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Green Chemicals Market: Increasing Demand, Growth Analysis and Future Outlook by 2032

05-15-2024 03:01 PM CET | Chemicals & Materials

Press release from: Introspective Market Research

Green Chemicals Market: Increasing Demand, Growth Analysis

Green Chemicals Market Size Was Valued at USD 104.62 Billion in 2023, and is Projected to Reach USD 221.3 Billion by 2032, Growing at a CAGR of 9.8% From 2024-2032.

Green chemicals, also known as sustainable or environmentally friendly chemicals, refer to substances that are designed and produced with a focus on minimizing their impact on the environment and human health. These chemicals are developed through processes that reduce or eliminate the use of hazardous substances, energy consumption, and waste generation.

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The goal of green chemistry is to create products that are not only effective in their intended applications but also pose fewer risks to ecosystems and human well-being throughout their lifecycle. Green chemicals often involve innovations in the choice of raw materials, manufacturing processes, and end-of-life disposal, promoting a more sustainable and responsible approach to chemical production.

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Segmentation Analysis of The Green Chemicals Market

By Product Type, Bio Organic Acids segment is expected to dominate the market during the forecast period
Bio Organic Acids segment is poised to assert its dominance. This ascendancy can be attributed to a confluence of factors that underscore the growing significance of sustainable and eco-friendly alternatives in various industries.

By Source, Plant-Based segment held the largest share of 60% in 2022

The dominance of the plant-based segment in the Green Chemicals Market can be attributed to several factors. Plant-based chemicals, also known as bio-based chemicals, are derived from renewable resources such as crops, sugarcane, corn, and other plant materials. This segment has gained prominence due to the increasing global awareness of sustainability and environmental concerns.

Segments Covered:

By Product Type
• Bio Alcohols
• Bio Organic Acids
• Bio Polymers
• Bio Solvents

By Source
• Plant-Based
• Algae-Based
• Bio-Waste

By End Users
• Construction
• Pharmaceuticals
• Food & Beverages
• Paints & Coatings
• Agriculture
• Other (Automotive, Textile)

The Green Chemicals Market Report Highlight: / Trend Analysis

Consumer Awareness and Preferences Consumer awareness and preferences play a pivotal role in steering the growth of the Green Chemicals market. With an increasing global focus on sustainable practices and environmental responsibility, consumers are becoming more conscientious about the products they choose. Green Chemicals, characterized by eco-friendly and sustainable manufacturing processes, align closely with these evolving consumer values.

As consumers become more informed about the environmental impact of traditional chemical products, there is a growing demand for alternatives that are less harmful to the planet. Green Chemicals, which are derived from renewable resources and designed to minimize ecological footprints, resonate well with environmentally conscious consumers.

Key Industry Development:
• In 2023, SABIC has finalized the acquisition of Clariant's stake in Scientific Design, thereby securing full ownership of the catalyst leader. This acquisition reinforces SABIC's presence in the Specialties market, aligning with their strategic shift to establish a standalone Specialties division to pursue diverse growth opportunities.

• In May 2023, NTPC Green Energy Limited (NGEL) and HPCL Mittal Energy Limited (HMEL) joined hands to explore opportunities in the green hydrogen business & its derivatives (Green Ammonia and green Methanol).

Top Key Players Covered in The Green Chemicals Market:

Lubrizol (USA), Ashland Global Holdings (USA), DuPont (USA), Eastman Chemical Company (USA), Genomatica (USA), Ecolab (USA), Huntsman Corporation (USA), BioAmber (Canada), BASF SE (Germany), Covestro (Germany), Evonik Industries (Germany), Bayer CropScience (Germany), Croda International (United Kingdom), Ineos (United Kingdom), Solvay (Belgium), AkzoNobel (Netherlands), DSM (Netherlands), Clariant (Switzerland), Mitsubishi Chemical Holdings (Japan), Kuraray (Japan), Novozymes (Denmark), Borregaard (Norway), Borouge (United Arab Emirates), SABIC (Saudi Basic Industries , Corporation) (Saudi Arabia), Indorama Ventures (Thailand)

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Green Chemicals Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

The Asia Pacific region is poised to emerge as a dominant force in the global Green Chemicals Market, exhibiting significant growth and influence. This projection is underpinned by several key factors that underscore the region's pivotal role in shaping the future of sustainable chemical production.

The Asia Pacific region is home to a burgeoning population and rapidly expanding economies, driving an escalating demand for eco-friendly alternatives in various industries. Governments in the region are increasingly prioritizing environmental sustainability, prompting a shift towards green practices and policies.

Green Chemicals Market By Region:

 North America (U.S., Canada, Mexico)
 Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
 Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
 Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
 Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
 South America (Brazil, Argentina, Rest of SA)

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About us:
Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

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