USD 9.89 billion
Report ID: SQSG15B2012 | Region: Global | Published Date: October, 2022 | Pages: 238 | Tables: 69 | Figures: 75
Green Chemical Market size was valued at USD 9.89 billion in 2021 and is poised to grow from USD 10.76 billion in 2022 to USD 21.13 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).
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.
US Green Chemical Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.89 billion
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Global Green Chemical Market is segmented on the basis of type, application, and region. According to product, the market is segmented into bio-alcohols, bio-polymers, bio-organic acids, bio-ketones and others. Based on application, the market is segmented into industrial & chemical, food & beverages, pharmaceuticals, packaging, construction, automotive and other industries. Based on region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Green Chemical Market Analysis by Type
The global market was dominated by the bio alcohol segment in 2022. The substantial share of the market is primarily attributed to the wide availability of raw materials, rapid urbanisation, rise in crude oil prices, strict emission regulations imposed by governments of various countries, and rising energy consumption.
The bio-alcohols segment is primarily divided into bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols. The bio-alcohols market is anticipated to be dominated by the bio-ethanol segment. The significant market share is primarily attributable to manufacturers' preference for producing bioethanol due to its affordability and wide availability of raw materials as well as to growing environmental concerns.
Biopolymer segment is anticipated to grow at a substantially fast rate during the forecast period. This can be attributed to consumers' preference for bio-based products over synthetic products, growing bio-polymer R&D, the packaging industry's adoption of bioplastics, and the food and beverage industry's increased use of flexible packaging. Additionally, laws and regulations for the suse of bioplastics present lucrative growth prospects for companies competing in the bio-polymers market.
Green Chemical Market Analysis by Application
The industrial and chemical segment accounted for the largest share of the global green chemical market in 2022. The significant market share of this sector is mainly attributed to the global increase in industrialization and urbanisation, rising energy demand, the increased supply chain chemical transparency, and the restrictions on use and production of hazardous substances.
The packaging segment is expected to witness a high growth rate during the forecast period. This can be attributed to the rising demand for biodegradable packaging due to its low environmental impact, the growing emphasis on recycling and sustainability, the government's emphasis on effective packaging management, the growing consumer consciousness, and the growing number of single-use plastic bags.
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Europe accounted for the highest market share in the global market in 2022 followed by North America. The significant market share of the region is primarily attributable to the rising demand for eco-friendly goods, 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 emphasis on the production of green chemicals.
Asia Pacific 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.
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Green Chemical Market Driver
Growing Environmental Concerns to Boost Adoption of Green Chemicals
Green Chemical Market Restraint
Lack of Availability of Raw Materials and Decline in Agricultural Production
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Global 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 Chemical Market Top Player's Company Profiles
Green Chemical Market Recent Developments
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 the global green chemical market report analysis, emergence of green cities and the building of residential, commercial, and industrial buildings using green construction techniques are anticipated to complement the market growth. Furthermore, Government programmes and incentives are enticing local manufacturers to produce their goods with sustainable materials which will positively impact the global green chemical market and boost the market expansion. Additionally, bioethanol is a clean-burning fuel that is regarded as environmentally safe due to its significantly lower greenhouse gas emissions than fossil fuels. Also, bioethanol is affordable and sustainable. Hence increasing adoption of bioethanol as a fossil fuel substitute will further market growth.
|Market size value in 2021||USD 9.89 billion|
|Market size value in 2030||USD 10.76 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Green Chemical 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 Global Green Chemical 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.
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