Green Chemicals Market Size, Restraints, Drivers, Trends And Analysis 2024-2033

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Overview and Scope

Green chemicals refer to environmentally friendly chemicals that focus on designing chemical products and processes that minimize or eliminate the use and generation of hazardous substances throughout their entire life cycle. Green chemicals reduce the use or age of dangerous substances, prevent pollution, and promote sustainability.

Sizing and Forecast

The green chemicals market size has grown rapidly in recent years. It will grow from $108.53 billion in 2023 to $121.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to regulatory push for sustainable practices, consumer demand for eco-friendly products, increased awareness of environmental impact, adoption of renewable feedstocks, expansion of bio-based polymers and plastics.

The green chemicals market size is expected to see rapid growth in the next few years. It will grow to $179.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to demand for safer and non-toxic chemicals, integration of circular economy principles, rise of sustainable packaging solutions, expansion of green solvents and surfactants, focus on carbon-neutral chemical manufacturing, emphasis on transparency and eco-labeling, expansion of bio-based adhesives and sealants, adoption of plant-based chemicals in pharmaceuticals, growth in green chemistry education and training

Major trends in the forecast period include integration of machine learning in green chemistry, advances in green chemistry technologies, technological innovations in biotechnology,development of biodegradable and compostable plastics, utilization of artificial intelligence in green chemistry.

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Segmentation & Regional Insights

The green chemicals market covered in this report is segmented –

1) By Type: Bio-Alcohols, Bio-Organic Acids, Bio-Ketones, Biopolymers, Other Types

2) By Technology: Bioprocessing, Fermentation, Enzymatic Processes, Metabolic Engineering, Other Technologies

3) By Raw Materials: Agricultural Waste, Biomass, Microorganisms, Sugar And Starch Crops, Other Raw Materials

4) By Applications: Construction, Healthcare, Pharmaceuticals And Personal Care Products, Packaging, Food And Beverages, Paints And Coatings, Automotive, Agriculture, Other Applications

Europe was the largest region in the green chemicals market in 2023. The regions covered in the green chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The rising demand for bioethanol is expected to propel the growth of the green chemicals market going forward. Bioethanol is a fuel additive made from agricultural goods (such as sugar cane or corn). Bioethanol has gained popularity as a green chemical due to its environmentally friendly properties. It is a clean-burning fuel with greenhouse gas emissions that are lower than those of fossil fuels. For instance, in March 2023, according to The German Bioethanol Industry Association, a Germany-based association that represents the interests of the biofuel sector’s companies and associations, the German production of bioethanol increased by 2% from 701,000 tons in 2021 to 715,000 tons in 2022. Further, in 2021, around 157,000 tons of bioethanol were used to produce ethyl tertiary butyl ether (ETBE). Therefore, the rising demand for bioethanol is driving the growth of the green chemicals market.

Key Industry Players

Major companies operating in the green chemicals market report are Cargill Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, BioAmber Inc., DuPont de Nemours Inc., Arkema Group, Koninklijke DSM N.V., Anderson Corporation, Silver Line Building Products LLC, Evonik Industries AG, Total Corbion PLA, Dryvit Systems Inc., Elevance Renewable Sciences Inc., Amyris Inc., Genomatica Inc., Thermafiber Inc., LanzaTech Inc., Novomer Inc., Verdezyne Inc., Myriant Corporation, Sila Nanotechnologies Inc., Bayer Material Science AG, Ambient Photonics Inc., NatureWorks LLC, Gevo Inc., Checkerspot

The green chemicals market report table of contents includes: