The green chemicals market is poised to witness a strong growth during the forecast period (2020–2030) on account of several factors. This includes the ability of green chemicals to serve as a suitable alternative to conventional chemicals produced from fossil fuels, owing to their low toxicity and costs. Green chemicals are prepared by using plant or animal waste, as a key raw material, which is available in abundance across the globe, while fossil fuels are limited in nature.
With the fast-paced depletion of fossil fuels, owing to their high requirements in end-use industries, there has been rising concerns regarding their availability for future generations. This in turn is compelling governments worldwide to promote the adoption of green chemicals. Owing to such factors, the global green chemicals market is expected to generate $18,474.2 million revenue in 2030, advancing at a CAGR of 6.6% during the forecast period.
Bioalcohols to Hold the Largest Share in the Market
The bioalcohols category is expected to lead the green chemicals market on the basis of product, on account of the high-volume adoption of bioethanol for the production of biofuels. Biofuels serve as an environment-friendly and renewable alternative to fast-depleting fossil fuels owing to which it witnesses a considerable market demand.
Based on application, the food & beverages application is expected to hold the largest revenue share during the forecast period, on account of high-volume demand for food additives produced from natural ingredients, which include usage of organic acids, such as lactic acid for food preservations, along with usage of propylene glycol for food flavorings, pet food, and animal feed.
Geographically, the green chemicals market in APAC is expected to witness lucrative growth, as a consequence of increasing demand for these chemicals from end-use industries, which majorly include automotive, personal care, and agriculture, of developing economies in the region. In China, particularly, there has been a rise in awareness regarding the benefits of chemicals produced from biomass, which, in turn, is generating a high demand for green chemicals, in order to attain sustainability. In addition, raw materials required for the production of green chemicals, such as wood waste, crops, and bagasse waste, are available in abundance, owing to which, it has a significantly low cost. This in turn is likely to draw investments in the country’s renewable chemicals industry.
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Increase in the Number New Product Launches – Strongest Strategic Measure Taken by Players in the Market
Players in the green chemicals market are making hefty investments on the R&D activities, in order to develop new products and gain a competitive edge, as well as to gain larger industry coverage. For instance, in August 2019, SECOS Group Ltd. announced the launch of its new compostable resin grade, which enables production of a stiffer film. It is suitable for producing compostable bags and film products, and can help in providing stronger mechanical properties.
Some of the major players operating in the global green chemicals market include Arkema Group, BASF SE, Evonik Industries AG, GFBiochemicals Ltd., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, Plantic Technologies Ltd., Toray Industries Inc., Total Corbion PLA, and Vertec Biosolvents Inc.