WASHINGTON, July 06, 2023 (GLOBE NEWSWIRE) -- Global Green Chemicals Market is valued at USD 82.5 Billion in 2022 and is expected to reach a value of USD 204.2 Billion by 2030 at a CAGR of 12.1% over the forecast period 2023-2030.
The global Green Chemicals market is predicted to increase due to the increasing usage of bio-based packaging materials due to their non-toxic nature, the need for less raw material for production, cheap production costs, and ease of disposal. Furthermore, the growing global acceptance of green cities and green-based residential, industrial, and commercial building construction is likely to drive market growth in the approaching years.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for green chemicals, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors are anticipated to accelerate the Green Chemicals Market growth over the forecast period are rising concerns for fossil fuel depletion, the harmful effects of synthetic chemicals on the skin, fluctuations in global oil prices and an increasing number of green chemical applications in various industries.
We forecast that the bioalcohols category dominated the green chemicals market, based on product, in 2022. Furthermore, it is predicted to maintain its position during the forecast time. This is mostly due to the widespread use of bioethanol as an alternative fuel for car spark-ignition engines.
European region held the most significant shares in the global green chemicals market in 2022, and it can be linked to the growing use of green chemicals in a variety of industries, including food and beverage, personal care, automotive, and packaging, as a result of the region's strong environmental concerns.
The Asia Pacific Green Chemicals market is witnessing significant growth due to increasing awareness about environmental sustainability and a rising focus on reducing carbon emissions. The shift towards eco-friendly fuels and materials drives the demand for green chemicals in critical industries, including agriculture, pharmaceuticals, cosmetics, and consumer goods. This market is also being boosted by government policies and initiatives to promote sustainable development and reduce greenhouse gas emissions. Japan, China, South Korea, and India are the major players in this market, strongly focusing on developing renewable energy sources and promoting green chemistry. The Asia Pacific Green Chemicals market is expected to increase in the coming years as more and more companies adopt sustainable practices and reduce their carbon footprint.
Market Dynamics
Favorable Government Policies to Encourage Market Growth
The Green Chemicals Market are heavily influenced by government rules and policies. The EPA, for example, promotes green chemistry, which is the development of chemical products and procedures that limit or eliminate the formation of harmful compounds. Existing rules must continue to effectively protect public health and the environment, as well as encourage investment in and scientific exploration of cleaner chemical technologies, colloquially known as green chemistry. Policy measures that improve market openness and accountability are critical for improving public and environmental health and lowering obstacles to green chemistry. In addition, many countries have tight restrictions in place regarding the use of hazardous chemicals and are encouraging the adoption of green alternatives through incentives, tax credits, and subsidies. These laws provide a favorable market environment for green chemicals while also encouraging businesses to develop and implement sustainable practises. For example, as part of the EU's zero-pollution aim, the European Union has established a Chemicals Strategy for Sustainability, a vital commitment to the European Green Deal. Governments can also help drive the green transition by providing tax breaks, preferential financing, and sustainable finance such as green bonds or sustainability-linked loans.
Innovation and Technological Advancements to Flourish the Market
Continuous research and development efforts in green chemistry are leading to the development of innovative and sustainable chemical solutions. Advancements in technology, such as biotechnology, biomass conversion, and renewable energy sources, enable the production of bio-based chemicals and reduce reliance on fossil fuels. These technological advancements drive the growth and competitiveness of the Green Chemicals Market.
Top Players in the Global Green Chemicals Market
- Cargill Inc.
- BASF SE
- Bio-Kleen Products Inc.
- Balfour Beatty PLC
- DuPont Industrial
- Biosciences
- Dryvit Systems Inc.
- Anderson Corporation
- Palmer Industries Inc.
- Plycem USA Inc.
- Silver Line Building Products LLC
- Thermafiber Inc.
- Huber Engineered Woods LLC
- Bayer Material Science AG
- Kingspan Group
- USG Corporation
- Koninklijke DSM NV
- Calera Corporation
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Top Trends in Global Online Grocery Delivery Services Market
- One trend that Vantage Market Research (VMR) expects to see in the Green Chemicals industry is the increasing adoption across various sectors, including food & beverages, personal care, automotive, and packaging, owing to the strong environmental concerns. The chemicals industry is also increasingly focusing on producing green chemicals to develop sustainable and eco-friendly solutions.
