Dublin, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The "Green Chemicals - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.
The worldwide demand for Green Chemicals is projected to reach US$229.9 billion by 2030 from an estimated US$122.9 billion in 2024 at a CAGR of 11% over the 2024-2030 analysis period.
The greater demand for Green Chemicals as feasible substitutes to traditional chemicals encompasses several factors, the most crucial of which comprise government regulations aimed at environmental protection, paucity of non-renewable chemical resources, consumer demand for environmentally responsible processes & products, technological advancements through R&D efforts and efficient use of resources in producing these chemicals that reduce cost & waste generation.
Green Chemicals Regional Market Analysis
Geographically, Europe is the leading global market for Green Chemicals, followed by North America, and Asia-Pacific. Europe's status as the number one region can be attributed to increasing demand for sustainable products, presence of major players and wider utilization of these materials in the food & beverage, packaging and auto industries. Moreover, Europe has also invested heavily in R&D programs in an endeavor to cultivate and promote green initiatives, the results of which are now being repaid doubly.
On the other hand, the demand for Green Chemicals in Asia-Pacific is anticipated to clock the fastest growth over the 2024-2030 analysis period. Leading factors for this include growing awareness about environmental sustainability, administrative legislations aimed at promoting eco-friendly alternatives, greater demand for bio-based and renewable feedstock and a burgeoning middle-class insisting upon getting environment-friendly products and solutions.
Green Chemicals Type Market Analysis
The principal varieties of Green Chemicals most in use include Bio-Alcohols, Bio-Organic Acids, Bio-Ketones and Biopolymers, among others. Bio-Alcohols constitute the leading type of Green Chemical used across the world, a primary factor for which is the growing use of Bioethanol, a type of Bio-Alcohol, as a fuel substitute in automobiles because of its low cost and eco-friendliness. Sales of automobiles are growing by the minute, even while fossil fuels used to power them are depleting by the second. Consequently, the need for alternative fuels to run not only the engines of automobiles but also engines of the economy has become a major factor.
Several industries depend on fossil fuels to power their operations and since these resources are dwindling at an alarming rate, replacements, such as bio-based alternatives have come to their rescue. Other types of Green Chemicals are also expected to make inroads into areas where the use of traditional chemicals can be damaging to the environment, in addition to offering cost-effective options.
Green Chemicals Source Market Analysis
Green Chemicals can be derived from sources that include Plants, Algae and Biowaste, among which Plant-Based Green Chemicals account for the largest share because of their sustainability and renewability. Such materials can be obtained from a number of plants and crops, which renders them highly beneficial in regard to eco-friendliness and fulfilling the need of consumers for "green" products.
Algae-Based Green Chemicals follow in second place and are much in demand for Green Chemicals owing to their high growth rate, ease of cultivation and potential for carbon sequestration. Moreover, the fact that it is possible to cultivate algae in various environments, including wastewater treatment facilities, make them ideal alternatives for making sustainable chemicals.
Green Chemicals Application Market Analysis
Industrial & Chemical applications lead the demand for Green Chemicals globally, as they are extensively utilized as raw materials, solvents and catalysts in these areas. Also, production and use of hazardous chemicals have severely hampered the traditional chemical sector, owing to which Green Chemicals are coming to the fore. These chemicals help reduce companies' carbon footprints and allow conforming to stipulated government regulations.
The Automotive industry also offers great potential for Green Chemicals demand, since the growing number of vehicles on road are heavily contributing to increasing pollution levels. In this context, green fuels, such as bioethanol can be blended with regular fuels in specific ratios to cut down vehicular emissions, thereby easing the problem of environmental contamination to some extent at least. As far as growth is concerned, the global Packaging sector is likely to be the fastest in terms of using Green Chemicals.
This sector has always been plagued with issues regarding the use of non-renewable and unsustainable materials to make packages, especially for products used for human and animal consumption. Green Chemicals offer highly viable alternatives, ranging from biodegradable polymers to sustainable inks and coatings, which can drastically reduce waste and pollution linked to packaging.
