Green Chemicals Industry Will Be Driven by the Depletion of Fossil Fuels

The green chemicals market is growing, and it is projected to rise at the rate of 8.9% in the near future, to hit $22,039 million by 2030. The major reasons behind the growth of this industry are the increasing acceptance of biobased packaging and increasing concerns pertaining to the exhaustion of fossil fuels.

The bioalcohols category held the largest share in terms of both volume and value in the recent years. This can be ascribed to the heavy usage of bioethanol fuel for ignition of vehicle engines. Furthermore, bioethanol is also used in the production of alcoholic beverages, such as vodka, beer, brandy, gin, and whiskey.

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The personal care category is projected to showcase the fastest growth in near future. It is mainly due to the concerns about the adverse effects of synthetic chemicals on human skin. As people are leaning more toward the adoption of bio-based personal-care items, it is expected that the demand for green chemicals will increase in the personal care sector, mainly from countries like India, China, the U.S., Germany and the U.K.

The European region, held the largest share in the green chemicals market in the recent past. This can be accounted to the growing adoption of green chemicals in several industries. For instance personal care, food & beverages, packaging and automotive. This is because the governments of this region are focusing more upon adopting environment friendly solutions.

The adoption of packaging materials made from animal waste and plants has contributed toward the growth of the industry. This is because bio-based packaging comes with several benefits like lower requirement for raw material, non-toxic nature, low production cost and easy disposability.
As people are more concerned about environmental problems, the acceptance of bio-based packaging materials will grow in the near future, which will increase the demand for green chemicals.

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These materials are present abundantly in nature. With the growing depletion of gas and oil reserves, the adoption of these chemicals is likely to increase in the near future.

The market is fragmented. Furthermore, the stalwarts of the industry are involved in product launches in order to attain a significant position in the industry.

The major factors responsible for the increasing demand for green chemicals are the adoption of eco-friendly materials, rising concerns about environment, depletion of fossil fuels and increasing population around the world.

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