Westford, USA, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Europe dominated the green chemical market due to rising government initiatives and encouragement from governments to regional businesses to employ sustainable components in production. The global market is anticipated to grow throughout the forecast period due to the increasing acceptance of green cities and green building techniques worldwide. Green chemicals are used more frequently in cleaning products as people seek eco-friendly cleaning solutions for homes, offices, and commercial buildings. This element encourages people to switch to eco-friendly cleaning products.
According to SkyQuest, global ethanol production is expected to reach 145 billion liters from 2023 to 2028, with Asia Pacific serving as the primary growth market. In addition, by 2025, biofuels are expected to meet approximately 7.2% of road transport energy requirements. As a result, rising environmental concerns and growing bioethanol demand drive the growth of the green chemical market.
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Browse in-depth TOC on "Green Chemical Market"
- Pages - 238
- Tables - 69
- Figures - 74
Bio-based chemicals, also called green chemicals, are produced using renewable feedstock. They are primarily made of raw materials that use fewer natural resources and contribute to the preservation of the environment. Common bio-based raw materials used in the production of green chemicals include vegetable oils, animal fats, sugar and starch, and bio-ethanol. Green chemicals enhance functionality and performance while being environmentally responsible throughout their life cycle.
Prominent Players in Green Chemical Market
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- Plantic Technologies Limited
- Vertec BioSolvents Inc.
- Total Corbion PLA
- DuPont de Nemours, Inc.
- Cargill, Incorporated
- SECOS Group Ltd
- Evonik Industries AG
- Aemetis, Inc.
- Braskem SA
- Balfour Beatty Plc.
- Albemarle Corporation
- Givaudan
- Bio Kleen
- JSW Cement Ltd.
- GREENCHEMICALS Spa
- Novamont Spa
- NatureWorks LLC
Bioalchohols Segment Set to Drive High Revenue Share owing to Increasing Application in Beverage Production
In terms of value and volume, the bioalcohols segment dominated the green chemical market under the product category. Furthermore, it is anticipated to keep its position throughout the forecast period to account for more than 26.6% of revenue share. The growth is primarily attributable to the widespread use of bioethanol as a major alternative fuel in automobile spark-ignition engines. Additionally, the creation of alcoholic beverages, including vodka, beer, brandy, gin, and whisky, creates a significant need for bioethanol.
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The European region is anticipated to hold the largest market share for green chemicals. The significant market share of this region is primarily attributable to the rising demand for environmentally friendly goods, the presence of well-known companies in the area, and the expanding use of green chemicals in various sectors, including food and beverage, personal care, automotive, and packaging. The region's chemicals sector is also placing more and more emphasis on manufacturing green chemicals to create sustainable and eco-friendly solutions.
Industrial and Chemical Segment to Exhibit Fastest Growth Rate due to Rising Green Chemicals Usage as an Affordable Solution
The industrial and chemicals segment held a 31.4% market share in 2022 and is anticipated to increase this from 2022 to 2028. The significant market share of this segment is primarily related to global industrialization, rising energy demand, increased chemical supply chain transparency, and restrictions on the use and manufacturing of hazardous compounds. Additionally, governments have been investing in alternatives like green chemicals due to rising energy costs and a greater awareness of the risks of using conventional energy sources.
The North American green chemical market is projected to have a significant revenue market share. Population growth, fast urbanization, and increased R&D by major companies are all likely to contribute to the market's expansion in the region. In addition, the existence of important market players and the growing cooperation among significant companies for market penetration in the region further expand the global market scope.
The latest research report combines important knowledge on several regions and the prominent players operating in each regional market. As a critical resource for businesses and others interested in the market, the overview with statistics, tables, and charts for assessing trends in the industry provide key facts on the state of the global market.
Key Developments in Green Chemical Market
- LANXESS, a manufacturer of specialty chemicals, and TotalEnergies, a French energy firm, have partnered to supply bio circular styrene. Unlike conventional styrene, TotalEnergies' raw material is based on tall oil, a by-product of pulp manufacturing made from tree resin. LANXESS uses styrene to create environmentally friendly ion exchange resins. These goods are generally used in the food sector, and chemical process flows, and wastewater treatment.
- AJA Pharma, based in Saudi Arabia, and Bioventure FZ-LLC, based in the United Arab Emirates, have agreed to collaborate on the licensing and delivery of novel pharmaceuticals. The new extra-chosen pharmaceutical items in the Middle East region are planned to be deployed in the Saudi Export stand at the next Arab Health Expedition 2023, according to a bourse filing. Following the new Memorandum of Understanding conditions, Bioventure, a division of GlobalOne Healthcare Holding, will concentrate on and develop a range of delivery forms, including difficult-to-create formulations, diabetes, oncology, and biosimilars.
- The largest power generation firm in India, NTPC, and Tecnimont Private Limited has signed a non-binding Memorandum of Understanding (MoU). The MOU aims to examine and investigate the scope of the commercial-scale green methanol manufacturing facilities at NTPC plants in India. In the Green Methanol Project, carbon from NTPC power plants is captured and transformed into green fuel.
- Verdant Innovations, a Cellulose Solutions division, introduced its line of specialty green sustainable chemicals, initially aimed at the textile, hemp, pulp, and nonwoven industries. The business will offer all environmentally friendly options as it creates new chemical solutions to meet the needs of all clients involved in manufacturing and delivering consumer goods.
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Key Questions Answered in Green Chemical Market Report
- What are the forecasted growth rate and valuation of the global market?
- Which application segment is anticipated to dominate the global market?
- Which is the high-revenue contributor region for the green chemical market?
- Who are the top shareholding companies in the global market?
- What strategies are effective in increasing business scope globally?
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