Green Chemicals Market Size, Share, Growth Analysis, By Type(Bio-Alcohol, Bio-Organic Acid, Bio-Ketones, Biopesticides, Bio-Polymers, Others), Application(Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive, Others), and Region - Industry Forecast 2024-2031


Report ID: SQMIG15B2112 | Region: Global | Published Date: July, 2024
Pages: 238 |Tables: 128 |Figures: 77

Green Chemicals Market Insights

Green Chemicals Market size was valued at USD 35.49 Billion in 2022 and is poised to grow from USD 38.43 Billion in 2023 to USD 72.56 Billion by 2031, growing at a CAGR of 8.27% in the forecast period (2024-2031).

Green chemicals, also referred to as bio-based chemicals, are substances that are environmentally friendly and renewable and are made primarily from bio-based raw materials that are related to plants, vegetables, and animals. Vegetable oils, animal fats, sugar and starch, bioethanol, corn, sugarcane, wheat, cassava, and other plants are some of the major sources of these bio-chemicals. Chemicals made from biomaterials, as opposed to those made from petroleum, are less harmful to the environment and intended to preserve ecological balance by having less of an impact on recycling, disposal, transportation, installation, processing, and fabrication. 

Green chemical production has been able to lower the production of hazardous substances through its use in a variety of industries. Key players are now focusing to use bio-based components in the production of their products because the global market is moving largely away from traditional sources of chemicals production and toward solutions based on renewable resources. As a result of the current market trend, these chemicals are widely used in numerous applications across industries including construction, automotive, packaging, agriculture, and others. 

In addition, technological advancements and growth in research expenditures are anticipated to drive the innovation and commercialization of new renewable chemical products. Continued interactions among academic, industrial, and governmental sectors will lead to the development of more efficient and economically viable approaches for the production of these renewable chemicals. Such coordinated efforts are essential for addressing the current challenges in bio-based chemical manufacturing, including scalability and high costs. As public awareness and demands for green products rise, the market for green chemicals is projected to grow considerably in the near future, leading to a more sustainable and circular bio-economy.

US Green Chemicals Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 97.8 billion

Largest Segment

Vitamins

Fastest Growth

Vitamins

Growth Rate

10.7% CAGR

Green Chemicals Market ($ Bn)
Country Share for Europe Region (%)

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Green Chemicals Market Segmental Analysis

Green Chemical Market is segmented on the basis of type, application, and region. According to type, it is segmented into Bio-Alcohols (Bio-Ethanol, Bio-Butanol, Bio-Methanol, Others), Bio-Organic Acids (Bio-Lactic Acid, Bio-Acetic Acid, Bio-Citric Acid, Bio-Adipic Acid, Bio-Acrylic Acid, Bio-Succinic Acid, Others), Bio-Ketones, Bio-polymers (Polylactic Acid, Bio-Polyethylene, Others), Others. On the basis of application, it is segmented into industrial & chemical, food & beverages, pharmaceuticals, packaging, construction, automotive and other industries. Based on region the Green Chemical market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA. 

Analysis by Type 

Bio-alcohol held the major share of Green Chemical Market in 2023. The major share percentage of this market is mainly due to easy availability of raw materials, rapid urbanization, increase in the cost of crude oil, stringent emission regulations by governments in various countries and increase in energy demand. The bio-alcohols segment includes bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols. The bio-alcohols market is expected to control the key share among all types owing to bio-ethanol segment. The major share percentage is mainly due to the manufacturers’ preference to produce bioethanol owing to its cost-effectiveness and easy availability of raw materials as well as mounting environmental concerns. 

The Biopolymer segment is projected to grow at substantially huge rate during the forecast period. This is mainly due to the preference of bio-based products over synthetic products, increasing bio-polymer R&D, adoption of bioplastics by the packaging industry and increased usage of flexible packaging by food and beverage industry. Furthermore, supportive legislation and regulations for the use of bioplastics offer lucrative growth opportunities for various bio-polymers market competitors. 

Analysis by Application 

Industrial and chemical segment held the largest share of the Green Chemical Market in 2023. Majority share of the market in this segment is primarily due to increase in industrialization and urbanisation globally, across the world, surge in energy demand, increased chemical transparency in supply chain and restrictions on usage and production of hazardous substances. 

