Jersey City, NJ, April 19, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Green Chemicals Market Size, Share & Trends Analysis Report By Type (Bio-alcohols, Bio-polymers, Bio-organic acids, Bio-ketones), Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive)- Market Outlook And Industry Analysis 2031"
The Global Green Chemicals Market is estimated to reach over USD 266.72 billion by 2031, exhibiting a CAGR of 10.73% during the forecast period.
Bio-based chemicals, often known as green chemicals, are generated from renewable feedstock. Increasing global acceptance of green cities and green building construction for residential, industrial, and commercial housing will likely drive market growth over the forecast period. Based on green chemistry principles, biopolymer modification produces a diverse range of products for use in the home and personal care products, industrial cleaning products, water treatment, and food additives. This contributes to the reduction of waste during construction, the creation of energy-efficient, water-saving dwellings, and the advancement of the use of sustainable materials.
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Green chemicals are increasingly being used in cleaning goods as people seek natural cleaning products for facilities, enterprises, and workplaces while decreasing their environmental imprint. This element encourages people to use green cleaning products. Furthermore, as technology and chemical procedures advanced, the bio-based chemical business became more profitable and is now set to capture a sizable market share. As environmentally conscious manufacturers and customers choose ecologically friendly alternatives, the demand for sustainable chemicals rises.
Recent Developments:
- In July 2020, The U.S. industrial gas firm Air Products & Chemicals unveiled plans on Tuesday to create the world's largest green hydrogen facility in Saudi Arabia, fueled by four gigatonnes of wind and solar power. Air Products, Saudi Arabia's ACWA Power, and Neom, a new mega-city planned near Saudi Arabia's borders with Egypt and Jordan, will jointly own the $5 billion project.
List of Prominent Players in the Green Chemicals Market:
- Aemetis, Inc. (U.S.)
- Albemarle Corporation (U.S.)
- Anderson Corporation
- Balfour Beatty PLC
- BASF SE
- Bayer Material Science AG
- Bio-Kleen Products, Inc.
- Biosciences
- Braskem SA (Brazil)
- Calera Corporation
- Cargill, Incorporated (U.S.)
- Dryvit Systems, Inc.
- DSM NV
- DuPont de Nemours, Inc. (U.S.)
- Evonik Industries AG (Germany)
- Huber Engineered Woods LLC
- Kingspan Group
- Koninklijke DSM N.V. (Netherlands)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Palmer Industries, Inc.
- Plycem USA, Inc.
- SECOS Group Ltd (Australia)
- Silver Line Building Products LLC
- Thermafiber, Inc.
- USG Corporation
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Green Chemicals Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 108.16 Bn |
| Revenue forecast in 2031 | USD 266.72 Bn |
| Growth rate CAGR | CAGR of 10.73 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Growing government initiatives and government incentives to regional manufacturers to employ sustainable components in manufacturing are factors that will drive the market over the forecast period. The global public-private partnership bridges the gap between scientific discovery and the real-world application of green chemistry in emerging and transition economies. UNIDO's major green chemistry initiative aims to solve the issues posed by hazardous chemicals through comprehensive, multi-faceted measures and preventive chemical and waste design and management.
Challenges:
Technology availability issues are an intellectual property hurdle. Industrial research has resulted in the invention of new chemical reactions or green routes; nevertheless, this information is not widely available in the industry. Firms that produce it frequently protect it as intellectual property in order to gain a competitive advantage, resulting in minimal knowledge and technology transmission within the industry. Many individuals need to be made aware that green chemical science exists and offers considerable advantages.
Regional Trends:
Europe's green chemicals market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The growing demand for sustainable products, along with the presence of key companies in the region and the rising use of green chemicals across multiple industries, including food & drinks, personal care, automotive, and packaging, is boosting the market growth. Additionally, the chemical sector in Europe is increasingly focusing on the manufacturing of green chemicals in order to develop sustainable and eco-friendly products.
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Segmentation of Green Chemicals Market-
By Product-
- Bioalcohols
- Bio-ethanol
- Bio-butanol
- Bio-methanol
- Other Bio-alcohols
- Bio-Organic Acids
- Bio-lactic Acid
- Bio-acetic Acid
- Bio-citric Acid
- Bio-adipic Acid
- Bio-acrylic Acid
- Bio-succinic Acid
- Other Bio-organic Acids
- Bio-Ketones
- Bio-Polymers
- Polylactic Acid (PLA)
- Bio-polyethylene
- Other Bio-polymers
- Other Green Chemicals
By Application-
- Industrial & Chemicals
- Pharmaceuticals
- Packaging
- Food & Beverages
- Construction
- Automotive
- Other Applications
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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