Meticulous Research® - leading global market research company published a research report titled ‘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 Forecast to 2029'.
The green chemicals market is expected to reach $217.18 billion by 2029 at a CAGR of 11.6% from 2022 to 2029. The growth of this market is driven by 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.
Furthermore, the regulations & legislation supporting the use of bioplastics and the growing focus on R&D for algae-based biofuel production provide significant opportunities for the growth of this market. However, the high cost of green chemicals and fluctuating raw material prices are expected to restrain the growth of this market to a notable extent. Additionally, specific requirements of the biodegradation process and the formation of inhibitory compounds during bioethanol production pose significant challenges to green chemical manufacturers.
The green chemicals market is segmented based on product, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on product, the green chemicals market is segmented into bio-alcohols, bio-polymers, bio-organic acids, bio-ketones, and other green chemicals. In 2022, the bio-alcohols segment is expected to account for the largest share of the green chemicals market. The large market share of this segment is attributed to the abundant availability of raw materials, rapid urbanization, rising crude oil prices, stringent emission regulations imposed by governments worldwide, and increasing global energy consumption.
However, the bio-polymers segment is expected to witness significant market growth during the forecast period. The rapid market growth of this segment is driven by the increasing consumer preference toward 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. Additionally, regulations & legal acts supporting bioplastics usage hold attractive growth opportunities for players operating in the bio-polymers sector.
Based on type, the bio-alcohols market is segmented into bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols. In 2022, the bio-ethanol segment is expected to account for the largest share of the bio-alcohols market. The large market share of this segment is attributed to factors such as the growing inclination of manufacturers toward bio-ethanol production due to the growing environmental concerns, 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.
Based on application, the green chemicals market is segmented into industrial & chemicals, food & beverages, pharmaceuticals, packaging, construction, automotive, and other applications. In 2022, the industrial & chemicals segment is expected to account for the largest share of the green chemicals market. The large market share of this segment is attributed to growing industrialization and urbanization, increasing global energy demand, an increase in chemical transparency across the supply chain, and the ban on the production and usage of hazardous substances.
However, the packaging segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is attributed to the growing demand for biodegradable packaging due to its low environmental impact, the growing focus on recyclability and sustainability, governments’ emphasis on efficient packaging management, and the rising consumer awareness regarding the harmful effects of single-use plastics coupled with the increasing number of regulations banning single-use plastic.
Based on geography, in 2022, Europe is estimated to account for the largest share of the green chemicals market. The large market share of Europe is attributed to the growing demand for sustainable products, the presence of prominent players in the region, and the rising adoption of green chemicals across different industries, such as food & beverage, personal care, automotive, and packaging.
In addition, companies operating in the chemicals industry in Europe are increasingly focusing on the production of green chemicals to develop sustainable and eco-friendly solutions. Germany is expected to dominate the green chemicals market in Europe during the forecast period. The high market growth in Germany is attributed to factors such as the growing health awareness among consumers, the growth in the chemical and pharmaceutical industries, the excellent research landscape, state-of-the-art logistics, and world-class infrastructure in the country.
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The key players operating in the green chemicals market include 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.).
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