Published: September 2021 | Report Code: CM12026 | Available Format: PDF | Pages: 171
The global green chemicals market revenue stood at $9,413.1 million in 2020, and it is expected to grow at a CAGR of 8.9% during 2020–2030. The key factors responsible for the growth of the market include the increasing adoption of biobased packaging and rising concerns for fossil fuel depletion.
The COVID-19 pandemic severely impacted several markets across the globe, particularly in China, the U.S., Italy, Spain, and other Western European nations. The pandemic also had a significant impact on the market for green chemicals, majorly attributable to the shutdown of manufacturing facilities in compliance with government regulations, to contain the disease. The shutdown of factories and warehouses caused additional losses to chemical manufacturers as the previously manufactured and stocked chemicals could not be sold due to temporary trade bans and reduced demand.
The bioalcohols category dominated the green chemicals market, both in terms of value and volume, based on product, in 2020. Moreover, it is expected to retain its position during the forecast period. This is majorly attributed to the high-volume usage of bioethanol as an alternative fuel for spark-ignition engines of vehicles. In addition, a significant demand for bioethanol arises for the production of alcoholic beverages, such as beer, vodka, brandy, gin, and whiskey.
The personal care category is expected to be the fastest-growing category in the market for green chemicals during the forecast period (2021–2030), based on application. This will majorly be due to the increasing concerns regarding the harmful effects of synthetic chemicals on the skin. Therefore, with the growing adoption of bio-based beauty and personal hygiene products, the demand for green chemicals from the personal sector is expected to increase, particularly in the U.S., Germany, the U.K., China, and India.
Geographically, the European region held the largest shares in the global green chemicals market in 2020, and, further, it is expected to lead the market during the forecast period. This can be attributed to the rising adoption of green chemicals across different industries, including food & beverages, personal care, automotive, and packaging, owing to the strong environmental concerns in the region. In addition, the chemicals industry of the region is increasingly putting focus on the production of green chemicals in order to develop sustainable and eco-friendly solutions.
In recent years, the rising adoption of packaging materials made of renewable sources, such as plant and animal waste, has led to significant growth in the market for green chemicals. This can be attributed to the environmental benefits of bio-based packaging, including its non-toxic nature, requirement for less raw material for production, low production cost, and convenient disposal. With the increase in environmental concerns, the adoption of bio-based packaging materials is likely to witness a rise in the future, which, in turn, is expected to fuel the demand for green chemicals for their production.
Green chemicals are produced using plant or animal waste, which is why they are environment-friendly and non-toxic in nature, which is leading to the growth of the green chemicals market. In addition, they do not pose any threat to the environment, such as the release of harmful particulate matter or sulphur dioxide, unlike fossil fuels. These raw materials for bio-based chemicals are also abundant in nature, unlike fossil fuels, which have limited availability. Therefore, with the rising concerns regarding the rapid depletion of oil and gas reserves, the adoption of green chemicals is expected to increase in the near future.
|Base Year (2020) Market Size||$9,413.1 Million|
|Market Size Forecast in 2030||$22,039.0 Million|
|Forecast Period CAGR||8.9%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Product; By Application; By Region|
|Market Size of Geographies||U.S.; Canada; Germany; France; U.K.; Italy; China; Japan; India; South Korea; Brazil, Mexico, Colombia, Saudi Arabia; U.A.E.; South Africa|
|Market Players||Arkema Group, Abengoa, Aura Biotechnologies, Avantium N.V., BASF SE, BioAmber Inc., BiologiQ, Inc., Butamax Advance Biofuels LCC, Cardia Bioplastics, Dongguan Xinhai Environmental-Friendly Material Co. Ltd., Evonik Industries AG, Ecovia Renewables Inc., Fulcrum BioEnergy Inc., GFBiochemicals Ltd., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, Plantic Technologies Ltd., Toray Industries Inc., Total Corbion PLA, Vertec Biosolvents Inc.|
|Secondary Sources and References (Partial List)||American Chemical Society; Bio-Based Industries Consortium; Brazilian Chemical Industry Association; European Biomass Industry Association; European Commission; Green Chemistry & Commerce Council; International Energy Agency; Japan Association for International Chemical Information; Organic Trade Association; UK Energy Research Centre; Wageningen University & Research; World Economic Forum|
The market is fragmented in nature. Moreover, the players in the green chemicals industry have been involved in product launches in order to attain a significant position. For instance:
The global green chemicals market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Product
Based on Application
The market for green chemicals will grow from $9,413.1 million in 2020 to $22,039.0 million by 2030.
Bioalcohols are the largest-selling products in the green chemicals industry.
Europe is the largest market for green chemicals, based on region.
The green chemicals industry is driven by the rising demand for bio-based packaging and concerns regarding the depletion of fossil fuel reserves.
The market for green chemicals is fragmented in nature.
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