DUBLIN, April 13, 2023 /PRNewswire/ — The “Global Green Chemicals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, End-User, and Major Regions” report has been added to  ResearchAndMarkets.com’s offering.
Global Green Chemicals Market is expected to record a positive CAGR of ~10% during the forecast period (2022-2028) and is expected to reach nearly US$ 17 billion by 2028, owing to rising awareness regarding the sustainable products along with the scarcity of non-renewable resources.
The rising concerns regarding the harmful impact of chemicals on the environment coupled with increasing awareness regarding green chemicals are anticipated to propel the growth of the global green chemicals market during the forecast period.
The stringent government legislation and regulations supporting the use of biochemical such as bioplastics, bioethanol, and others along with growing concern regarding the depletion of fossil fuels vehicles is likely to propel the growth of the global green chemicals market.
The global green chemicals market faces challenges due to the lack of commercialization of bio-based products. The high cost of green chemicals and the availability of substitutes like synthetic chemicals at a much cheaper rate is also expected to restrict the market’s growth.
The COVID-19 pandemic negatively impacted the green chemicals market due to the disruption in the supply chain. The lockdown leas to the temporary closure of manufacturing facilities and the lack of workers which resulted in limitations in production and complication in raw material procurement. These factors affected the sales of green chemicals.
Competitive Landscape
The green chemicals market is highly competitive with ~200 players that include globally diversified players, and regional players as well as a large number of country-niche players having their niche in green chemicals.
Regional players comprise ~35% of the total number of competitors, while the country-niche players comprise the highest of the total number of competitors. Some of the major players in the market include Cargill, Incorporated, Mitsubishi Chemical Group Corporation, BASF SE, DuPont, DSM, Evonik, Plantic, Bayer Material Science AG, Verdant Law, and Arkema, among others.
The leading global green chemicals companies such as Cargill, Incorporated, Mitsubishi Chemical Group Corporation, and BASF SE are highly focused on the research and development of green chemicals.
Recent Developments Related to Major Players
In September 2022, BASF SE announced a partnership with RiKarbon Inc., a technology start-up based in the USA. The partnership focused on the R&D activities of RiKarbon Inc. for new green emollients from bio-waste for personal care formulations.
In December 2021, Cargill, Incorporated acquired Croda’s bio-based industrial business for US$ 1.03 billion. The company aimed to expand its bio-industrial footprints to expand its greener ingredient solutions.
Key Trends by Market Segment
By Type: The bio-alcohols segment held the largest share of the global green chemicals market by type in 2021, owing to the increasing use of bio-alcohols like bioethanol as an alternative fuel for spark-ignition engines of vehicles.
The availability of abundant raw materials, rising crude oil prices, rapid urbanization, and increasing energy consumption are expected to fuel the demand for the global green chemicals market segment.
By End-User: The industrial & chemical segment accounted for the largest share of the global green chemicals market in 2021, attributed to the growing urbanization and industrialization.
The increase in chemical transparency across the supply chain along with increasing energy demand globally and a ban on the production and usage of hazardous substances is anticipated to aid the growth of the segment in the global green chemicals market.
By Geography: Europe region accounted for the largest share of the global green chemicals market in 2021, due to the presence of key players in the region and the rising adoption of green chemicals across different industries.
The increasing focus on the production of green chemicals along with rising concerns regarding the impact of harmful chemicals on the environment, is expected to augment the growth of the region in the green chemicals market.
Conclusion
The global green chemicals market is forecasted to continue fast growth, primarily driven by the increasing demand for green chemicals in different industries and the scarcity of non-renewable resources.
Furthermore, supportive government regulations for the use of green chemicals is expected to fuel the growth of the market. Though the market is highly competitive with ~200 participants, regional players control the dominant market share.
Key Topics Covered in the Report
- Snapshot of the Global Green Chemicals Market
- Industry Value Chain and Ecosystem Analysis of the Green Chemicals Market
- Market size and Segmentation of the Global Green Chemicals Market
- Historic Growth of the Overall Global Green Chemicals Market and Segments
- Competition Scenario of the Green Chemicals Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Green Chemicals Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Green Chemicals Market
- Future Market Forecast and Growth Rates of the Global Green Chemicals Market and by Segments
- Market Size of End-User/End-User Segments with historical CAGR and Future Forecasts
- Analysis of the Green Chemicals Market in Major Regions
- Major Production/Consumption Hubs in the Major Regions
- Major Production/Supply and Consumption/Demand Hubs in Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Green Chemicals Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Mentioned in the Report
- Cargill, Incorporated
- Mitsubishi Chemical Group Corporation
- BASF SE
- DuPont
- DSM
- Evonik
- Plantic
- Bayer Material Science AG
- Verdant Law
- Arkema
- Bio-Kleen Products, Inc
- Palmer Industries, Inc
- Thermafiber, Inc
- Vertec BioSolvents Inc
- Total Corbion PLA
Scope of the Report
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
By Type
- Bio-Alcohols
- Bio-Organic Acids
- Bio-Ketones
- Biopolymers
- Others
By End-User
- Industrial & Chemical
- Pharmaceuticals
- Food and Beverages
- Construction
- Others
For more information about this report visit https://www.researchandmarkets.com/r/tcef47
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