Green Chemicals Market Research Report: By Product (Bioalcohols, Biopolymers, Biosolvents, Organic Acids), Application (Food & Beverages, Personal Care, Packaging, Automotive, Agriculture)
NEW YORK, June 04, 2020 (GLOBE NEWSWIRE) -- Owing to their environmental benefits, the usage of packaging materials made from biodegradable sources, such as animal and plant waste, is rising around the world. Other advantages of using such renewable materials for manufacturing packaging products is their easy disposability, non-toxic nature, less raw material requirement, and low processing cost.
This is one of the most significant factors which would drive the global green chemicals market, from its 2019 value of $9,540.0 million, at a 6.6% CAGR between 2020 and 2030. To fulfil the purpose of bio-based packaging, even the chemicals that go into its production should be of similar nature, which is why, with the growing demand for such packaging, the consumption of renewable chemicals is also rising.
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Bioalcohols Are Most Lucrative Green Chemicals
From 2019, through to 2030, the bioalcohols category is expected to generate the highest revenue for green chemical manufacturers. This is because bioethanol is heavily consumed during the manufacturing of biofuels, as, due to the rising concentration of toxic gases in the atmosphere, the focus on reducing their emission is increasing, which is, in turn, leading to the surging demand for biofuels. In addition, several bioalcohols also find usage in alcoholic beverages, as an intoxicating agent.
The personal care category would experience the most rapid market growth in the coming years, on account of the increasing awareness of the populace on the advantages of personal care and hygiene products made from bio-sources. Moreover, these cosmetics are also safer than those containing petroleum chemicals, as the repeated usage of the latter can cause harm to the skin. In addition, emerging economies, including those in Southeast Asia, as well as India and China, are witnessing a rapid adoption of cosmetic products, as a result of the rising disposable income, which is resulting in the surging consumption of renewable chemicals for their production.
Presently, Europe is the largest green chemicals market, as the concerns regarding the environment are quite strong here and governments of numerous regional countries are offering their support for the usage of eco-friendly chemicals in various end-use sectors. Till 2030, the highest CAGR in the industry would be experienced in Asia-Pacific (APAC), as the demand for green chemicals is rapidly escalating in India, China,Thailand, South Korea, and other developing countries. Several industries in the region, including personal care, food & beverages, and automotive, are growing, thus driving the demand for eco-friendly chemicals.
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Market Players Banking on Product Launches to Widen their Customer Base
In recent years, manufacturers of green chemicals have launched a number of new and improved offerings, to target a larger consumer base and augment their revenue.
For instance, in October 2019, I'm green, a brand of recycled polypropylene, was launched by Braskem, in the U.S., to expand its circular-economy product portfolio. This was done as part of the company’s efforts to transform the plastics chain to a circular economy, from a linear economy, so that its materials can be properly disposed of after use and recycled.
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In the same vein, Eastman Chemical Company launched Cristal EV600 Copolyester and Eastman Trēva Engineering Bioplastic in May 2019. A plastic made from cellulose, Trēva is used for manufacturing color-tinted and opaque packaging, which exhibits better performance and leads to a lower negative impact on the environment. The product has been designed to ultimately replace the acrylonitrile butadiene styrene (ABS) resin.
The major players in the global green chemicals market are AbengoaAura Biotechnologies, Arkema Group, BASF SE, Avantium N.V., BiologiQ Inc., BioAmber Inc., Cardia Bioplastics, Butamax Advance Biofuels LCC, Evonik Industries AG, Dongguan Xinhai Environmental-Friendly Material Co. Ltd., Fulcrum BioEnergy Inc., Ecovia Renewables Inc., Koninklijke DSM N.V., GFBiochemicals Ltd., Plantic Technologies Ltd., Mitsubishi Chemical Corporation, Total Corbion PLA, Toray Industries Inc., and Vertec Biosolvents Inc.
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