Packaging segment is anticipated to grow at highest CAGR during the forecast period. The high growth rate of this segment is mainly due to increasing demand for biodegradable packaging owing to its low environmental impact, increasing focus on recycling and sustainability, government focus on efficient packaging management, increasing consumer awareness and increasing number of ban on single use plastics.

Green Chemicals Market By Product Type (%)

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Green Chemicals Market Regional Insights

Europe accounted for the highest market share in the global market in 2023 followed by North America. The significant market share of the region is primarily attributable to the rising demand for environmentally friendly goods, the presence of well-known companies in the region, and the expanding use of green chemicals in a variety of sectors, including food and beverage, personal care, automotive, and packaging. In order to create sustainable and eco-friendly solutions, the region's chemicals industry is also placing more and more emphasis on the production of green chemicals. 

Asia Pacific region is estimated to register a high growth rate during the forecast period. The increasing consumer and industrial interest in using clean energy resources to protect the environment, government actions to outlaw conventional non-degradable plastics, and government investments and initiatives to promote green chemicals are the main factors driving the growth of this region.

Green Chemicals Market By Region
  • Largest
  • Fastest

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Green Chemicals Market Dynamics

Green Chemicals Market Driver

Increasing consumer demand for eco-friendly products: 

  • Over the last few years there has been an enormous increase in the demand for green products worldwide, and consumers are willing to pay a higher price for a more environmentally sustainable alternative. In fact, our research shows that around 70% of global consumers are willing to spend more on sustainable brands. This percentage is even higher among certain groups of consumers. For example, sustainability is a key purchasing driver for 66% of all shoppers and for 75% of millennial shoppers. This change in consumer behaviour offers a great opportunity for green chemical manufacturers as more and more products are winning because they are green. As a result, companies that prioritize sustainability are well-positioned to capitalize on this growing consumer demand. 

Environmental Regulations and Policies: 

  • Governments all over the world are getting stricter with their regulations to tackle pollution and promote sustainability. This has led to a significant increase in the demand for green chemicals. Green chemicals are seen as a more environmentally friendly option compared to the traditional petrochemical-based substances. As a result, the tightening of global environmental rules and regulations has become a major driving force behind the growth of the green chemical market. Companies are now embracing green chemicals to meet these regulatory requirements, which in turn is driving market expansion and encouraging innovation in sustainable practices. This regulatory push highlights the crucial role that policies play in advancing the transition towards a more sustainable and eco-friendly chemical industry. 

Restraint  

Lack of Raw Materials to Restraint Market Growth: 

  • One of the things impeding the growth of the market for green chemicals is a lack of raw materials. The ability to produce green products is largely dependent on the availability of animal and agricultural products like vegetable oils, sugars, and animal fats. On the other hand, a significant barrier to the production of green chemicals is the declining agricultural production brought on by the decline in arable land over time. In addition, increased industrialization, population growth, and urbanisation are to blame for the shrinking arable land area. During the anticipated period, these factors are probably going to slow market growth. 

High Production Costs: 

  • The high cost of producing green chemicals is a big hurdle for the market. When compared to traditional petrochemical processes, the production of green chemicals is significantly more expensive. These higher costs are a result of using pricier raw materials, advanced technology, and specialized equipment needed for bio-based chemical synthesis. This cost difference can make green chemicals less competitive in the market, which limits their widespread adoption, despite the increasing demand for eco-friendly alternatives. Therefore, it is essential to address these cost challenges in order for the green chemical market to become more scalable and economically viable.

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Green Chemicals Market Competitive Landscape

Green Chemical Market is fragmented due to the presence of several players who adopt strategies, such as mergers and acquisitions to increase their market dominance and consumer base. Major players include Arkema Group, BASF SE, Evonik Industries AG, GFBiochemicals Ltd., Koninklijke DSM N.V., among others. Key players are working on innovation and new product development to capture consumer interest and create a brand image in the minds of the consumers.

