USD 97.8 billion
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
The Global Green Chemical 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, at a CAGR of 8.27% over the forecast period (2024–2031).
The green chemical market has witnessed significant growth in the recent past due to increasing consumer demand and corporate sustainability goals. Consumers are today actively inclining towards products that are eco-friendly and highly sustainable. This inclination is propelling businesses to create more green chemicals to fulfill the demands of consumers and improve their brand names. Companies are also setting up ambitious goals for sustainability. This comprises minimizing carbon footprint and a drop in the use of dangerous substances. However, higher production costs are impeding the growth of the market. Green chemicals need renewable feedstocks or improved technologies, which might be costlier than traditional chemical processes. This results in high production costs and high costs for users. Yet, the market is opportune for advancements in green chemistry. Also, investments in superior technologies are another opportunity for the producers.
Market Snapshot - 2024–2031
Global Market Size
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
The Global Green Chemical Market is segmented by Type, Application, and Region. Based on Type, the market 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. Based on Application, the market is segmented into Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Based on type, the bio-alcohols segment is expected to hold majority market share over the forecast period since they notably reduce greenhouse gases. The generation and the use of bio-alcohol usually leads to less release of greenhouse gases in comparison with the fossil fuel-based substitutes. This is because of the carbon neutrality by feedstocks, which intake CO2 during growth process, counterbalancing the gases released during combustion of bio-alcohols. This is majorly impacting the growth of the bio-alcohols segment.
On the other hand, biopolymers segment is the fastest-growing segment as compared to others owing to their low environmental impact and sustainability. Biopolymers are obtained from renewable resources like microorganisms and plants, making them highly sustainable compared to the polymers obtained from fossil fuels. They have less ecological impact and are less reliant on non-renewable resources. This factor will propel the growth of biopolymers in the coming years.
Analysis by Application
By application, the industrial & chemical segment held a significant share of the market in the past years and is expected to lead in the coming years as well owing to high volume uses. The industrial and chemicals industry consumes a greater volume of chemicals in their products and processes. This high-volume application is creating ample prospects for green chemicals and replaces the traditional and less-sustainable alternatives, thereby impacting higher demand from the said sector.
On the other hand, the packaging segment is expected to grow considerably over the forecast period owing to increasing environmental concerns. Lately, there have been increasing environmental concerns due to the impact of packaging waste, especially single-use waste. This is fueling the demand for highly sustainable packing solutions, impacting the need for green chemicals. Green chemicals can be used to manufacture environmentally friendly packaging supplies.
Green Chemicals Market By Product Type (%)
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Green Chemicals Market Regional Insights
Region-wise, Europe dominated the green chemical market and is expected to lead over the forecast period, owing to exhaustive sustainability objectives. Several European nations along with the EU have imposed numerous sustainability objectives to lower emissions of greenhouse gases, expand renewable energy uses, and encourage economic principles. Green chemicals are important to achieve these objectives, resulting in major developments and investments in the region. The companies operating in Europe include LyondellBasell Industries, Linde, Toray Industries, Yara International, Hanwha Solutions, and more.
Asia-Pacific is observed as the fastest-growing region compared to others due to speedy urbanization and industrialization. Asia Pacific is witnessing notable growth in urbanization and industrialization, resulting to higher demand for green chemicals. Also, the growth of industries has pushed the adoption of sustainable chemical solutions and green materials to control environmental effects. Hence, Asia-Pacific is expected to hold a considerable share of the market in the forthcoming years.
Green Chemicals Market By Region
- Largest
- Fastest
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Green Chemicals Market Dynamics
Drivers
- Technology and Innovations in Green Chemicals
The rising number of advancements in green technology and chemistry is fueling the development of highly effective and cost-efficient green chemicals. Modernizations like renewable feedstocks, biocatalysis, and energy-efficient procedures are improving the accessibility of green chemicals.
- Safety and Health Concerns
Growing awareness for human health risks related to the use of conventional chemicals is driving producing industries to manufacture safer alternatives. Green chemicals hold less toxicity and are specially designed to be human health-friendly and environment-friendly. This is significantly driving the demand for green chemicals, thus impacting the market growth.
Restraints
- Technological Challenges to Restrain Market Growth
Scaling up and developing chemical technologies could be intricate and use a lot of resources. Hence, improvements in green chemistry might witness a few technical obstacles like low compatibility and efficiency concerns with the current systems. Such technological challenges are expected to hamper the growth of the green chemical market.
- Market Acceptance and Penetration to Pose Challenge
Despite strong growth, Green Chemicals are facing competition from several clean energy sources like renewable energy sources and BEVs (Battery electric Vehicles). The BEVs, especially, hold a better infrastructure and are commonly preferred as the best solution for minimizing emissions.
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Green Chemicals Market Competitive Landscape
Green Chemical manufacturers should focus on minimizing the risks and costs associated with production to maximize their profits. Developing new green chemicals with better finishes and prints to attract new customers will also be a key strategy for all green chemical companies. Creating green chemicals with sustainable materials could also pay off big time for green chemical manufacturers in the long run. Launching new products will help green chemical providers stay competitive in this highly saturated market.
Top Player’s Company Profiles
- 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)
Recent Developments
- In January 2024, BASF, an innovative catalyst technology provider announced a fresh collaboration with Envision energy. This collaboration aims to develop green hydrogen and CO2 conversion in e-methanol using advanced and dynamic process design.
- In July 2023, Mitsubishi Chemical Group and INPEX CORPORATION declared their agreement in July 2023 for conducting a combined (FS) feasibility study. This study will be for a carbon reprocess or recycle chemicals project comprising the manufacturing of the first commercial-scale polypropylene generated from green hydrogen and CO2 in Abu Dhabi, UAE.
- In August 2024, Arkema announced the expansion of the global manufacturing facility for Pebax® elastomers by 40 percent at its Serquigny facility, based in France. This move is being made to support its clients in the consumer and sports goods market.
Green Chemicals Key Market Trends
- Bio-Based Revolution: The inclination towards bio-based renewable resources and feedstocks is one of the latest trends seen in the green chemical market. Green chemicals obtained from agriculture waste, biomass, and other renewable materials are gaining popularity due to their potential to replace traditional unsustainable chemicals and lower reliance on limited resources.
Green Chemicals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing consumer demand and regulatory policies by the governments are fueling the Green Chemical market. Nonetheless, high production costs and restricted availability of raw materials are a few barriers to the growth of the Green Chemical market. Europe is anticipated to lead the market due to strong environmental regulations, sustainability objectives, and growing consumer awareness and demand. Moreover, economic growth and R&D investments are some opportunities observed in the green chemical market.
| 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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Green Chemicals Market Report Snapshots
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