Rising demand for sustainability is expected to drive the demand for green chemical market during the forecast period, 2024-2028. According to TechSci Research report, “Green Chemicals Market 2028- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global green chemicals market is expected to grow at an impressive rate in the forecast period 2024-2028.
The Important Elements of the Green Chemical Market
Green chemicals are the design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances. Green chemicals not only solve the fundamental scientific problems of safeguarding the environment and human health at the molecular level but also do it in a profitable way for various sectors. In order to produce green chemicals, the chemical industry is being forced to switch from using petroleum as a feedstock to using renewable alternatives due to a number of factors, such as knowledge of the finite nature of petroleum resources, the availability of renewable resources, environmental concerns, and recent advancements in processing technology.
In addition, growing demand from packaging, pharma, automobile, and others are the crucial factors that propel the market’s growth. Thus, the need for the global green chemicals market is expected to rise during the forecast period.
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The Global Green Chemicals Market is segmented based on products, applications, and regions.
Based on products, the market is further divided into bio-alcohols, bio-organic acids, bio-ketones, bio-polymers, and others. Bio-alcohols are expected to hold the largest market share during the forecast period, 2024-2028. Since global warming and environmental pollution are the main concerns, therefore, replacing fossil fuels with green fuels is an important approach. Thus, it is more demanded in its segment, and it dominates in the forecast period.
Based on application, the market is further split into industrial & chemicals, pharmaceuticals, construction, packaging, automotive, and others. As per estimates, the packaging segment is expected to experience the highest market share during the forecast period. Biodegradable packaging material is in more in demand by the food & beverage industry. Thus, the chemical feedstock segment dominates the market.
Major operating companies operating in the global green chemical market are:
- Vertec BioSolvents Inc.
- GFBiochemicals Ltd.
- Plantic Technologies Ltd.
- Toray Industries Inc.
- Mitsubishi Chemical Holdings Corporation
- Cargill, Inc.
- Total Corbion PLA
- Aemetis, Inc.
- SECOS Group Ltd.
- Braskem SA
SK Chemicals is expected to achieve net zero greenhouse gas emissions by 2040 through a transition to green energy as per the announcement in November 2022.
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Due to its government regulations, manufacturing know-how, and innovative skills with demand, Europe is expected to dominate the global market for green chemicals in the years to come. The ongoing development of new applications and rising public awareness of green chemicals is expected to drive market growth.
Along with that, export & trading policies, a growing focus on R&D for algae-based biofuel production, and initiatives by many key players provide significant growth opportunities in this market. Furthermore, the growing demand from construction, automobile, pharmaceuticals, and food & beverages are highly demanding factors to enhance the green chemical market till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Green Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Bio-Alcohols, Bio-Organic Acids, Bio-Ketones, Bio-Polymers, Others), By Application (Industrial & Chemicals, Pharmaceuticals, Construction, Packaging, Automotive, Others), By Region, and Competition has evaluated the future growth potential of global green chemical market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global green chemicals market.”
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