Green Chemicals Market Research, Size, Forecast to 2033

"The Business Research Company recently released a comprehensive report on the Global Green Chemicals Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The green chemicals market size has grown rapidly in recent years. It will grow from $108.53 billion in 2023 to $121.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to regulatory push for sustainable practices, consumer demand for eco-friendly products, increased awareness of environmental impact, adoption of renewable feedstocks, expansion of bio-based polymers and plastics.

The green chemicals market size is expected to see rapid growth in the next few years. It will grow to $179.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to demand for safer and non-toxic chemicals, integration of circular economy principles, rise of sustainable packaging solutions, expansion of green solvents and surfactants, focus on carbon-neutral chemical manufacturing, emphasis on transparency and eco-labeling, expansion of bio-based adhesives and sealants, adoption of plant-based chemicals in pharmaceuticals, growth in green chemistry education and training
. Major trends in the forecast period include integration of machine learning in green chemistry, advances in green chemistry technologies, technological innovations in biotechnology,development of biodegradable and compostable plastics, utilization of artificial intelligence in green chemistry.

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Market Drivers and Trends:

The rising demand for bioethanol is expected to propel the growth of the green chemicals market going forward. Bioethanol is a fuel additive made from agricultural goods (such as sugar cane or corn). Bioethanol has gained popularity as a green chemical due to its environmentally friendly properties. It is a clean-burning fuel with greenhouse gas emissions that are lower than those of fossil fuels. For instance, in March 2023, according to The German Bioethanol Industry Association, a Germany-based association that represents the interests of the biofuel sector's companies and associations, the German production of bioethanol increased by 2% from 701,000 tons in 2021 to 715,000 tons in 2022. Further, in 2021, around 157,000 tons of bioethanol were used to produce ethyl tertiary butyl ether (ETBE). Therefore, the rising demand for bioethanol is driving the growth of the green chemicals market.

Technological advancements are a key trend gaining popularity in the green chemicals market. Major companies operating in the green chemicals market are adopting new technologies, such as Praedicat's unique technology, to sustain their position in the market. For instance, in May 2022, VelocityEHS, a US-based software company, launched the Green Chemistry Offering to continuously evaluate and update the risk profile of in-use chemicals based on the potential for harm using Praedicat's unique technology to scan thousands of scientific journals in real-time actively. Customers will get rapid and straightforward access to predicted risk profiling for chemicals, allowing them to choose safer options before the competition.

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Major Key Players of the Market:

Cargill Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, BioAmber Inc., DuPont de Nemours Inc., Arkema Group, Koninklijke DSM N.V., Anderson Corporation, Silver Line Building Products LLC, Evonik Industries AG, Total Corbion PLA, Dryvit Systems Inc., Elevance Renewable Sciences Inc., Amyris Inc., Genomatica Inc., Thermafiber Inc., LanzaTech Inc., Novomer Inc., Verdezyne Inc., Myriant Corporation, Sila Nanotechnologies Inc., Bayer Material Science AG, Ambient Photonics Inc., NatureWorks LLC, Gevo Inc., Checkerspot

Green Chemicals Market 2024 Key Insights:

• The green chemicals market size is expected to see rapid growth in the next few years. It will grow to $179.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Surging Demand For Bioethanol Propels Growth In The Green Chemicals Market
• Praedicat's Unique Technology Reshape The Landscape Of The Green Chemicals Market
• Europe was the largest region in the green chemicals market in 2023

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This release was published on openPR.