Rising Adoption of Green Based Construction & Green Cities are the Key Factors to boost the Green Chemicals Market Market
Green Chemicals are commonly known as bio-based chemicals. Green chemicals are one that provides higher performance and functionality that are more environmentally benign throughout their entire life-cycle. These are eco-friendly and renewable substances derived from bio-based raw materials.
Recently, the increasing use of industrial and commercial packaging materials manufactured from renewable sources, like plant and animal waste, has led to significant growth in the market for green chemicals. This is attributed owing to the environmental benefits of bio-based packaging, including its non-toxic nature, the requirement for fewer raw materials for production, low production cost, and convenient disposal. With the increase in environmental concerns, the adoption of bio-based packaging materials is likely to witness a rise in the future, which, in turn, is expected to fuel the demand for green chemicals for their production.
Adapting to Green Chemical Principles requires investment, as it is very inexpensive chemical processes are redesigned. However, certain raw materials become more expensive, and also the costs for energy increase, hence investors should be paid back as the optimized processes become less expensive than the un-optimized ones. The development of greener procedures can therefore be seen as an investment for the future, which also helps to ensure that the production complies with possible upcoming future legal regulations.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in green chemicals demand. The implementation of lockdown in China in January, followed by subsequent months in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales of Green Chemicals Market Market.
Asia Pacific is expected to grow at the fastest CAGR in the coming years owing to the high demand for green chemicals in the industrial sector. Additionally, this region contains the world’s best manufacturing facilities and R&D for chemical technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of green chemicals. The Asia Pacific held the largest share of the Green Chemicals Market Market in 2021, followed by Europe and North America. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Green Chemicals Market Market such as Cargill Inc., BASF SE, Bio-Kleen Products, Inc., Balfour Beatty PLC, DuPont Industrial, Biosciences, Dryvit Systems, Inc., Anderson Corporation, Palmer Industries, Inc., Plycem USA, Inc., Silver Line Building Products LLC, Thermafiber, Inc., Huber Engineered Woods LLC, Bayer Material Science AG, Kingspan Group, USG Corporation, Koninklijke DSM NV, Calera Corporation.
Browse the full Report - Green Chemicals Market Size, Share & Trends Analysis Report by Product (Bioalcohols, Biopolymers, Biosolvents, Organic Acids), by Applications (Food & Beverages, Personal Care, Packaging, Automotive), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)