Green Chemical Market Expected to Achieve a Value of USD 274.2 Billion by 2032 | Europe – Highest Revenue Share of 30.1%
The level of financial support and investment accessible for green chemistry research and development also plays a crucial role. Increased funding can result in greater technological progress and the expansion of green chemical manufacturing.
September 05, 2023 07:42 ET
| Source: Market.Us
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New York, Sept. 05, 2023 (GLOBE NEWSWIRE) — According to Market.us, the Global Green Chemical Market size is projected to surpass around USD 274.2 Billion by 2032 and it is poised to reach a registered CAGR of 10.8% from 2023 to 2032.
Bio-based or green chemicals are derived from eco-friendly sources like plants, algae, and bio-waste, to minimize harm to the environment and human health. Their extensive applications span sectors such as agriculture, construction, automotive, pharmaceuticals, and more. Adopting these chemicals supports sustainable manufacturing proceses and lessens environmental impact.
Technological advancements and growing environmental consciousness are fueling the shift towards eco-friendly chemicals in various sectors. Global regulators have established eco-guidelines and labels to steer industries and consumers toward sustainable choices. As the worldwide need for greener solutions escalates, implementing green chemistry concepts is predicted to increase, promoting a more sustainable approach to manufacturing and consumption.
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Green Chemical Market
Key Takeaway:
By product type, in 2022, the green chemical market was dominated by the bioalcohol segment due to their wide range of uses in various industries.
By source, the plant-based segment dominated the largest market share in source analysis.
By end-use, the construction segment accounted for the larges market share in 2022.
In 2022, Europe dominated the market with the highest revenue share of 30.1%
North America is anticipated to have the highest CAGR among all the regions.
North America is expected to grow at a greater pace owing to the presence of several key players and government support.
Factors affecting the growth of the Green chemical industry
Government Policy and Regulation: Government regulations and policies regarding environmental sustainability and reducing carbon footprint can significantly influence the growth of the green chemical industry. Stricter regulations on the traditional chemical industry or incentives for green chemistry could drive more rapid development in this field.
Public Awareness and Demand: As public awareness about environmental issues and the impacts of chemical pollution increases, there is a growing demand for greener, more sustainable products. This consumer-driven demand can significantly influence the growth and development of the green chmical industry.
Technological Advancements: Advancements in technology can greatly enhance the viability of green chemistry. Breakthroughs in bioengineering, chemical processing techniques, or new methods of bio-based chemical production could lead to more efficient and cost-effective green chemistry processes.
Investment and Funding: The amount of capital and funding available for research and development in green chemistry is another significant factor. More funding can lead to more technological advancements and the scaling up of green chemical production.
Top trends in the Green chemical Market
The global green chemicals market is growing due to increasing consumer awareness of sustainability, the rising popularity of bio-based packaging, and the growing need for alternative fuels. These trends increase demand for eco-friendly products and green chemicals used in manufacturing processes. Government initiatives promoting sustainability and reducing carbon emissions also provide a cnducive environment for the green chemicals industry’s expansion and innovation.
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Market Growth
The green chemical industry is rapidly growing, influenced by heightened environmental awareness and stricter regulatory norms. Scientific advancements and evolving consumer preferences towards eco-friendly products further support this surge in sustainable chemistry. Regulatory measures like the EU’s REACH and the US’s Toxic Substances Control Act drive industries to adopt sustainable chemical alternatives. Progress in research widens the applications for green chemicals, creating new opportunities. Economic incentives, from cost efficiencies and improved ROI, are attracting increased business investments in this sector. With escalating global environmental challenges, the role of green chemistry is poised to become ever more pivotal in securing a sustainable future.
Regional Analysis
I 2022, the European region held a market share of 30.1% of global revenue. This dominance largely stemmed from escalating demand for environmentally friendly goods, a strong concentration of globally recognized companies operating in the region, and the surging incorporation of green chemicals in diverse sectors such as food and beverage, personal care, automotive, and packaging. To promote sustainable and eco-friendly solutions, the European chemical industry heavily emphasizes creating and manufacturing green chemicals. North America also plays a significant role in the green chemicals sector, claiming a noteworthy portion of the market share. This is attributed to the presence of numerous major market leaders, supportive government initiatives, and a growing consciousness about sustainable methods. Europe also claimed a considerable market share, spurred by stringent environmental legislations and a pronounced emphasis on sustainability.
Scope of the Report
Report Attributes Detals
Market Value (2022) US$ 100.9 Billion
Forecast Revenue 2032 US$ 274.2 Billion
CAGR (2023 to 2032) 10.8%
Europe Revenue Share 30.1%
Base Year 2022
Historic Period 2016 to 2022
Forecast Year 2023 to 2032
Market Drivers
Increased global concern about environmental damage caused by conventional chemicals has led to governments worldwide enacting stricter regulations on chemical production. Such legislation encourages corporations to adopt more environmentally friendly practices. For instance, the European Union’s REACH law restricts the usage of hazardous substances, prompting manufacturers to consider green chemistry as a viable alternative. Key industries, including pharmaceuticals, plastics, and cosmetics, show an escalating preference for green chemicals that are less detrimental and more sustainable. Consumer demand for safer, more sustainable products has driven these sectors to transition from traditional chemicals to green alternatives. This shift is particularly noticeable in he cosmetics industry, where ‘clean beauty’ – products made without harmful substances and favoring green chemistry – is becoming increasingly popular.
