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Green Chemicals Market Worth $217.18 Billion by 2029 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 4, 2022 /PRNewswire/ -- According to a new market research report titled, 'Green Chemicals Market by Type (Bio-alcohols, Bio-polymers, Bio-organic Acids, Bio-ketones, Others), Application (Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging, Construction, Automotive, Other Industries) — Global Forecast to 2029,' the green chemicals market is expected to reach $217.18 billion by 2029, at a CAGR of 11.6% from 2022 to 2029.

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Green chemicals minimize or eliminate hazards from chemical feedstocks, reagents, solvents, and products. A green chemical provides higher performance and functionality while being more environmentally benign throughout its entire life cycle. The growth of the green chemicals market is driven by the scarcity of non-renewable resources, growing awareness regarding sustainable products, rising government initiatives to promote the use of green chemicals, growing environmental concerns & the rising demand for bioethanol, and the growing demand for biodiesel as an alternative fuel.

Furthermore, the regulations & legislation supporting the use of bioplastics and the growing focus on R&D for algae-based biofuel production provide significant opportunities for the growth of this market. However, the high cost of green chemicals and fluctuating raw material prices are expected to restrain the growth of this market to a notable extent. Additionally, specific requirements of the biodegradation process and the formation of inhibitory compounds during bioethanol production pose significant challenges to green chemical manufacturers.

The Impact of COVID-19 on the Green Chemicals Market

The COVID-19 pandemic severely affected human health and wellbeing. Governments worldwide announced partial or complete lockdowns to curb the spread of this disease, severely impacting many industries, including food & beverage, animal feed, packaging, construction, and automotive.

The nationwide lockdowns forced the temporary closure of manufacturing facilities. Governments also enforced restrictions on operating capacities to ensure social distancing and curb the spread of infections. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the green chemicals market. Additionally, governments announced a temporary ban on foreign air travel. These factors temporarily affected the sales of green chemicals.

The COVID-19 pandemic had a major impact on energy systems worldwide, curbing investments and threatening to slow the expansion of clean energy technologies. The pandemic slowed the expansion of the biofuel market, as the automotive industry was impacted due to lockdowns, social distances, and the closure of production plants worldwide. For instance, the COVID-19 crisis radically changed the global context for biofuels, with production contracting by 20 billion liters (13%) in 2020, returning to 2017 output levels (Source: BAC-TO-FUEL).

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Similarly, the textile business was also negatively affected due to the lockdowns and regulations imposed by governments worldwide. Numerous textile businesses either temporarily halted operations or operated with minimal staff. These restrictions negatively impacted the textile industry's market growth.

The COVID-19 pandemic also impacted the bioplastic industry. During the COVID-19 pandemic, there was a surge in demand for single-use plastics to manufacture face shields or personal protective equipment and food and groceries delivery packaging. The Japanese Ministry of Finance, Trade, and Industry recorded that more than 600 million face masks were required in April 2020. Also, according to the World Health Organization, an increase of 40% in manufacturing capacity was needed due to the increased demand for surgical masks, examination gloves, and goggles when the COVID-19 pandemic was at its peak. Furthermore, virgin plastic became cheaper than biodegradable plastics due to a decline in oil prices in 2020, negatively impacting the demand for bioplastics.

However, COVID-19 has had a favorable impact on some industries. The demand and use of green chemicals increased in industries such as home care products, food, animal feeds, and pharmaceuticals due to increased awareness of a healthy lifestyle. Green cleaning products do not contain chemicals that cause air or water pollution and are often in recyclable or recycled packaging. The impact on some home care products, such as surface disinfectants and laundry care, nutraceuticals & dietary supplements, and some pharmaceuticals, was particularly high during 2020 and 2021. The sale of these products went up to 96%.

Some of the related examples of the impact on sales and production in the home care products category are as follows:

  • According to the International Association for Soaps, Detergents and Maintenance Products (A.I.S.E.), in 2020, the European household care industry registered a growth of 4.7% from 2019.
  • In 2020, the sale of laundry care products, such as liquid detergents, powder detergents, fabric conditioners, and others, increased at a growth rate of 1.3% from 2019. Simultaneously in 2020, surface care registered a growth of 9.2% from 2019 in Europe (Source: A.I.S.E).
  • In Europe, in 2020, the sales of dishwashing, maintenance products, and bleaches also increased with a growth rate of 10.3%, 0.9%, and 12.2%, respectively, from 2019 (Source: A.I.S.E).

Moreover, the pandemic underlined the necessity of consuming good, nutritious foods. The clean label trend is evolved in light of COVID-19. The sales of clean label ingredients are estimated to grow by 6.75% annually by 2024 (Source: Sensient Colors LLC). Further, the food and beverage companies are focusing on the healthier, sustainably sourced, and responsibly packaged products, as the consumers are interested in both the sustainability profile of the packaging and where a product's ingredients come from.