Green Chemicals Market Top Player's Company Profile

  • Mitsubishi Chemical Corporation (Japan) 
  • Plantic Technologies Limited (Australia) 
  • Toray Industries Inc. (Japan) 
  • Arkema Group (US) 
  • Vertec BioSolvents Inc. (US) 
  • Total Corbion PLA (Netherlands) 
  • DuPont de Nemours, Inc. (US) 
  • Evonik Industries AG (Germany) 
  • SECOS Group Ltd (Australia) 
  • Solugen (US) 
  • DUDE CHEM (US) 
  • Albemarle Corporation (US) 
  • Gujarat Alkalies and Chemicals Limited (India) 
  • GFBiochemicals Ltd. (France) 
  • Dow Chemical Company (US) 
  • GREENCHEMICALS Spa (Japan) 
  • Cargill, Incorporated (U.S.) 
  • Inkemia Green Chemicals (US) 
  • Novamont Spa (Italy) 
  • PCC SE (Germany)

Green Chemicals Market Recent Developments

  • In January 2024, NTPC Limited, India’s largest integrated power utility, has signed a non-binding MoU with Numaligarh Refinery Limited (NRL), for partnership opportunities in the proposed bamboo-based Bio-Refinery at NTPC Bongaigaon, and other green chemical project to enhance their footprint in green chemicals and foray into sustainable solutions to advance the efforts towards achieving the nation’s net-zero targets and be partners in the development of North Eastern Region. 
  • In September 2022, BASF and RiKarbon Inc., a technology start-up based in the US have announced a partnership to develop bio-based emollients. By upcycling bio-waste into bio-based, biodegradable emollients for the global personal care market, RiKarbon's patented technology aids the industry's pursuit of cutting-edge sustainable solutions. To fully internalise the RiKarbon technology, BASF intends to introduce the first products in 2024. 
  • In May 2022, Verdant Innovations, a division of Cellulose Solutions, launched its first line of specialty green sustainable chemicals, initially targeting the hemp, pulp, textile, and nonwovens sectors. As it develops new chemical solutions to satisfy the demands of all clients involved in the production and delivery of consumer goods, the company will distribute all environmentally friendly options.

Green Chemicals Key Market Trends

  • Growing Research and Development to Surge Adoption of Green Chemicals: R&D efforts have significantly increased to expand the use of green chemicals in a variety of industries, including textiles. For instance, DowDupont, one of the largest chemical producers, is concentrating on growing its product line in the areas of advanced materials and agriculture  and is also increasing its R&D spending on biomaterials. To maintaincompetitive advantages and increase market share, other manufacturers like DSM and Cargill have placed a strong emphasis on new product innovations and developments. Manufacturers are now able to produce more environmentally friendly goods for their customers thanks to these initiatives. 
  • The market for green chemicals has seen significant growth recently as a result of the rising adoption of packaging materials made from renewable sources, such as plant and animal waste. This can be attributed to the advantages that bio-based packaging has for the environment, such as its non-toxicity, need for fewer raw materials during production, low cost of production, and ease of disposal. The use of bio-based packaging materials is anticipated to rise in the coming years as environmental concerns grow, which is anticipated to increase the demand for green chemicals needed to produce them.

Green Chemicals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research. 

According to our Green Chemical Market analysis, global adoption of green cities and the building of residential, commercial, and industrial buildings using green construction techniques are anticipated to complement market growth. Furthermore, Government programmes and incentives are enticing local manufacturers to produce their goods with sustainable materials which will positively impact the Green Chemical market and boost the market expansion. Additionally, bioethanol is a clean-burning fuel that is regarded as being environmentally safe due to its significantly lower greenhouse gas emissions than fossil fuels. Also, bioethanol is more affordable and sustainable. Hence increasing adoption of bioethanol as a fossil fuel substitute will further market growth.

