The Global Green Chemicals Market Size is valued at 119.41 billion in 2023 and is predicted to reach 270.02 billion by the year 2031 at a 10.77% CAGR during the forecast period for 2024-2031.
Green chemicals are essential as they are intended to limit or eliminate the use or generation of hazardous compounds. Other chemical goods are being commercialized as a result of rising demand for greener products, a growing need for cost-effective processing, lower feedstocks, and new product channels.
Recently, the growing acceptability of packaging materials derived from renewable sources, such as animal and plant waste, has resulted in a significant expansion in the business. This has much to do with the environmental benefits of bio-based packaging, such as non-toxicity, the use of fewer raw materials in manufacturing, cheap production costs, and proper disposal.
However, the outbreak of COVID-19 in 2020 had a negative influence on the area market. Nonetheless, the start of vaccination programs resulted in a drop in COVID-19 infections in H3 2021. As a result, the region's lockdown limitations were lifted, and business operations resumed. Throughout the projected period, such factors are expected to drive the regional green chemicals market.
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.
Competitive Landscape:
Some of the green chemicals market players are:
- 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
Market Segmentation:
The green chemicals market is segmented on the basis of product and application. Based on product, the market is further segmented as alcohols, bio-organic acids, bio-ketones, bio-polymers, and other green chemicals. The alcohol segment includes bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols. By bio-organic acids, the market is segmented into bio-lactic acid, bio-acetic acid, bio-citric acid, bio-adipic acid, bio-acrylic acid, bio-succinic acid, and other bio-organic acids. The bio-polymers segment includes polylactic acid (PLA), bio-polyethylene, and other bio-polymers. The applications segment includes industrial & chemicals, pharmaceuticals, packaging, food & beverages, construction, automotive, and other applications.
Based On Product, The Bio-Alcohols Segment Is Accounted As A Major Contributor In The Green Chemicals Market
The bio-alcohols category is expected to hold a considerable share of the global green chemicals market in 2024, owing to its consistent performance, higher production, and enhanced sustainability. Because of the environmental impact of conventional organic acids, the demand for bio-based organic acids is gradually increasing. Organic acid is increasingly being generated from renewable sources such as feedstock to address this expanding demand. Organic acids, which typically contain at least one carboxyl group, are extremely versatile substances with several applications in industries such as consumer products, food and beverage, pharmaceuticals, and chemicals.
The Packaging Segment Witnessed Growth At A Rapid Rate
The packaging segment is projected to grow rapidly in the global green chemicals market. Packaging produced from renewable materials and plant byproducts such as corn flour or sugarcane is environmentally beneficial. Cornstarch-based packaging, in particular, has seen a boom in interest over the last decade, owing to its eco-friendliness and recyclable nature, which accounts for a sizable market share.
In The Region, Europe's Green Chemicals Market Holds A Significant Revenue Share
Europe's green chemicals market is expected to register the highest market share in revenue in the near future, owing to the region's growing number of thriving automotive manufacturers, which is promoting the use of green chemicals. Because of the advent of low-cost and abundant feedstock, a shift in emphasis towards the use of ecologically sustainable goods, and the execution of several government initiatives, North America is predicted to expand faster than the rest of the globe.
The EPA implemented encouraging regulations for the use of bio-based chemicals in the United States, which is projected to boost demand for bio-based chemicals in North America. Brazil is the world's second-largest producer of green chemicals after China.
Green Chemicals Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 119.41 Bn |
|
Revenue forecast in 2031 |
USD 270.02 Bn |
|
Growth rate CAGR |
CAGR of 10.77% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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 |
|
Competitive Landscape |
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.), and Albemarle Corporation (U.S.), among others. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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