Market Restraints
Manufacturing green chemicals necessitates sophisticated methods and cutting-edge technology, resulting in a higher cost than manufacturing conventional chemical products. Expenditures associated with biomass conversion catalysts, energy input, and infrastructure establishment, especially in emerging regions, contribute to the inflated cost. As a result, the price of green chemicals is high, which may discourage potential customers, thus impeding market growth.
The demand for green chemicals is also hampered by a lack of awareness regarding their benefits. Additionally, support for green chemicals is not uniform across the globe. While regions like the European Union have stringent regulations that encourage the use of green chemicals, many areas lack such rules. Without government incentives, corporations may consier green alternatives financially impractical.
Market Opportunities
The global environment-friendly chemical market is poised to experience substantial growth prospects in the coming years, primarily due to heightened awareness of ecological concerns. This awareness has motivated consumers and corporations to seek earth-friendly products with minimal planetary impact. Eco-friendly chemicals, manufactured from renewable resources and demonstrating smaller carbon footprints, are projected to rise in favor, especially as environmental preservation climbs the list of priorities.
In addition, across the globe, governmental entities are instituting encouraging policies and regulations to stimulate the adoption of eco-friendly chemicals and curtail the use of harmful substances. These strategies might provide business incentives to incorporate green practices, promoting a conducive atmosphere for expanding companies in the eco-friendly chemical sector. Unceasing progress in the research an technology of green chemistry is anticipated to yield more productive and economically viable methods of producing these chemicals, thus encouraging broader adoption and stimulating market growth.
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Report Segmentation of the Green Chemical Market
Product Type Insight
In 2022, bioalcohols held the largest market share in the global green chemical market due to widespread use in industries like transportation, pharmaceuticals, and food & and beverages. They are popular as renewable alternatives to fossil fuels. The bio-polymers segment, utilized in packaging, agriculture, automotive, and medical industries, is the fastest growing due to its biodegradability and eco-friendly production, aligning with global environmental concerns.
Source Insight
Green chemicals derived from plants are increasingly popular due to heir sustainable and eco-friendly characteristics. They originate from various plants and crops, appealing to environmental enthusiasts and businesses. Similarly, in 2022, algae gained a significant market share as a green chemical source due to its quick growth, easy cultivation, carbon sequestration ability, and suitability for production in diverse environments, including wastewater treatment facilities.
By End-Use
The construction sector accounted for the largest share of the green chemicals market in 2022 and is predicted to grow at a CAGR of 11.6% in the forecasted period. This sector’s leadership is due to a growing need for earth-friendly materials and sustainable building methods. This trend is fueled by a heightened sense of environmental consciousness and rules from the government encouraging green buildings.
Following construction, pharmaceuticals accounted for the second-largest market share in 2022. The Pharmaceutical industry is beginning to use more and more green chmicals when creating and producing drugs to decrease environmental harm and make their work more sustainable. This shift towards environmentally-friendly methods is driven by tougher rules about the environment and an increasing number of customers in healthcare who prefer products that are environment-friendly.
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Competitive Landscape
Key players in the market, including BASF SE, DuPont, Solvay, Dow Chemical Company, BioAmber, Clariant, Novozymes, Genomatica, Croda International, and Evonik Industries, were actively engaged in research and development of eco-friendly alternatives, bio-based chemicals, and sustainable solutions across various sectors. The competitive landscape was dynamic and evolving, with companies vying for market share and driving innovation to meetthe increasing demand for green chemicals.
Some of the major players include:
Arkema Group
Balfour Beatty Plc
BASF SE
Bio Kleen
Cargill Inc.
Du Pont De Nemours Inc.
Evonik Industries AG
George Weston Foods Ltd.
GFBiochemicals Ltd.
Givaudan
Greenchemicals S.r.l.
JSW Cement Ltd.
Koninklijke DSM NV
Mitsubishi Chemical Holdings Corp.
NatureWorks LLC
Novamont Spa
Other Key Players
Market Segmentation
Based on Product Type
Bio Alcohols
Bio Organic Acids
Bio Ketones
Bio Polymers
Bio Solvents
Others Product Types
Based on Source
Plant-Based
Algae-Based
Bio-Waste
Other Sources
Based on End-Use
Construction
Pharmaceuticals
Food & Beverages
Paints & Coatings
Agriculture
Automotive
Textile
Other Applications
By Geography
North America
The US
Canada
Europe
Germany
France
The UK
Spain
Italy
Russia & CIS
Rest of Europe
APAC
China
Japan
South Korea
India
ASEAN
Rest of APAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of MEA
Recent Development of the reen Chemical Market
In May 2023, NTPC Green Energy Limited (NGEL) and HPCL Mittal Energy Limited (HMEL) joined hands to explore opportunities in the green hydrogen business & its derivatives (Green Ammonia and green Methanol)
In June 2022, JSW Cement Limited entered the construction chemicals sector by introducing a new line of eco-friendly products. These products use less water during application and replace river sand with screen slag in concrete, promoting the conservation of natural resources and helping to prevent environmental issues such as landslides, floods, and air pollution.
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