The Green Chemicals Market was valued at USD 54.91 billion in 2019 and is projected to reach USD 156.48 billion by 2028 with a CAGR of 12.5% during the forecast period, 2021-2028. Green chemicals are continuously being preferred for use in industries such as pharmaceuticals, paints & coatings, healthcare, and agriculture. The other applications areas for green chemicals that are fueling the growth of the green chemicals market are nanotechnology, biotechnology, and personal care.
The demand for green chemicals is particularly high in the construction and textile industries due to the benefits these chemicals offer, such as protection from natural calamities, minimum use of cement and water, resistance to climatic changes and chemicals, high durability, color, and strength.
Green chemicals provide higher performance and better functionality for products. They are also more environmental-friendly throughout the entire life-cycle and are less harmful as compared to petroleum-based chemicals. All these reasons are expected to brighten up the growth prospects for the green chemicals market.
Green chemicals are bio-based chemicals. They are renewable and are produced from bio-feedstock. The raw materials that are largely used for the production of green chemicals are vegetable oils, corn, sugarcane, sugar beet, wheat, and cassava, among others.
Some of the raw materials used for making green chemicals are also derived from recycled products, which help enhance the quality of life and are not hazardous to the environment. These green chemicals reduce environmental impacts associated with disposal, recycling, transportation, processing, installation, and fabrication, besides promoting the preservation of natural non-renewable resources.
Green Chemicals Market, By Product Type:
The green chemicals market has been segmented based on product type as bio-alcohols, bio-organic acids, bio-ketones, biopolymers platform chemicals, and others. The bio-alcohols segment accounts for the largest green chemicals market share due to the increasing demand for bio-alcohols from the food & beverages and pharmaceuticals, among other sectors.
Green Chemicals Market, By End-use Industry:
Based on application, the green chemicals market has been segmented into construction, healthcare, pharmaceuticals, packaging, food & beverages, paints & coatings, automotive, agriculture, textile, and others. Green chemicals have extensive demand in the textile industry, as they are used in greener fiber, greener dyes, and greener solvents.
In the pharmaceuticals sector, developments of medicines with no or less side effects and the focus on processes that produce no toxic waste have led to the increasing adoption of the green chemicals technology. Merck and Codexis have developed a second-generation green synthesis of sitagliptin, which is an active ingredient used in JanuviaTM , a medicine for type 2 diabetes. This collaboration and development have led to a key enzymatic process in improving safety and yield, eliminating the use of metal catalyst in the manufacturing process and reducing waste.
Green Chemicals Market, By Region:
Europe is the largest market for green chemicals, as concerns regarding the environment are quite strong in the region, and governments of various countries are offering their support for the use of eco-friendly chemicals in end-use sectors.
The growth of the construction sector, availability of land and economical labor, low transportation costs, and favorable regulations by governments in the Asia Pacific region are expected to bode well for this regional green chemicals market
Some Major Developments in Green Chemicals Market:
Some Key Findings of the Global Green Chemicals Market Report Include:
By Product Type:
By End-use Industry:
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