According to Ken Research Analysis, the 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.
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Key Growth Drivers
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.
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.
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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.
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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.
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.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, Global Green Chemicals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by type and end-user. In addition, the report also covers market size and forecasts for the four region's green chemicals market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
By Type
- Bio-Alcohols
- Bio-Organic Acids
- Bio-Ketones
- Biopolymers
- Others
By End-User
- Industrial & Chemical
- Pharmaceuticals
- Food and Beverages
- Construction
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Sweden, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Cargill, Incorporated
- Mitsubishi Chemical Group Corporation.
- BASF SE
- DuPont
- DSM
- Evonik
- Plantic
- Bayer Material Science AG
- Verdant Law
- Arkema
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