Report Metric Details
Market size value in 2022 USD 35.49 Billion
Market size value in 2031 USD 72.56 Billion
Growth Rate 8.27%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Bio-Alcohols (Bio-Ethanol, Bio-Butanol, Bio-Methanol, Others), Bio-Organic Acids (Bio-Lactic Acid, Bio-Acetic Acid, Bio-Citric Acid, Bio-Adipic Acid, Bio-Acrylic Acid, Bio-Succinic Acid, Others), Bio-Ketones, Bio-Polymers (Polylactic Acid, Bio-Polyethylene, Others), Others
  • Application
    • Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Mitsubishi Chemical Corporation (Japan) 
  • Plantic Technologies Limited (Australia) 
  • Toray Industries Inc. (Japan) 
  • Arkema Group (US) 
  • Vertec BioSolvents Inc. (US) 
  • Total Corbion PLA (Netherlands) 
  • DuPont de Nemours, Inc. (US) 
  • Evonik Industries AG (Germany) 
  • SECOS Group Ltd (Australia) 
  • Solugen (US) 
  • DUDE CHEM (US) 
  • Albemarle Corporation (US) 
  • Gujarat Alkalies and Chemicals Limited (India) 
  • GFBiochemicals Ltd. (France) 
  • Dow Chemical Company (US) 
  • GREENCHEMICALS Spa (Japan) 
  • Cargill, Incorporated (U.S.) 
  • Inkemia Green Chemicals (US) 
  • Novamont Spa (Italy) 
  • PCC SE (Germany)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Green Chemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Green Chemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Green Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Chemicals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Chemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Green Chemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Green Chemicals Market size was valued at USD 35.49 Billion in 2022 and is poised to grow from USD 38.43 Billion in 2023 to USD 72.56 Billion by 2031, growing at a CAGR of 8.27% in the forecast period (2024-2031).

Green Chemical Market is fragmented due to the presence of several players who adopt strategies, such as mergers and acquisitions to increase their market dominance and consumer base. Major players include Arkema Group, BASF SE, Evonik Industries AG, GFBiochemicals Ltd., Koninklijke DSM N.V., among others. Key players are working on innovation and new product development to capture consumer interest and create a brand image in the minds of the consumers. 'Mitsubishi Chemical Corporation (Japan) ', 'Plantic Technologies Limited (Australia) ', 'Toray Industries Inc. (Japan) ', 'Arkema Group (US) ', 'Vertec BioSolvents Inc. (US) ', 'Total Corbion PLA (Netherlands) ', 'DuPont de Nemours, Inc. (US) ', 'Evonik Industries AG (Germany) ', 'SECOS Group Ltd (Australia) ', 'Solugen (US) ', 'DUDE CHEM (US) ', 'Albemarle Corporation (US) ', 'Gujarat Alkalies and Chemicals Limited (India) ', 'GFBiochemicals Ltd. (France) ', 'Dow Chemical Company (US) ', 'GREENCHEMICALS Spa (Japan) ', 'Cargill, Incorporated (U.S.) ', 'Inkemia Green Chemicals (US) ', 'Novamont Spa (Italy) ', 'PCC SE (Germany)'

Over the last few years there has been an enormous increase in the demand for green products worldwide, and consumers are willing to pay a higher price for a more environmentally sustainable alternative. In fact, our research shows that around 70% of global consumers are willing to spend more on sustainable brands. This percentage is even higher among certain groups of consumers. For example, sustainability is a key purchasing driver for 66% of all shoppers and for 75% of millennial shoppers. This change in consumer behaviour offers a great opportunity for green chemical manufacturers as more and more products are winning because they are green. As a result, companies that prioritize sustainability are well-positioned to capitalize on this growing consumer demand. 

Growing Research and Development to Surge Adoption of Green Chemicals: R&D efforts have significantly increased to expand the use of green chemicals in a variety of industries, including textiles. For instance, DowDupont, one of the largest chemical producers, is concentrating on growing its product line in the areas of advanced materials and agriculture  and is also increasing its R&D spending on biomaterials. To maintaincompetitive advantages and increase market share, other manufacturers like DSM and Cargill have placed a strong emphasis on new product innovations and developments. Manufacturers are now able to produce more environmentally friendly goods for their customers thanks to these initiatives. 

Europe accounted for the highest market share in the global market in 2023 followed by North America. The significant market share of the region is primarily attributable to the rising demand for environmentally friendly goods, the presence of well-known companies in the region, and the expanding use of green chemicals in a variety of sectors, including food and beverage, personal care, automotive, and packaging. In order to create sustainable and eco-friendly solutions, the region's chemicals industry is also placing more and more emphasis on the production of green chemicals. 

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