Green Chemicals Market Growth, Development and Demand Forecast Report, 2030 | Key Players are Arkema Group, BASF SE, Toray Industries Inc., Evonik Industries AG, Total Corbion PLA, Vertec BioSolvents Inc.

The Millennium Alliance for Humanity and the Biosphere estimates that oil reserves, gas reserves, and coal reserves will deplete by 2052, 2060, and 2090, respectively. The rapid depletion of oil and gas, which are extensively used in the production of chemicals, has resulted in the discovery of alternatives such as green chemicals. Additionally, the absence of sulfur dioxide and harmful particulate matter in green chemicals has also increased the usage of these bio-based chemicals in recent years.

Moreover, the escalating demand for bio-based packaging materials, owing to the non-toxic characteristic of plant and animal waste-based materials, is expected to drive the green chemicals market at 8.9% CAGR during 2020-2030. According to P&S Intelligence, the market was valued at $9,413.1 million in 2020 and it will generate $22,039.0 million revenue by 2030. Bio-based packaging materials require a few raw materials, have low production cost, and are easily disposable, owing to which their usage will significantly surge in the upcoming years.

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Bioalcohols, biosurfactants, biosolvents, biopolymers, biolubricants, and organic acids are the different types of green chemicals being used in end-use industries. In the preceding years, bioalcohols were consumed in the highest volume, due to the extensive use of bioethanol as an alternative fuel for spark-ignition engines of automobiles and its low production cost. Additionally, a high volume of bioethanol is also used in the production of alcoholic beverages such as whiskey, beer, gin, vodka, and brandy.

The application segment of the green chemicals market is classified into agriculture, automotive, food and beverages, packaging, personal care, and others, such as paints and coatings, construction, textiles, and electrical and electronics. Among these, the personal care category is expected to display the fastest growth during 2021-2030, owing to the surging focus of people on bio-based beauty and personal hygiene products. The surging concerns regarding the detrimental impacts of synthetic chemicals on the skin will result in the high-volume adoption of bio-based personal care products in India, China, the U.S., the U.K., and Germany.

In recent years, green chemical producers, such as Arkema Group, Vertec BioSolvents Inc., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, GFBiochemicals Ltd., Plantic Technologies Limited, Total Corbion PLA, BASF SE, Toray Industries Inc., and Evonik Industries AG, have introduced novel products to cater to the needs of end-use industries. For instance, in June 2021, JSW Cement Limited unveiled a new range of green products to enter the construction chemicals sector. These products help conserve natural resources by replacing river sand during concreting with screen slag.

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Globally, the European green chemicals market generated the highest revenue in 2020, and it is also expected to continue witnessing this trend throughout the forecast years. The dominance of the region can be ascribed to the rising focus of the automotive, personal care, food and beverages, and packaging industries on environmental degradation. Additionally, the increasing emphasis of chemical companies in Europe on the production of green chemicals to develop environmentally friendly and sustainable solutions will also attribute to the regional market growth.

Therefore, the limited availability of fossil fuels and the vast demand for bio-based packaging materials will augment the consumption of green chemicals in the foreseeable future.

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Green Solvents Market Report - https://www.psmarketresearch.com/market-analysis/green-solvents-market

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