegradable ones. The biggest recipient of this type of plastic is the packaging industry. The increasing adoption of environment-friendly plastics that serve as a rigid and flexible packaging option is expected to boost the product’s adoption worldwide. Therefore, the growing concerns over the disposal of non-degradable plastics will contribute to the global bioplastics market growth in the forthcoming years.

    REGIONAL INSIGHTS

    Europe – The region is expected to remain dominant and hold the largest global bioplastics market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020.

    Browse Summary:

    https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
    Bioplastics Market Share, Demand, Analysis, Growth, Size and Forecast 2028 The global bioplastics market size is expected to experience exponential growth by reaching USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020. Factors such as the increasing demand for eco-friendly plastics across packaging industry and the rising concerns over non-degradable plastic waste are expected to drive the product’s demand in the forthcoming years. Postponement of Green Investment by Government amid COVID-19 to Hamper Growth According to Capgemini Research Institute, out of the 300 large energy companies surveyed in October 2020, 37% planned to postpone investments in low-carbon projects and infrastructure amid the novel coronavirus. The pandemic has dented the growth prospects of several industries across the globe. Postponement or halting of several projects is expected to hamper the growth prospects of the global market. What does the Report Include? The global market for bioplastics report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period. DRIVING FACTORS Increasing Demand for Eco-Friendly Plastics to Aid Growth According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine animals across the globe. The growing concern over plastic disposal is propelling the demand for eco-friendly variants of plastics such as biodegradable ones. The biggest recipient of this type of plastic is the packaging industry. The increasing adoption of environment-friendly plastics that serve as a rigid and flexible packaging option is expected to boost the product’s adoption worldwide. Therefore, the growing concerns over the disposal of non-degradable plastics will contribute to the global bioplastics market growth in the forthcoming years. REGIONAL INSIGHTS Europe – The region is expected to remain dominant and hold the largest global bioplastics market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020. Browse Summary: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
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    Bioplastics Market Share, Growth & In -depth Analysis [2030]
    The global bioplastics market is projected to grow from $7,616.0 million in 2021 to $15,552.3 million in 2028 at a CAGR of 10.7% in forecast period 2021-2028
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  • Renewable Chemicals Market 2021 Global Trends, Key Company Profiles, Share, Growth, Analysis, Opportunities and Forecast
    The global renewable chemicals market size is predicted to reach USD 252.55 billion by 2028 and exhibit a CAGR of 11.5% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled “Renewable Chemicals Market, 2021-2028”. Furthermore, due to increased greenhouse gas emissions and the depletion of fossil resources, the usage of renewable chemicals and polymers has exploded in many end-user sectors. Additionally, the government's increased promotional actions for eco-friendly and bio-based creations will aid the market's long-term development.


    Report Coverage-

    The report delivers data on the renewable chemicals industry in-depth, focusing on critical elements such as key players, product type, applications, and goods. It also contains quantitative data in terms of volume and value, market analysis, market data research methodology, and industry trend insights. It emphasizes essential industry advancements as well as the competitive landscape. In addition to the causes listed above, the report includes several other variables contributing to the market's recent expansion.

    Drivers & Restraints-

    Rising Industrial Applications of Renewable Alcohols to Boost Market Growth

    Renewable alcohols are used in various industrial applications such as solvents, fuel additives, and beverages, which will drive market growth. Renewable alcohols mainly comprise methanol and ethanol. Fuels such as regular gasoline are increasingly blended with ethanol as an oxygenate additive. Bio-based ethanol is also added to the product catalogs of some businesses due to its advantages of being ecologically sound.

    Regional Insights-

    Government in the Asia Pacific to Promote Production of Eco-Friendly Products and Chemicals

    In 2020, the Asia Pacific renewable chemicals market share was valued at USD 71.43 billion. Governments in the region are promoting environment-friendly products and chemicals in response to growing environmental concerns. As a result, demand for these chemicals is increasing, leading to market growth in Asia Pacific. China has the largest market share and is the fastest-growing country in the area. The need for bio-based chemicals in China is fueled by rising bio-polymer manufacturing, increased research and development efforts, and a burgeoning chemical sector.

    Due to the rise in the e-commerce and food & beverage industries, the U.S. is a prominent contributor in North America. As a result, the demand for ketones and biopolymers in packaging and beverage applications is expanding. The strong demand for the commodity in Europe is linked to the expansion of the automotive sector. The rising use of ethylene glycol fuels regional development as a coolant for engines since it provides greater protection against boil-over, freezing, cavitation, erosion, and corrosion.

    Browse Detailed Summary:

    https://www.fortunebusinessinsights.com/renewable-chemicals-market-106572
    Renewable Chemicals Market 2021 Global Trends, Key Company Profiles, Share, Growth, Analysis, Opportunities and Forecast The global renewable chemicals market size is predicted to reach USD 252.55 billion by 2028 and exhibit a CAGR of 11.5% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled “Renewable Chemicals Market, 2021-2028”. Furthermore, due to increased greenhouse gas emissions and the depletion of fossil resources, the usage of renewable chemicals and polymers has exploded in many end-user sectors. Additionally, the government's increased promotional actions for eco-friendly and bio-based creations will aid the market's long-term development. Report Coverage- The report delivers data on the renewable chemicals industry in-depth, focusing on critical elements such as key players, product type, applications, and goods. It also contains quantitative data in terms of volume and value, market analysis, market data research methodology, and industry trend insights. It emphasizes essential industry advancements as well as the competitive landscape. In addition to the causes listed above, the report includes several other variables contributing to the market's recent expansion. Drivers & Restraints- Rising Industrial Applications of Renewable Alcohols to Boost Market Growth Renewable alcohols are used in various industrial applications such as solvents, fuel additives, and beverages, which will drive market growth. Renewable alcohols mainly comprise methanol and ethanol. Fuels such as regular gasoline are increasingly blended with ethanol as an oxygenate additive. Bio-based ethanol is also added to the product catalogs of some businesses due to its advantages of being ecologically sound. Regional Insights- Government in the Asia Pacific to Promote Production of Eco-Friendly Products and Chemicals In 2020, the Asia Pacific renewable chemicals market share was valued at USD 71.43 billion. Governments in the region are promoting environment-friendly products and chemicals in response to growing environmental concerns. As a result, demand for these chemicals is increasing, leading to market growth in Asia Pacific. China has the largest market share and is the fastest-growing country in the area. The need for bio-based chemicals in China is fueled by rising bio-polymer manufacturing, increased research and development efforts, and a burgeoning chemical sector. Due to the rise in the e-commerce and food & beverage industries, the U.S. is a prominent contributor in North America. As a result, the demand for ketones and biopolymers in packaging and beverage applications is expanding. The strong demand for the commodity in Europe is linked to the expansion of the automotive sector. The rising use of ethylene glycol fuels regional development as a coolant for engines since it provides greater protection against boil-over, freezing, cavitation, erosion, and corrosion. Browse Detailed Summary: https://www.fortunebusinessinsights.com/renewable-chemicals-market-106572
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    Renewable Chemicals Market Size, Growth & Analysis [2028]
    The global renewable chemicals market is projected to grow from $117.76 billion in 2021 to $252.55 billion in 2028 at a CAGR of 11.5% in forecast period
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