Therefore, strong demand for pharmaceuticals, food & beverages, and home care products due to COVID-19 will support the growth of the green chemicals market.

Based on product, the green chemicals market is mainly segmented into bio-alcohols, bio-polymers, bio-organic acids, bio-ketones, and other green chemicals. The bio-alcohols segment is expected to account for the largest share of the green chemicals market in 2022. The large share of this segment is mainly attributed to the abundant availability of raw materials, rapid urbanization, rising crude oil prices, stringent emission regulations imposed by governments of various countries, and increasing energy consumption. However, the bio-polymers segment is expected to witness significant growth during the forecast period.

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Based on type, the bio-organic acids market is mainly segmented into bio-lactic acid, bio-acetic acid, bio-citric acid, bio-adipic acid, bio-acrylic acid, bio-succinic acid, and other bio-organic acids. The bio-lactic acid segment is expected to account for the largest share of the bio-organic acids market in 2022. The large share of this segment is mainly attributed to its wide range of applications. It also produces oxygenated chemicals, plant growth regulators, and special chemical intermediates. Additionally, the growing demand for Poly Lactic Acid (PLA) in packaging applications, especially food packaging, is anticipated to drive the demand for bio-lactic acid in the next few years.

Based on application, the green chemicals market is mainly segmented into industrial & chemicals, food & beverages, pharmaceuticals, packaging, construction, automotive, and other applications. The industrial & chemicals segment is expected to account for the largest share of the green chemicals market in 2022. The large share of this segment is mainly attributed to the growing industrialization and urbanization, increasing energy demand across the globe, increase in chemical transparency across the supply chain, and ban on the production and usage of hazardous substances. However, the packaging segment is expected to grow at the highest CAGR during the forecast period owing to the growing demand for biodegradable packaging due to their low environmental impact, growing focus on recyclability and sustainability, government emphasis on efficient packaging management, and rising consumer awareness, coupled with increasing bans on single-use plastic.

Geographically, the European region is expected to account for the largest share of the green chemicals market in 2022. The large share of this region is primarily attributed to the growing demand for sustainable products, coupled with the presence of prominent players in the region and the rising adoption of green chemicals across different industries, including food & beverages, personal care, automotive, and packaging. In addition, the chemicals industry of the region is increasingly focusing on the production of green chemicals to develop sustainable and eco-friendly solutions. Germany is expected to dominate the European market through 2029, mainly due to the growing health awareness, rising chemical and pharmaceutical industry, and its excellent research landscape, state-of-the-art logistics, and world-class infrastructure.

The key players operating in the green chemicals market are Cargill, Incorporated (U.S.), Mitsubishi Chemical Holdings Corporation , BASF SE , DuPont de Nemours, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Evonik Industries AG , SECOS Group Ltd. , Braskem SA , Aemetis, Inc. (U.S.), and Albemarle Corporation (U.S.), among others.

Browse in-depth TOC on "Green Chemicals Market - Global Opportunity Analysis And Industry Forecast (2022-2029)"
124 – Tables
27 – Figures 
166 – Pages
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Scope of the Report

Green Chemicals Market, by Product

  • Bio-alcohols
    • Bio-ethanol
    • Bio-butanol
    • Bio-methanol
    • Other bio-alcohols
  • Bio-organic Acids
    • Bio-lactic acid
    • Bio-acetic acid
    • Bio-citric acid
    • Bio-adipic acid
    • Bio-acrylic acid
    • Bio-succinic acid
    • Other bio-organic acids
  • Bio-ketones
  • Bio-polymers
    • Polylactic acid
    • Bio-polyethylene
    • Other bio-polymers
  • Other Green Chemicals

Green Chemicals Market, by Application

  • Industrial & Chemical
  • Pharmaceuticals
  • Packaging
  • Food and Beverages
  • Construction
  • Automotive
  • Other Applications

Green Chemicals Market, by Geography

  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • North America
    • U.S.
    • Canada
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of Asia-Pacific (RoAPAC)
  • Latin America
  • Middle East & Africa (MEA)

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Organic Acids Market Size by Type (Acetic acid, Citric acid, Propionic acid, Formic acid, Lactic acid, Ascorbic acid, Fumaric acid, Malic acid, Others), Applications (Industrial and Chemicals, Food and Beverages, Animal Feed and Nutrition, Pharmaceuticals, Cosmetics and Personal Care, and Agriculture) - Global Forecasts to 2022

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https://www.meticulousresearch.com/product/bioplastics-market-5250

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