Green Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Green Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Green Chemicals Market is anticipated to expand significantly through 2028. Green chemicals not only solve the fundamental scientific problems of safeguarding the environment and human health at the molecular level but also do it in a profitable way for various sectors. The automotive, packaging, and other major industries, as well as a greater emphasis on adopting secure and low-carbon emission activities, are some of the main reasons driving the market's rapid expansion. Green chemicals are the design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances. The dearth of non-renewable resources, expanding consumer awareness of sustainable goods, rising government measures to encourage the use of green chemicals, escalating environmental concerns, and rising demand for bioethanol and biodiesel as alternative fuels all support the market's expansion. Additionally, the laws and regulations that encourage the use of bioplastics as well as the increasing attention being paid to research and development for the generation of biofuel from algae, provide this market tremendous room for expansion.

Additionally, one of the main drivers of the market's expansion is the rising demand from industries including packaging, medicine, and construction. The market is primarily driven by organizational activities, increased R&D investment, and government regulations on export and trade. Consumer preferences for new technology that will optimize profit drive market expansion. Therefore, it is expected that the Global Green Chemicals Market will expand its market share throughout the forecast period.

Growing Adoption of Bio-Alcohols is Driving the Market

Environmental problems include resource depletion, deterioration, pollution, and climate change. In addition, recent years have seen a sharp rise in the world's energy consumption. This demand results from an expanding global population and correspondingly rising consumption. The most significant environmental issue now is greenhouse gas emissions since fossil fuels are the predominant energy source. The world's future energy needs may be met by expanding the availability of renewable energy sources, which can help replace fossil fuels. To address environmental issues, it is now essential to develop and use renewable energy sources, such as solar, wind, and bioenergy, bioproducts. Bioalcohols are one of the dominant key factors for the green chemicals market. The market for bio-alcohols is expected to be dominated by the bio-ethanol sector. A renewable substitute for fossil fuels, bioethanol is created by fermenting sugars derived from various lignocellulosic sources and hydrolyzing cellulose from lignocellulosic biomass. Owing to its much lower greenhouse gas emissions than fossil fuels, bioethanol is considered an environment-friendly fuel that burns cleanly. Additionally, bioethanol is more cost-effective and sustainable. For instance, the International Energy Agency projects that between 2023 and 2025, worldwide ethanol output will reach 119 billion liters, with Brazil, China, and India serving as the major growth areas. By 2025, it is expected that biofuels will supply about 5.4% of the energy needed for road transport, up from slightly under 4.8% in 2019.

Additionally, the growing demand from food & beverage, pharma, and packaging is the crucial factor responsible for market growth. Thus, the need for the global green chemicals market is expected to rise during the forecast period.

Increasing Demand for Bio-Based Packaging is Driving Market Growth

The market for green chemicals has recently experienced tremendous development due to the growing acceptance of packaging derived from renewable sources, such as plant and animal waste. This is because bio-based packaging has several advantages for the environment, such as being non-toxic, requiring less raw materials for manufacture, having cheap production costs, and being easy to dispose of. The use of bio-based packaging materials is expected to expand during the forecast period due to rising environmental concerns, which is expected to increase demand for green chemicals used in their manufacture.

Industrial & Chemicals Application Dominate the Market

Based on application, it is anticipated that the industrial & chemicals sector would have a bigger market share for green chemicals. The high proportion of this market is largely related to the expansion of industrialization and urbanization, the rise in global energy consumption, the development of chemical supply chain transparency, and the prohibition of the manufacturing and use of hazardous compounds.

Strategic Developments

In June 2021, JSW Cement Limited entered the building chemicals business with the launch of a new range of environmentally friendly solutions that consume less water during application. It uses screen slag instead of river sand while making concrete, preserving natural resources, and helping to avoid air pollution, floods, and landslides.

SK Chemicals plans to rack up USD 1916.449637 million in sales in the green materials business in 2030, according to the company's president in November 2022.

The introduction of Braskem's new ’I'm green’ recycled polypropylene in the United States was announced in October 2019. As part of its dedication to assisting in the transformation of the plastics chain from a linear economy into a circular economy—a concept where materials are used, disposed of, and then recycled circularly—the company sought to include its entire range of circular economy products with this launch.

According to the U.S. Department of Agriculture, in 2020, bio-based feedstocks are replacing 300 million gallons of petroleum annually in the U.S. alone—or the equivalent of taking 200,000 cars off the road each year in terms of CO2 emissions.

"Every consumer becomes a stakeholder to contribute in achieving India's commitment of 500 GW of Non-fossil fuel by 2030," the Ministry of Power (MoP) stated in its notification of the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022. The draft rules were laid down in August 2021.

Market Segmentation

The Global Green Chemicals Market is segmented based on products, applications, regions, and companies. Based on products, the market is divided into bio-alcohols, bio-organic acids, bio-ketones, bio-polymers, and others. Based on application, the market is divided into industrial & chemicals, pharmaceuticals, construction, packaging, automotive, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.

Company Profiles

Vertec BioSolvents Inc., GFBiochemicals Ltd., Plantic Technologies Ltd., Toray Industries Inc., Mitsubishi Chemical Holdings Corporation, Cargill, Inc., Total Corbion PLA, Aemetis, Inc., SECOS Group Ltd., Braskem SA, are the key players operating in the Global Green Chemicals Market.

Report Scope:

In this report, the global green chemicals market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Green Chemicals Market, By products:
• Bio-Alcohols
• Bio-Organic Acids
• Bio-Ketones
• Bio-Polymers
• Others
• Green Chemicals Market, By application:
• Industrial & Chemicals
• Pharmaceuticals
• Construction
• Packaging
• Automotive
• Others
• Green Chemicals Market, By region:
• North America
• United States
• Mexico
• Canada
• Europe
• France
• Germany
• United Kingdom
• Spain
• Italy
• Poland
• Russia
• Sweden
• Belgium
• Asia-Pacific
• China
• India
• South Korea
• Thailand
• Japan
• Philippines
• Vietnam
• Australia
• South America
• Brazil
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Competitive landscape

Company Profiles: Detailed analysis of the major companies present in the global green chemicals market.

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Company Information

• Detailed analysis and profiling of additional market players (up to five).

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