Meticulous Research®, a prominent global market research firm, released a report titled ‘Green Chemicals Market by Type (Bio-alcohols, Bio-polymers, Bio-organic acids, Bio-ketones, Others), Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive, Other Industries) - Global Forecast to 2029'.
The market for green chemicals is projected to achieve a value of $217.18 billion by 2029, with a compound annual growth rate (CAGR) of 11.6% from 2022 to 2029. Factors propelling this growth include the depletion of non-renewable resources, increasing consciousness about sustainable goods, governmental efforts to encourage green chemical adoption, mounting environmental apprehensions, and escalating demand for bioethanol and biodiesel as alternative fuels.
Moreover, regulations and laws advocating for bioplastics usage, along with increased emphasis on research and development for algae-based biofuel manufacturing, present substantial growth prospects for this market. Nevertheless, the market's expansion may be hindered to a considerable degree by the elevated expenses associated with green chemicals and the volatility of raw material costs. Additionally, challenges arise from the specific demands of the biodegradation process and the emergence of inhibitory compounds during bioethanol production, posing significant obstacles for manufacturers of green chemicals.
The green chemicals market is categorized by product, application, and geographical region. The analysis also includes an assessment of industry rivals and examines market dynamics on a national scale.
Based on product, the green chemicals market is divided into categories such as bio-alcohols, biopolymers, bio-organic acids, bio-ketones, and other types of green chemicals. By 2022, it is anticipated that the bio-alcohols segment will dominate the market. This dominance can be credited to factors like ample raw material resources, fast-paced urban development, escalating crude oil costs, stringent emission standards enforced by governments globally, and the uptick in global energy usage.
However, the bio-polymers sector is projected to experience notable expansion throughout the forecast period. This growth surge is propelled by growing consumer favor towards bio-derived goods over synthetic alternatives, heightened research and development endeavors in biopolymers, the packaging industry's uptake of bioplastics, and increased deployment of flexible packaging within the food and beverage sector. Furthermore, legislative backing for bioplastics adoption presents enticing growth avenues for stakeholders engaged in the bio-polymers domain.
Based on type, the bio-alcohols market is divided into segments comprising bioethanol, bio-butanol, bio-methanol, and other variants of bio-alcohols. By 2022, it is anticipated that the bio-ethanol segment will dominate this market. This dominance is primarily driven by factors such as manufacturers increasingly turning to bio-ethanol production due to mounting environmental concerns, its cost-effectiveness, and the ample availability of raw materials. However, the bio-butanol segment is projected to experience the highest compound annual growth rate (CAGR) during the forecast period. This accelerated growth is primarily attributed to its superior energy content and lower Reid vapor pressure.
Based on application, the green chemicals market is categorized into various applications including industrial & chemicals, food & beverages, pharmaceuticals, packaging, construction, automotive, and others. By 2022, it is projected that the industrial & chemicals segment will hold the dominant share of this market. This significant market share is attributed to factors such as the expanding industrialization and urbanization, rising global energy needs, heightened transparency in chemical practices along the supply chain, and regulations prohibiting the production and use of harmful substances.
However, it is anticipated that the packaging segment will witness the highest compound annual growth rate (CAGR) throughout the forecast period. This accelerated growth is linked to increasing demand for biodegradable packaging owing to its minimal environmental footprint, heightened emphasis on recyclability and sustainability, governmental prioritization of effective packaging management, and growing consumer awareness regarding the adverse effects of single-use plastics, alongside the proliferation of regulations banning their usage.
Based on geography, Europe is projected to hold the predominant share of the green chemicals market in 2022. This notable market share is credited to increasing requests for sustainable goods, the concentration of key industry participants in the region, and the expanding integration of green chemicals across various sectors including food and beverage, personal care, automotive, and packaging.
Furthermore, businesses within Europe's chemicals sector are progressively directing their efforts towards manufacturing green chemicals to create sustainable and environmentally friendly alternatives. Germany is anticipated to lead the green chemicals market in Europe throughout the forecast period. The robust market growth in Germany can be ascribed to several factors including increasing consumer health consciousness, expansion within the chemical and pharmaceutical sectors, a robust research environment, advanced logistics capabilities, and top-tier infrastructure within the nation.
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Key Players:
Major participants in the green chemicals market consist of Cargill, Incorporated (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), BASF SE (Germany), DuPont de Nemours, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Evonik Industries AG (Germany), SECOS Group Ltd. (Australia), Braskem SA (Brazil), Aemetis, Inc. (U.S.), and Albemarle Corporation (U.S.).
Key Questions Answered in the Report:
• What are the segments experiencing notable growth in terms of product, application, and geographical location?
• What is the past market scale of green chemicals worldwide?
• What are the anticipated market projections and estimations for the timeframe spanning from 2022 to 2029?
• What are the primary factors motivating, hindering, offering potential, and posing obstacles in the green chemicals market?
• Who are the key players in the market, and what are their respective shares of the market?
• Who are the dominant players in different countries, and what proportions of the market do they hold?
• What does the competitive scenario look like within the green chemicals market?
• What are the latest advancements or updates within the green chemicals market?
• What are the varied growth strategies employed by the primary players in the market?
• What are the significant geographical patterns, and which countries are exhibiting notable growth trends?
• Who are the emerging local contenders in the green chemicals sector, and what is their competitive stance compared to other players?
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