What is the global market size of Green Chemical Market?

Global Green Chemical Market was valued at USD 97.8 billion in 2022 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).

Who are the key vendors in the Global Green Chemical Market?

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. 'BASF SE', 'Dow Chemical Company', 'E.I. Du Pont De Nemours and Company', 'Archer Daniels Midland Company', 'BioAmber Inc.', 'Cargill, Incorporated', 'INEOS Group AG', 'Braskem SA', 'Mitsubishi Chemical Corporation', 'Royal DSM N.V.', 'The Lubrizol Corporation', 'Solvay SA', 'Corbion NV', 'NatureWorks LLC', 'Genomatica Inc.', 'Amyris, Inc.', 'Novozymes A/S', 'Croda International PLC', 'Huntsman Corporation', 'Stepan Company'

What is the key driver of Global Green Chemical Market?

One significant obstacle hindering the growth of the green chemicals market is the scarcity of raw materials. The production of green products heavily relies on the availability of bio-resources such as vegetable oils, sugars, and animal fats. However, a significant hurdle arises from the diminishing agricultural output caused by the gradual depletion of arable land. Factors such as rapid industrialization, population growth, and urbanization compound the problem by contributing to the reduction of arable land area. This exacerbates the already challenging scenario, making it difficult to meet the demand for green chemicals and hindering market growth.

What is the key market trend for Global Green Chemical Market?

R&D efforts have significantly increased to expand the use of green chemicals in a variety of industries, including textiles. For instance, Dow, one of the largest chemical producers, is concentrating on growing its product line in the areas of advanced materials and agriculture and is also increasing its R&D spending on biomaterials. To maintain competitive advantages and increase market share, other manufacturers like DSM and Cargill have placed a strong emphasis on new product innovations and developments. Manufacturers are now able to produce more environmentally friendly goods for their customers thanks to these initiatives.

Which region accounted for the largest share in Global Green Chemical Market?

In 2023, North America emerged as the largest market region, solidifying its dominance through a combination of stringent environmental regulations, an extensive network of green infrastructure, and a robust commitment to sustainability across key industries. Sectors such as automotive, packaging, and healthcare exhibited a consistent demand for green chemicals in the region, driven by both market preferences for eco-friendly products and companies' strategic goals for sustainability. Moreover, collaborative efforts between industry players, research institutions, and government bodies has fostered innovation and adoption of groundbreaking green chemical technologies, further propelling market expansion. With such momentum, North America is poised to maintain its market leadership through the forecast years of 2024-2031.

Green Chemicals Market Size, Share, Growth Analysis, By Type (Bio-Alcohols (Bio-Ethanol, Bio-Butanol, Bio-Methanol, Others)), By Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15B2112 | Region: Global | Published Date: July, 2024
Pages: 238 | Tables: 128 | Figures: 77

Green Chemicals Market Insights

Global Green Chemicals Market size was valued at USD 35.49 Billion in 2022 and is poised to grow from USD 38.43 Billion in 2023 to USD 72.56 Billion by 2031, at a CAGR of 8.27% over the forecast period (2024–2031).

The green chemicals market has witnessed significant growth in the recent past due to increasing consumer demand and corporate sustainability goals. Consumers are today actively inclining towards products that are eco-friendly and highly sustainable. This inclination is propelling businesses to create more green chemicals to fulfill the demands of consumers and improve their brand names. Companies are also setting up ambitious goals for sustainability. This comprises minimizing carbon footprint and a drop in the use of dangerous substances. However, higher production costs are impeding the growth of the market. Green chemicals need renewable feedstocks or improved technologies, which might be costlier than traditional chemical processes. This results in high production costs and high costs for users. Yet, the market is opportune for advancements in green chemistry. Also, investments in superior technologies are another opportunity for the producers.

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Green Chemical manufacturers should focus on minimizing the risks and costs associated with production to maximize their profits. Developing new green chemicals with better finishes and prints to attract new customers will also be a key strategy for all green chemical companies. Creating green chemicals with sustainable materials could also pay off big time for green chemical manufacturers in the long run. Launching new products will help green chemical providers stay competitive in this highly saturated market. 'Mitsubishi Chemical Corporation (Japan) ', 'Plantic Technologies Limited (Australia) ', 'Toray Industries Inc. (Japan) ', 'Arkema Group (US) ', 'Vertec BioSolvents Inc. (US) ', 'Total Corbion PLA (Netherlands) ', 'DuPont de Nemours, Inc. (US) ', 'Evonik Industries AG (Germany) ', 'SECOS Group Ltd (Australia) ', 'Solugen (US) ', 'DUDE CHEM (US) ', 'Albemarle Corporationâ¯(US) ', 'Gujarat Alkalies and Chemicals Limited (India) ', 'GFBiochemicals Ltd. (France) ', 'Dow Chemical Company (US) ', 'GREENCHEMICALS Spa (Japan) ', 'Cargill, Incorporated (U.S.) ', 'Inkemia Green Chemicals (US) ', 'Novamont Spa (Italy) ', 'PCC SE (Germany) '

The rising number of advancements in green technology and chemistry is fueling the development of highly effective and cost-efficient green chemicals. Modernizations like renewable feedstocks, biocatalysis, and energy-efficient procedures are improving the accessibility of green chemicals.

The inclination towards bio-based renewable resources and feedstocks is one of the latest trends seen in the green chemicals market. Green chemicals obtained from agriculture waste, biomass, and other renewable materials are gaining popularity due to their potential to replace traditional unsustainable chemicals and lower reliance on limited resources.

Region-wise, Europe dominated the green chemicals market and is expected to lead over the forecast period, owing to exhaustive sustainability objectives. Several European nations along with the EU have imposed numerous sustainability objectives to lower emissions of greenhouse gases, expand renewable energy uses, and encourage economic principles. Green chemicals are important to achieve these objectives, resulting in major developments and investments in the region. The companies operating in Europe include LyondellBasell Industries, Linde, Toray Industries, Yara International, Hanwha Solutions, and more.

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Green Chemicals Market Size, Share, Growth Analysis, By Type (Bio-Alcohols (Bio-Ethanol, Bio-Butanol, Bio-Methanol, Others)), By Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging), By Region - Industry Forecast 2024-2031

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What is the global market size of Green Chemicals Market?

Who are the key vendors in the Green Chemicals Market?

What is the key driver of Green Chemicals Market?

What is the key market trend for Green Chemicals Market?

Which region accounted for the largest share in Green Chemicals Market?

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