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The renewable chemical market is driven by the increasing demand from the food packaging industry, biodegradable & compostable plastics, and other consumer products. The renewable chemicals market is estimated to reach $83.4 billion by 2018 with a CARG of 7.7%. While alcohols currently form the largest segment of the renewable chemicals market, the polymers segment holds the maximum growth potential at an expected CAGR of 14.3% from 2013 to 2018.
The renewable chemicals market includes all the chemicals obtained from renewable feedstock such as agricultural raw materials, agricultural waste products or biomass microorganisms etc. The development of this market is driven by the fact that renewable chemicals decouple economic growth from finite, non-renewable resource consumption, and also help diversify the feedstock portfolio.