What Is the Size of Global Green Chemicals Industry?
Global Green Chemicals market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Green Chemicals Market is largely driven by the rising concerns regarding the harmful impact of chemicals on the environment coupled with increasing awareness regarding green chemicals.
The stringent government legislation and regulations supporting the use of biochemical such as bioplastics, bioethanol, and others along with growing concern regarding the depletion of fossil fuels vehicles is likely to propel the growth of the global green chemicals market. The global green chemicals market faces challenges due to the lack of commercialization of bio-based products.
Furthermore, the high cost of green chemicals and the availability of substitutes like synthetic chemicals at a much cheaper rate are also expected to restrict the market’s growth. The COVID-19 pandemic negatively impacted the green chemicals market due to the disruption in the supply chain. The lockdown leas to the temporary closure of manufacturing facilities and the lack of workers which resulted in limitations in production and complication in raw material procurement. These factors affected the sales of green chemicals.
Global Green Chemicals Market By Type
The Global Green Chemicals market is segmented by type into Bio-Alcohols, Bio, Organic Acids, Bio-Ketones, Biopolymers and Others.
The bio-alcohols segment held the largest share of the global green chemicals market by type in 2022, owing to the increasing use of bio-alcohols like bioethanol as an alternative fuel for spark-ignition engines of vehicles.
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The availability of abundant raw materials, rising crude oil prices, rapid urbanization, and increasing energy consumption are expected to fuel the demand for the global green chemicals market segment.
Global Green Chemicals Market By End-User
The Global Green Chemicals Market is segmented by End- User into Industrial & Chemical, Pharmaceuticals, Food and Beverages, Construction and Others. The industrial & chemical segment accounted for the largest share of the global green chemicals market in 2022, attributed to the growing urbanization and industrialization.
The increase in chemical transparency across the supply chain along with increasing energy demand globally and a ban on the production and usage of hazardous substances is anticipated to aid the growth of the segment in the global green chemicals market.
- Bio-Organic Acids
- Industrial & Chemical
- Food and Beverages
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- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Sweden, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
- Cargill, Incorporated
- Mitsubishi Chemical Group Corporation.
- BASF SE
- Bayer Material Science AG
- Verdant Law
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