According to a new market research report, ?Renewable Chemicals Market (2009-2014)?, published by MarketsandMarkets , the global renewable chemicals is expected to be worth US$ 59.1 billion by 2014, with the U.S. and Europe accounting for nearly 30% and 35% of the total revenues respectively. The global market is expected to record a CAGR of 5.3% from 2009 to 2014.

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.

The market is driven by the increasing demand from the food packaging industry, biodegradable and compostable plastics, and other consumer products. The renewable chemicals market is estimated to reach US$ 59 billion in 2014 from about US$ 45 billion in 2009. 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 11% from 2009 to 2014.

Platform chemicals are estimated to reach a market sixe of US$ 3.5 billion in 2014 from US$ 1.9 billion in 2009 at an optimistic CAGR of 12.6% from 2009 to 2014. Platform chemicals play an important role in the renewable chemicals market since their multiple functional groups can be converted to families of highly useful chemicals.

Immense market opportunity lies for the renewable chemicals market in the Japan and the rapidly developing economies of India, China, and Russia, which largely consume chemicals from petrochemical feedstock. Governmental support and initiatives to encourage the use of renewable chemicals is expected to provide the necessary boost to the market in these economies. Strategic alliances and new technology developments are a few of the most popular strategies being deployed by the market players in this segment to gain competitive edge and also to build upon their market presence by knowledge and resource sharing.

Europe forms the largest market for renewable chemicals with an estimated $21.0 billion by 2014. Its 5.5% CAGR from 2009 to 2014 is driven by consumer demand for green products and governmental support for such chemicals. U.S. is the second largest segment, growing at with an estimated a CAGR of 5.1% to reach $17.5 billion by 2014.