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Green Chemicals Market Worth $217.18 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

(EnergyIndustry.Net, August 04, 2022 ) According to a new market research 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 Forecasts to 2029’’, the green chemicals market is expected to grow at a CAGR of 11.6% from 2022 to 2029 to reach $217.18 billion by 2029.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5008

In the past few years, various companies have adopted green chemicals to evaluate toxicity impact throughout the product development lifecycle, minimize the toxic waste generation, and use toxic raw material. As more companies are adopting green chemistry, there is a critical need to understand the toxicity of chemicals in terms of ecological and health impact. One reason for this is that green chemistry addresses the fundamental scientific challenges of protecting human health and the environment at the molecular level, but it also accomplishes this in an economically beneficial way for various industries.

There is a growing interest in the replacement of fossil-based chemicals with biochemicals. Biochemicals refer to the chemicals produced from biomass. Several factors, including awareness of finite petroleum resources, availability of renewable resources, environmental imperatives, and recent advances in processing technologies, are driving chemical industries to shift their feedstocks from petroleum to renewable counterparts to produce green chemicals.

The growth of this market is backed by the scarcity of non-renewable resources, growing awareness regarding sustainable products, rising government initiatives to promote the use of green chemicals, growing environmental concerns & the rising demand for bioethanol, and the growing demand for biodiesel as an alternative fuel. Moreover, the regulations & legislation supporting the use of bioplastics and the growing focus on R&D for algae-based biofuel production provide significant growth opportunities in this market.

However, the high cost of green chemicals and fluctuating raw material prices obstruct the growth of this market to some extent. On the other hand, specific requirements of the biodegradation process and the formation of inhibitory compounds during bioethanol production pose a great challenge to green chemical manufacturers.

Growing Environmental Concerns & the Rising Demand for Bioethanol Drives the Growth of the Green Chemicals Market

Climate change, pollution, environmental degradation, and resource depletion are major environmental issues. Moreover, the global demand for energy has increased rapidly in recent years. This demand is associated with the increasing human population and its growing needs. With fossil fuels being the dominant energy source, greenhouse gas emissions have become the most significant environmental problem. Upon combustion, all fossil fuels emit carbon dioxide, greenhouse gases, and other harmful air pollutants. Greenhouse gases trap heat in the atmosphere, causing global warming. However, increasing the supply of renewable energy sources can help replace fossil fuels and fulfill the world’s future energy requirements. Hence, developing and utilizing renewable energy sources, such as solar, wind, and bioenergy, have become critical to solving environmental problems.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5008

Bioethanol is a renewable alternative to fossil fuels, produced through the hydrolysis of cellulose from lignocellulosic biomass and fermentation of sugars from different lignocellulosic sources. Bioethanol is a clean-burning fuel considered environmentally safe as its greenhouse gas emissions are significantly lower than fossil fuels. Bioethanol is also cheaper and more environmentally friendly. For instance, according to the International Energy Agency, global ethanol production is anticipated to reach 119 billion liters between 2023 and 2025, with Brazil, China, and India being the key growth markets during this period. Biofuels are expected to meet around 5.4% of road transport energy requirements by 2025, rising from just under 4.8% in 2019.

Hence, growing environmental concerns and the rising demand for bioethanol drive the growth of the green chemicals market.

To provide efficient analysis, Meticulous Research® has segmented this market based on product (bio-alcohols {bio-ethanol, bio-butanol, bio-methanol, and other bio-alcohols}, bio-organic acids {bio-lactic acid, bio-acetic acid, bio-citric acid, bio-adipic acid, bio-acrylic acid, bio-succinic acid, and other bio-organic acids}, bio-ketones, bio-polymers {polylactic acid, bio-polyethylene, and other bio-polymers}, and other green chemicals), application (industrial & chemicals, food & beverages, pharmaceuticals, packaging, construction, automotive, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).

Based on product, the bio-alcohols segment is expected to account for the largest share of the green chemicals market in 2022. The large share of this segment is mainly attributed to the abundant availability of raw materials, rapid urbanization, rising crude oil prices, stringent emission regulations imposed by governments of various countries, and increasing energy consumption. However, the bio-polymers segment is expected to witness significant growth due to the consumer preference for bio based products over synthetic products, rising R&D in bio-polymers, adoption of bioplastics by the packaging industry, and increased utilization of flexible packaging by the food & beverages industry. Moreover, regulations & legal acts supporting bioplastics usage hold attractive growth opportunities for players operating in the bio-polymers market.

Based on type, the bio-ethanol segment is expected to account for the largest share of the bio-alcohols market in 2022. The large share of this segment is mainly attributed to the growing environmental concerns that lead to an inclination of manufacturers towards bio-ethanol production, low cost, and abundant raw material availability. However, the bio-butanol segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its higher energy content and lower Reid vapor pressure.

Quick Buy – “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 Forecasts to 2029” Research Report: https://www.meticulousresearch.com/Checkout/48447302

Based on application, the industrial & chemicals segment is expected to account for the largest share of the green chemicals market in 2022. The large share of this segment is mainly attributed to the growing industrialization and urbanization, increasing energy demand across the globe, increase in chemical transparency across the supply chain, and ban on the production and usage of hazardous substances. However, the packaging segment is expected to grow at the highest CAGR during the forecast period owing to the growing demand for biodegradable packaging due to their low environmental impact, growing focus on recyclability and sustainability, government emphasis on efficient packaging management, and rising consumer awareness, coupled with increasing bans on single-use plastic.

Based on geography, Europe is expected to account for the largest share of the green chemicals market in 2022. The large market share of this region is primarily attributed to the growing demand for sustainable products, coupled with the presence of prominent players in the region and the rising adoption of green chemicals across different industries, including food & beverages, personal care, automotive, and packaging. In addition, the chemicals industry of the region is increasingly focusing on the production of green chemicals to develop sustainable and eco-friendly solutions. Furthermore, Germany is expected to dominate the European market through 2029, mainly due to the growing health awareness; rising chemical and pharmaceutical industry; and its excellent research landscape, state-of-the-art logistics, and world-class infrastructure.

However, the Asia-Pacific region is expected to witness rapid growth during the forecast period. The growth of this region is mainly driven by the rising consumer and industrial interest in the utilization of clean energy resources to preserve the environment, government actions to ban conventional non-degradable plastics, and investments and initiatives taken by the governments to promote green chemicals.

Some of the key players operating in the green chemicals market are 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.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/green-chemicals-market-5008


Meticulous Research™

chhagan yadav

+91 744-7780008

chhagan.y@meticulousresearch.com

Source: EmailWire.Com

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