Dublin, July 19, 2022 (GLOBE NEWSWIRE) -- The "Green Chemicals Market by Type (Bio-alcohols, Bio-polymers, Bio-organic acids, Bio-ketones, Others), Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive, Other Industries) - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The Green Chemicals Market is expected to reach $217.18 billion by 2029, at a CAGR of 11.6% during the forecast period, 2022-2029.
The growth of this market is mainly attributed to the scarcity of non-renewable resources, growing awareness regarding sustainable products, rising government initiatives to promote the use of green chemicals, growing environmental concerns & the rising demand for bioethanol, and the growing demand for biodiesel as an alternative fuel. Moreover, the regulations & legislation supporting the use of bioplastics and the growing focus on R&D for algae-based biofuel production provide significant opportunities in this market.
The bio-alcohols segment is expected to account for the largest share of the green chemicals market in 2022. The large share of this segment is mainly attributed to the abundant availability of raw materials, rapid urbanization, rising crude oil prices, stringent emission regulations imposed by governments of various countries, and increasing energy consumption.
However, the bio-polymers segment is expected to witness significant growth due to the consumer preference for bio-based products over synthetic products, rising R&D in bio-polymers, adoption of bioplastics by the packaging industry, and increased utilization of flexible packaging by the food & beverages industry. Moreover, regulations & legal acts supporting bioplastics usage hold attractive growth opportunities for players operating in the bio-polymers market.
Based on type, the bio-alcohols market is mainly segmented into bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols. The bio-ethanol segment is expected to account for the largest share of the bio-alcohols market in 2022. The large share of this segment is mainly attributed to the growing environmental concerns that lead to an inclination of manufacturers towards bio-ethanol production, low cost, and abundant raw material availability.
However, the bio-butanol segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its higher energy content and lower Reid vapor pressure.
Additionally, the growing demand for Poly Lactic Acid (PLA) in packaging applications, especially food packaging, is anticipated to drive the demand for bio-lactic acid in the next few years.
Based on application, the green chemicals market is mainly segmented into industrial & chemicals, food & beverages, pharmaceuticals, packaging, construction, automotive, and other applications. The industrial & chemicals segment is expected to account for the largest share of the green chemicals market in 2022.
The large share of this segment is mainly attributed to the growing industrialization and urbanization, increasing energy demand across the globe, increase in chemical transparency across the supply chain, and ban on the production and usage of hazardous substances.
Europe is expected to account for the largest share of the green chemicals market in 2022. The large share of this region is primarily attributed to the growing demand for sustainable products, coupled with the presence of prominent players in the region and the rising adoption of green chemicals across different industries, including food & beverages, personal care, automotive, and packaging. In addition, the chemicals industry of the region is increasingly focusing on the production of green chemicals to develop sustainable and eco-friendly solutions.
The key players operating in the green chemicals market are
- Cargill Incorporated (U.S.)
- Mitsubishi Chemical Holdings Corporation (Japan)
- BASF SE (Germany)
- DuPont de Nemours Inc. (U.S.)
- Koninklijke DSM N.V. (Netherlands)
- Evonik Industries AG (Germany)
- SECOS Group Ltd (Australia)
- Braskem SA (Brazil)
- Aemetis Inc. (U.S.)
- Albemarle Corporation (U.S.)
Market Insights
Drivers
- Scarcity of Non-renewable Resources
- Growing Awareness Regarding Sustainable Products
- Rising Government Initiatives to Promote the Use of Green Chemicals
- Growing Environmental Concerns and the Rising Demand for Bioethanol
- Growing Demand for Biodiesel as an Alternative Fuel
Restraints
- High Costs of Green Chemicals
- Fluctuating Raw Material Prices
Opportunities
- Regulations & Legislation Supporting the Use of Bioplastics
- Growing Focus on R&D for Algae-Based Biofuel Production
Challenges
- Specific Requirements of the Biodegradation Process
- Formation of Inhibitory Compounds During Bioethanol Production
COVID-19 Impact on the Green Chemicals Market
Scope of the Report
Green Chemicals Market by Product
- Bio-alcohols
- 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
- Bio-polyethylene
- Other bio-polymers
- Other Green Chemicals
Green Chemicals Market by Application
- Industrial & Chemicals
- Pharmaceuticals
- Packaging
- Food and Beverages
- Construction
- Automotive
- Other Applications
Green Chemicals Market by Geography
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa (MEA)
For more information about this report visit https://www.researchandmarkets.com/r/wjhu3s
