Green Chemicals Market to Cross $22,039 Million Revenue by 2030, says P&S Intelligence

NEW YORK, Sept. 29, 2021 /PRNewswire/ -- The size of the global green chemicals market, which stood at $9,413.1 million in 2020, is projected to reach $22,039.0 million by 2030, at an 8.9% CAGR between 2020 and 2030. The key drivers for the market include:

• Rapid Fossil Fuel Depletion: With the overexploitation of oil and gas reserves, they are dwindling at a high rate. This is attributed to the burgeoning number of automobiles on the roads and the booming demand for electricity. As a result, chemicals made from vegetable and animal waste are swiftly replacing those manufactured from fossil fuels.
• Growing Bio-Based Packaging Use: Another major factor propelling the green chemicals market growth is the increasing demand for bio-based packaging. Such packaging is non-toxic, cost-effective, and easy to dispose of and requires a lower volume of raw material. Hence, since packaging plastics account for a significant contribution to land and water pollution, bio-based packaging materials are witnessing rising consumption.

Due to the COVID-19 pandemic, the green chemicals market has witnessed sluggish growth. This is because the implementation of lockdowns around the world led to the closing of many end-use factories. This led to a reduced demand for packaging, which resulted in losses for market players, who, apart from not being able to produce the materials, couldn't even sell what had already been manufactured.

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The bioalcohols category is predicted to dominate the green chemicals market in the coming years, under the product segment. Bioethanol is increasingly being used in gasoline engines in order to reduce emissions. Another key application area of bioethanol is alcoholic beverages, including whiskey, vodka, gin, and brandy. Moreover, since the raw materials for bioalcohols, including rice, barley, wheat, potato, sugarcane, and corn, are abundant, these products are being offered strong government support, particularly in Europe.

In the past, the highest green chemicals market revenue was generated by the food & beverages category, on the basis of application. The consumption of citric acid, amino acids, and other bio-based additives is rising in the sector due to the perceived disadvantages of synthetically produced variants on human health. Further, with the growing demand for alcoholic beverages, the requirement for bioethanol is surging.

Europe has dominated the green chemicals market till now because of the rising consumption of such chemicals in the regional food & beverages, automotive, personal care, and packaging industries in order to reduce the detrimental impact of synthetic chemicals on the environment. Moreover, under its Lead Market Initiative, the European Commission is encouraging the production and usage of such chemicals.

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Some of the biggest companies in the global green chemicals market are Arkema Group, Evonik Industries AG, BASF SE, GFBiochemicals Ltd., Mitsubishi Chemical Corporation, Koninklijke DSM N.V., Plantic Technologies Ltd., Total Corbion PLA, Toray Industries Inc., and Vertec Biosolvents Inc.

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