- Another trend that VMR predicts will continue in the Green Chemicals industry is a rise in the use of plant-based resources. Green chemistry can be applied across a product's lifecycle, and using plant-based resources as raw material is one of the key trends in the industry.
Top Report Findings
- Based on the Product, bioalcohols are the leading category in the market for green chemicals market. Bioalcohols are part of the circular economy model, which aims to minimize waste and maximize resource efficiency. The circular economy concept, coupled with increasing consumer demand for sustainable products, drives the growth of the Bioalcohols segment. In addition, factors such as environmental regulations, the transition to renewable energy sources, sustainability initiatives, research advancements, diversified applications, and increasing consumer demand for sustainable products collectively contribute to the expansion and development of the Bioalcohols segment in the green chemicals industry.
- Based on Application, the personal care segment accounted for the most significant market growth in 2022. The Personal Care segment of the Green Chemicals Market encompasses environmentally friendly and sustainable products used in various personal care applications such as skincare, hair care, oral care, and cosmetics. In addition, increasing consumer awareness, regulatory support, sustainability, and Corporate Social Responsibility (CSR), growing demand for natural and organic products, technological advancements, market expansion and investment, and partnerships and collaborations are significant factors fueling the growth of the green chemicals market.
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Collective Efforts of Individuals, Businesses, and Supportive Institutions Aid Market Growth
The growth of the greenhouse industry relies on the collective efforts of individuals, businesses, and supportive institutions. By creating demand, investing in infrastructure and technology, developing innovative practices, and implementing supporting policies, these players contribute to the industry's expansion and transition towards more sustainable and efficient methods. The most significant players operating in the Green Chemicals Market are Cargill Inc., BASF SE, Bio-Kleen Products Inc., Balfour Beatty PLC, DuPont Industrial, Biosciences, Dryvit Systems Inc., Anderson Corporation, Palmer Industries Inc., Plycem USA Inc., Silver Line Building Products LLC, Thermafiber Inc., Huber Engineered Woods LLC, Bayer Material Science AG, Kingspan Group, USG Corporation, Koninklijke DSM NV, and Calera Corporation.
Personal Care Application Segment in the Green Chemicals Market to Engender Over 35% Revenue
Vantage Market Research has analyzed the market for Green Chemicals to understand its current state and potential future growth factors. For better understanding, based on application, the green chemicals market is categorized into: Food & Beverages, Personal Care, Packaging, Automotive, Agriculture, and Others. We predict that by 2030, the market for green chemicals will account for more than 35% of total sales in the category of personal care owing to the growing consumer demand for sustainable and eco-friendly products. Green chemicals in the Personal Care sector are ingredients derived from renewable resources and manufactured through processes that have minimal environmental impact.
On the other hand, in 2022, Food & Beverages dominated the market for green chemicals. This is due to the fact that consumer demand for sustainable products, regulatory compliance, environmental responsibility, supply chain efficiency, cost savings, and the need for market differentiation collectively contribute to the integration of green chemicals in the food and beverage sector, promoting a more sustainable and environmentally friendly industry.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Green Chemicals Market Forecast Report (2023-2030).
Global Green Chemicals Market Segmentation
By Product
- Bioalcohols
- Biopolymers
- Biosolvents
- Organic Acids
- Others (Biolubricants and Biosurfactants)
By Application
- Food & Beverages
- Personal Care
- Packaging
- Automotive
- Agriculture
- Others (Construction, Electrical & Electronics, Paints & Coatings, and Textiles)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 82.5 Billion |
| Revenue Forecast by 2030 | USD 204.2 Billion |
| CAGR | 12.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Cargill Inc., BASF SE, Bio-Kleen Products Inc., Balfour Beatty PLC, DuPont Industrial, Biosciences, Dryvit Systems Inc., Anderson Corporation, Palmer Industries Inc., Plycem USA Inc., Silver Line Building Products LLC, Thermafiber Inc., Huber Engineered Woods LLC, Bayer Material Science AG, Kingspan Group, USG Corporation, Koninklijke DSM NV, Calera Corporation |
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