Product ID: SQMIG15B2112
Report ID:
SQMIG15B2112 |
Region:
Global |
Published Date: February, 2024
Pages:
238
|
Tables:
128 |
Figures:
77
Global Green Chemical Market was valued at USD 97.8 billion in 2019 and is poised to grow from USD 108.3 billion in 2023 to USD 244.16 billion by 2031, growing at a CAGR of 10.7% in the forecast period (2024-2031).
The global green chemical market has experienced a significant growth in the last few years driven by escalating environmental concerns, stringent regulatory measures, and a growing emphasis on sustainable manufacturing practices across various industries. This market is characterized by the development and adoption of eco-friendly chemical solutions sourced from renewable materials. Such a trajectory has assumed heightened significance in combating the pressing issues of climate change and environmental deterioration. Consumers are progressively shifting away from conventional products towards greener alternatives, reflecting a broader societal inclination towards sustainability. Also, there is a burgeoning need for biobased alternatives in different industries such as packaging, automotive, construction and healthcare. Consequently, this surge in demand is amplifying the market's capacity, offering promising prospects for further expansion and innovation.
Geographically, regions like North America, Europe, and Asia-Pacific are witnessing substantial market growth, fuelled by robust regulatory frameworks and increased investments in green chemistries. However, challenges such as heightened manufacturing costs, dwindling agricultural land resources, and issues pertaining to the manufacturability of green chemicals pose constraints on market expansion. Nevertheless, ongoing research and development efforts, strategic collaborations, and investments in sustainable technologies are expected to unlock new opportunities, fostering market growth and innovation in the global green chemical sector. The evolving landscape of the Global Green Chemical Market underscores a growing emphasis on usage, innovation, and sustainability, shaping the future trajectory of green chemical manufacturing and environmental preservation on a global scale.
US Green Chemical Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONGlobal Green Chemical Market was valued at USD 97.8 billion in 2019 and is poised to grow from USD 108.3 billion in 2023 to USD 244.16 billion by 2031, growing at a CAGR of 10.7% in the forecast period (2024-2031).
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Product ID: SQMIG15B2112