PUBLISHER: The Business Research Company | PRODUCT CODE: 1428371
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428371
Green chemicals encompass environmentally friendly substances that are designed to minimize or eliminate the use and generation of hazardous materials throughout their entire life cycle, emphasizing the reduction of dangerous substances, pollution prevention, and the promotion of sustainability.
The primary categories of green chemicals include bio-alcohols, bio-organic acids, bio-ketones, biopolymers, and others. Bio-alcohols, for instance, are beverages produced by fermenting cellulosic biomass, sugars, or starches. Various technologies, such as bioprocessing, fermentation, enzymatic processes, and metabolic engineering, are employed with diverse raw materials such as agricultural waste, biomass, microorganisms, sugar and starch crops, among others. Applications span across construction, healthcare, pharmaceuticals, personal care products, packaging, food and beverages, paints and coatings, automotive, agriculture, and more.
The green chemicals market research report is one of a series of new reports from The Business Research Company that provides green chemicals market statistics, including green chemicals industry global market size, regional shares, competitors with a green chemicals market share, detailed green chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the green chemicals industry. This green chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion during the historical period can be ascribed to regulatory incentives for sustainable practices, consumer preferences for eco-friendly products, heightened awareness of environmental impact, the uptake of renewable feedstocks, and the growth 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 anticipated growth in the forecast period can be attributed to the increasing demand for safer and non-toxic chemicals, the incorporation of circular economy principles, the surge in sustainable packaging solutions, the expansion of green solvents and surfactants, the focus on carbon-neutral chemical manufacturing, a heightened emphasis on transparency and eco-labeling, the growth of bio-based adhesives and sealants, the adoption of plant-based chemicals in pharmaceuticals, and the expansion of green chemistry education and training. Key trends expected in the forecast period include the integration of machine learning in green chemistry, advancements in green chemistry technologies, technological innovations in biotechnology, the development of biodegradable and compostable plastics, and the utilization of artificial intelligence in green chemistry.
The green chemicals market is poised for growth, driven by the increasing demand for bioethanol. Bioethanol, derived from agricultural products such as sugar cane or corn, is gaining popularity as a green chemical due to its environmentally friendly characteristics. It serves as a clean-burning fuel with lower greenhouse gas emissions compared to fossil fuels. Notably, in March 2023, the German Bioethanol Industry Association reported a 2% increase in German bioethanol production, rising from 701,000 tons in 2021 to 715,000 tons in 2022. The surge in bioethanol demand, exemplified by the production of ethyl tertiary butyl ether (ETBE), is a key factor propelling the growth of the green chemicals market.
The expansion of the beauty and cosmetics industry is also contributing to the growth of the green chemicals market. This industry, encompassing the production and sale of products for personal appearance and skincare, is increasingly adopting green chemicals to meet consumer preferences for sustainable and eco-friendly alternatives. In June 2023, the National Hair and Beauty Federation reported a significant increase in the number of businesses in this sector, reaching a total of 48,425. The sector's revenue in 2020-2021 amounted to $5.9 billion (£4.6 billion). The incorporation of green chemicals in beauty and cosmetics aligns with consumer demands for natural ingredients, promoting environmentally responsible practices in personal care product manufacturing.
Technological advancements are a prominent trend in the green chemicals market, with major companies adopting innovative solutions to sustain their market position. For instance, in May 2022, VelocityEHS launched the Green Chemistry Offering, leveraging Praedicat's unique technology to evaluate and update the risk profile of in-use chemicals in real-time. This technology enables customers to access predicted risk profiling for chemicals swiftly, facilitating informed decision-making and promoting the selection of safer options.
Key players in the green chemicals market are also focusing on introducing cost-effective and innovative solutions, such as green solvents, to maximize revenue. Green solvents, designed to minimize environmental impact and promote sustainability, find applications in various industrial processes. In July 2021, Merck Group introduced AZ 910, a line of green solvents for semiconductor manufacturing. This innovative and cost-effective solution is non-inflammable, colorless, and biodegradable, making it safer and less harmful to the environment.
In April 2023, Eni S.p.A, an Italy-based energy company, acquired Novamont, a manufacturer of green chemicals specializing in bioplastics and biochemicals of vegetable origin. This strategic acquisition is expected to strengthen Eni's position in the green chemicals market, fostering the development of bio-based products and increasing the use of renewable raw materials in production.
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
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
The countries covered in the green chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The green chemicals market consists of sales of green solvents, metal surface treatment chemicals, green surfactant, green catalysts, and green additives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Green Chemicals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on green chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for green chemicals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The green chemicals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.