Green Chemicals Market Report Scope
Key Global Players
- Abengoa Aura Biotechnologies
- - Aemetis, Inc.
- AkzoNobel NV
- Albemarle Corp
- Ambient Photonics, Inc.
- Amyris, Inc.
- Andersen Corp
- Archer Daniels Midland Co
- Arkema S.A
- Ashland, Inc.
- Avantium NV
- Balfour Beatty Plc
- BASF SE
- Bayer Material Science AG
- BioAmber, Inc.
- Bio-Kleen Products, Inc.
- BiologiQ, Inc.
- Biosciences
- Bonded Logic, Inc.
- Borouge
- Borregaard
- Braskem SA
- Butamax Advanced Biofuels LLC
- Calera Corp
- Cardia Bioplastics
- Cargill, Inc.
- Checkerspot
- Clariant AG
- Conagen, Inc.
- Corbion NV
- Covestro
- Croda International PLC
- Dongguan Xinhai Environmental-Friendly Material Co Ltd
- Dryvity Systems, Inc.
- Dude Chem
- DuPont de Nemours, Inc.
- Eastman Chemical Co
- Ecochem
- Ecolab
- Ecovia Renewables, Inc.
- Elevance Renewable Sciences, Inc.
- Evonik Industries AG
- Fulcrum BioEnergy, Inc.
- Genomatica, Inc.
- George Weston Foods Ltd.
- Gevo, Inc.
- GFBiochemicals Ltd.
- Givaudan
- Global Green Chemicals Public Company Limited (PTTGC Group)
- Greenchemicals S.r.l.
- Gujarat Alkalies & Chemicals Ltd
- Huber Engineered Woods LLC
- Huntsman Corp
- Indorama Ventures
- INEOS Group Holdings SA
- Inkemia Green Chemicals
- James Hardie Building Products, Inc.
- Jasol Australia
- JSW Cement Ltd.
- Kemetyl AB
- Kingspan Group
- Koninklijke DSM NV
- Kuraray
- Lanxess AG
- LanzaTech, Inc.
- Lubrizol
- Mahaphant Fibre Cement Public Co Ltd (SHERA)
- Mitsubishi Chemical Holdings Corp
- Myriant Corp
- NatureWorks LLC
- Novamont SpA
- Novomer, Inc.
- Novozymes A/S
- PCC SE
- Palmer Industries, Inc.
- Plantic Technologies Ltd.
- Plycem USA, Inc.
- Rosboro
- SABIC
- SECOS Group Ltd.
- Sila Nanotechnologies, Inc.
- Silver Line Building Products LLC
- Solvay SA
- Solugen
- Stepan Co
- Thermafiber, Inc.
- Tolko Industries Ltd.
- Toray Industries, Inc.
- Total Corbion PLA
- Verdezyne, Inc.
- Vertec BioSolvents Inc.
Key Metrics
- Historical Period: 2021-2023
- Base Year: 2023
- Forecast Period: 2024-2030
- Units: Value market in US$
Green Chemicals Market by Type
- Bio-Alcohols (Include Bioethanol, Biobutanol & Biomethanol, among others)
- Bio-Ketones
- Bio-Organic Acids (Include Bio-Acetic Acid, Bio-Acrylic Acid, Bio-Adipic Acid, Bio-Citric Acid, Bio-Lactic Acid & Bio-Succinic Acid, among others)
- Biopolymers (Include Bio-Polyethylene & Polylactic Acid, among others)
Green Chemicals Market by Source
- Algae-Based Sources
- Biowaste-Based Sources
- Plant-Based Sources
Green Chemicals Market by Application
- Agriculture
- Automotive
- Construction
- Food & Beverages
- Industrial & Chemical
- Packaging
- Paints & Coatings
- Personal Care
- Pharmaceuticals
- Textiles
For more information about this report visit https://www.researchandmarkets.com/r/woi6kn
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