Surging Demand for Bio-Based Packaging Fueling Global Green Chemicals Market Boom

The global green chemicals market attained a valuation of $9,540.0 million in 2019 and it is predicted to generate a revenue of $18,474.2 million by 2030. Furthermore, the market will progress at a CAGR of 6.6% between 2020 and 2030, as per the forecast of the market research company, P&S Intelligence. The major factors driving the advancement of the market are the growing popularity of bio-based packaging and the rapidly depleting reserves of fossil fuels around the world.

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Besides the aforementioned factors, the mushrooming demand for ready-to-go food items is also fueling the surging popularity of organically packaged and bio-based packaging foods, especially in countries such as Germany, the U.K. and the U.S., which is, in turn, propelling the expansion of the green chemicals market across the globe. This is because green chemicals are heavily used in these packaging materials. This is subsequently creating lucrative growth opportunities for green chemicals producing companies all over the world.

Globally, the green chemicals market is predicted to exhibit rapid expansion in the Asia-Pacific (APAC) region in the coming years. This will be because of the burgeoning requirement for these chemicals in various end-use industries such as automotive, agriculture, and personal care and the growing public awareness about the several advantages of using these chemicals over the traditional synthetic ones, especially in the emerging economies such as China and India.

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The major players in the global green chemicals market are Abengoa Aura Biotechnologies, Arkema Group, BASF SE, Avantium N.V., BiologiQ Inc., BioAmber Inc., Cardia Bioplastics, Butamax Advance Biofuels LCC, Evonik Industries AG, Dongguan Xinhai Environmental-Friendly Material Co. Ltd., Fulcrum BioEnergy Inc., Ecovia Renewables Inc., Koninklijke DSM N.V., GFBiochemicals Ltd., Plantic Technologies Ltd., Mitsubishi Chemical Corporation, Total Corbion PLA, Toray Industries Inc., and Vertec Biosolvents Inc.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.