According to the report by Expert Market Research (EMR), the global green chemicals market trends reached a value of USD 102.90 billion in 2022. Aided by the rising demand for environmentally friendly solutions and the expanding applications of green chemicals across various industries, the market is projected to further grow at a CAGR of 9.7% between 2023 and 2028 to reach a value of USD 179.33 billion by 2028.
Green chemicals, also known as bio-based chemicals, are derived from renewable resources and are developed to reduce the environmental impact associated with traditional chemicals. These include bioethanol, biopolymers, bio-based solvents, organic acids, and others. Apart from their eco-friendly attributes, green chemicals offer superior performance and reduced health hazards, making them valuable in a wide range of industrial applications such as plastics, packaging, detergents, and fertilisers.
The increasing global focus on sustainable solutions is a key driver of the green chemicals market growth. With growing awareness about environmental degradation and the harmful effects of traditional chemicals, there has been a significant shift towards greener alternatives. This shift is reflected in industries seeking environmentally responsible solutions and consumers opting for greener products, leading to a surge in demand for green chemicals.
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The health and wellness trend has further boosted the popularity of green chemicals. As these chemicals are typically safer and present fewer health risks compared to their conventional counterparts, they are increasingly being used in products such as cosmetics, personal care items, and food packaging, enhancing the market prospects.
The broadening applications of green chemicals across different industries play a crucial role in accelerating green chemicals market demand. In the plastics industry, bio-based polymers derived from green chemicals are used to create biodegradable packaging. The agriculture sector uses green chemicals to produce safer fertilisers and pesticides. Moreover, green solvents and cleaners are gaining traction in the industrial cleaning sector due to their reduced environmental and health impacts.
Furthermore, the rising demand for organic and natural alternatives in the food and beverage industry has increased the focus on green chemicals as potential ingredients. With growing consumer preference for natural, organic, and clean label products, green chemicals are being leveraged to formulate a range of food additives, preservatives, and packaging materials, thereby driving green chemicals market expansion.
Green Chemicals Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Bio-organic Acids
Market Breakup by Application
- Food and Beverages
- Paints and Coating
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Green Chemicals Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global green chemicals companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- Arkema Group
- Mitsubishi Chemical Corporation
- InKemia Green Chemicals, Inc.
- BioLogiQ, Inc.
- GFBiochemicals Ltd.
- Plantic Technologies Limited
- VertecBioSolvents Inc.
- Conagen, Inc.
- Global Green Chemicals Public Company Limited
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