Green Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Bio-Alcohols, Bio-Organic Acids, Bio-Ketones, Bio-Polymers, Others), By Application (Industrial & Chemicals, Pharmaceuticals, Construction, Packaging, Automotive, Others), By Region, and Competition
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGreen Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Bio-Alcohols, Bio-Organic Acids, Bio-Ketones, Bio-Polymers, Others), By Application (Industrial & Chemicals, Pharmaceuticals, Construction, Packaging, Automotive, Others), By Region, and Competition
In 2020, the market size of bioplastics in Japan was estimated at about 72.19 thousand tons.
Global Green Chemicals market is expected to expand during the projected period due to increasing demand for bio-based packaging as it is highly degradable and non-toxic in nature. 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.
For instance, Arkema produced bioplastics made from castor oil used for the development of various automotive equipment.
Green chemicals are the design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances.
For instance, according to the U.S. Department of Agriculture, 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.
Additionally, one of the main drivers of the market's expansion is the rising demand from industries including automobile, medicine, agriculture, and construction.
For instance, in 2021,
For instance, DSM produce BEAUACTIVE natural skin care ingredient using the green chemistry technology.
Furthermore, for instance,
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.
For instance, in 2022, SK chemicals developed bio-based green material ECOTRION to produce high-performance sporting goods that require shock absorption and support.
Furthermore, in 2021, BASF announced that it is investing USD 1.08 billion in its new petrochemical complex in China, which will produce a range of green chemicals.
Therefore, it is expected that the Global Green Chemicals Market will expand its market share throughout the forecast period.
Download Free Sample Report 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. In order 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.
For instance, Merck KGaA produced bioethanol its first green solvent product line which is made from corn having lower toxicity.
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
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. As many consumers are aware regarding the environmental issue thus they demand the use of bio-based packaging in the food & beverages.
For instance, , Dow Chemical Company has developed a range of biodegradable polymers for use in food packaging.
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.
For instance, BRASKEM under the I’m green portfolio features resins produced using renewable raw materials for a multitude of applications including food packaging, housewares, personal care, automotive, beverages & toys.
Furthermore, Green dot bioplastic produced bio-based products which are used for Packaging and Single-Use Disposable Applications
Industrial & Chemicals Application Dominate the Market
On the basis of 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.
For instance, Arkema developed the Rilsan HT polyphthalamide (PPA) biopolymer used in the manufacture of certain under-hood equipment such as fuel lines, hydraulic lines, and connectors.
However, the manufacturing of green chemicals mainly depends on the availability of biomass such as agricultural, forestry feeds. Decreasing in the production of biomass as the arable land are reducing over the years due to increased industrialization, population growth, and urbanization. Thus, the decrease in the arable land area is likely to affect the availability of raw materials, used for producing green chemicals, for example, the production of bio-based ethylene, which is used in the production of many plastics, requires large quantities of biomass, which can be difficult to obtain in sufficient quantities result in hinder the market growth. Moreover, there is a lack of awareness and understanding of green chemicals among consumers and businesses as many of them are still not aware of the benefits of using green chemicals, and may not be willing to pay a premium for these products which restrain the growth of market.
Recent Developments
- In September 2022, Rikarbon
Inc. and BASF SE announced a joint venture to develop bio-based emollients using
start-up-based technology in the US.
- Verdant Innovation developed
and tested its first batch of sustainable green chemicals namely FIBRE-PURE for
non-woven, textiles, and hemp products as well as Pulp applications in May 2022.
- In April 2022, Braskem
invests USD 61 million to increase biopolymer production from 200kton/year to
260kton/year.
- Lummus and Braskem signed an MoU
for the joint licensing of two projects of leading technology to produce green
ethylene from ethanol based on Braskem's process operated at their plant in
Triunfo, Brazil in November 2021.
Market Segmentation
Global Green Chemicals Market
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.
Attribute | Details |
Base Year | 2022 |
Historic Data | 2018 – 2021 |
Estimated Year | 2023 |
Forecast Period | 2024 – 2028 |
Quantitative Units | Revenue in USD Million, Volume in Thousand Tonnes, and
CAGR for 2018-2022 and 2024-2028 |
Report coverage | Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and
trends |
Segments covered | Products Application |
Regional scope | North America,
Europe, Asia Pacific, Europe, South America, Middle East & Africa |
Country scope | United States, Mexico, Canada, France, Germany, United
Kingdom, Spain, Italy, Poland, Russia, Sweden, Belgium, China, India, South
Korea, Thailand, Japan, Philippines, Vietnam, Australia, Brazil, Colombia,
South Africa, Saudi Arabia, UAE. |
Key companies profiled | 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 |
Customization scope | 10% free report customization with purchase.
Addition or alteration to country, regional & segment scope. |
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