Westford, June 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the green chemical market will attain a value of USD 72.56 billion by 2031, with a CAGR of 8.27% during the forecast period (2024-2031). Green chemical production has helped in the lowering the production of hazardous substances through its usage in various industries. Major key players are now focusing on using bio-based components in their production because the market is shifting away from traditional sources of chemicals production and toward solutions based on renewable resources. As a result of the current market trend, these chemicals are widely used in numerous applications across different industries driving the market expansion.
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Browse in-depth TOC on "Green Chemical Market"
- Pages - 238
- Tables - 128
- Figures – 77
Green Chemical Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 38.43 Billion |
| Estimated Value by 2031 | $ 72.56 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.27% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, and Application. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Research and Development to Surge Adoption of Green Chemicals |
| Key Market Drivers | Increasing consumer demand for eco-friendly products |
Bio-alcohol to Dominate Owing to Easy Raw Material Availability
Bio-alcohol held the major share of green chemical market mainly due to easy availability of raw materials, rapid urbanization, increase in the cost of crude oil, strict emission regulations by governments in various countries and increase in energy demand. Bioethanol in this bio-alcohol segment is expected to control the major market share percentage among other bio-alcohol types, due to the manufacturers’ preference to produce bioethanol owing to its cost-effectiveness and easy availability of raw materials as well as mounting environmental concerns.
Changing Preference Towards Bio-based Products Has Fasten the Growth of Biopolymer Segment
The growing preference towards bio-based products over synthetic products are increasing, which has led to the substantial growth of biopolymer segment at a faster rate. The increasing bio-polymer R&D, adoption of bioplastics by the packaging industry and increased usage of flexible packaging by food and beverage industry also acts as a fuel in the growing demand for this segment. Supportive legislation and regulations for the use of bioplastics also offer lucrative growth opportunities for various bio-polymers market competitors.
Expanding Green Chemicals Applications Helps Europe to Dominate the Green Chemical Market
Europe has a dominant position in the international market and had the largest market share in 2023. High market share of the region can be explained by the increase in awareness of consumers regarding the usage of eco-friendly products, involvement of the key players, and the increasing application of green chemicals in various sectors. Now, the involvement of regional centers in the chemicals industry are also transitioning to green chemicals that will help in achieving the mission to promote sustainability and environmental conservation.
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Green Chemical Market Insights:
Drivers
- Increasing consumer demand for eco-friendly products
- Environmental Regulations and Policies
- Rising Investments in R&D Activities for sustainable Solutions.
Restraints
- Lack of Raw Materials to Restraint Market Growth
- Technological and Infrastructure Challenges
- Higher Production Costs Compared to Traditional Chemicals
Prominent Players in Green Chemical Market
The following are the Top Green Chemical Companies
- Mitsubishi Chemical Corporation
- Plantic Technologies Limited
- Toray Industries Inc.
- Arkema Group
- Vertec BioSolvents Inc.
- Total Corbion PLA
- DuPont de Nemours, Inc.
- Evonik Industries AG
- SECOS Group Ltd
- Solugen
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Key Questions Answered in Green Chemical Market Report
- What drives the green chemical market growth?
- Who are the leading green chemical providers in the world?
- Which region will dominate the green chemical market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of green chemical market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the green chemical market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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Green Building Materials Market
Green Technology And Sustainability Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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