In Texas, MarketsandMarkets “Renewable Chemicals Market – Alcohols (Ethanol, Methanol), Biopolymers (Starch, PLA, PHA, Polyethylene and Others), Platform Chemicals and Others – Global Trends and Forecasts to 2018” predicts that the market will grow from an estimated $57.5 billion in 2012 to $83.4 billion by 2018, with a CAGR of 7.7% from 2013 to 2018.
The report cites the continuous rise in oil prices, requirement for environmentally friendly feedstock, and low production cost of bio-based chemicals as the drivers for such high growth.
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