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Green Chemicals Market Surging at a CAGR of 8.27% through 2031 Fuelled by High Demand for Environment Friendly Products

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Green Chemicals Market Surging at a CAGR of 8.27% through 2031 Fuelled by High Demand for Environment Friendly Products

July 09
08:31 2024
Green Chemicals Market Surging at a CAGR of 8.27% through 2031 Fuelled by High Demand for Environment Friendly Products
Skyquest Technology
Green Chemicals Market Size, Share, Growth Analysis, By Type(Bio-Alcohols (Bio-Ethanol, Bio-Butanol, Bio-Methanol, Others)), By Application(Industrial & Chemical, Food & Beverages, Pharmaceuticals, Packaging), By Region – Industry Forecast 2024-2031

Green Chemicals Market size was valued at USD 35.49 Billion in 2022 and is poised to grow from USD 38.43 Billion in 2023 to USD 72.56 Billion by 2031, growing at a CAGR of 8.27% in the forecast period (2024-2031).

Key players in the global green chemical market have started focusing on using bio-based materials in their manufacturing processes from the past couple of years. This change was possible due to the significant shift in the global market away from conventional chemical sources towards sustainable solutions derived from renewable resources. These green chemicals are used in many industries like construction, automotive, packaging, and agriculture because of this change towards environmental products.

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Green chemicals, also known as bio-based chemicals, are ecologically friendly and renewable substances derived mostly from bio-based raw materials. These components are sourced from plants, vegetables, and animals. Vegetable oils, animal fats, sugar, starch, bioethanol, corn, sugarcane, wheat, cassava, and other plants are significant suppliers of these bio-chemicals. Chemicals derived from biomaterials, compared to those derived from petroleum, are more environmentally friendly. They are designed to minimize their influence on recycling, disposal, transportation, installation, processing, and manufacture, thereby helping to maintain ecological balance. The utilization of green chemical manufacturing in several industries has effectively reduced the generation of harmful compounds. 

Customer Demand for Sustainable Products is Surging the Green Chemicals Market Growth

Recently, the demand for environmentally friendly products has seen a rise because customers are ready to invest more for sustainable alternatives. Today most of the consumers worldwide are willing to invest more towards sustainable companies. This percentage is particularly elevated among specific customer demographics. For instance, sustainability is a primary factor that influences the shopping decisions of 66% of all buyers and 75% of millennial shoppers. As eco-friendly products are gaining more popularity in the market the opportunities for the manufacturers of green chemical also increases. Therefore, it has become crucial for chemical companies to focus on sustainability if they want to take advantage of the increasing customer demand.

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High Investment in Research & Development is Driving the Adoption of Environmentally Friendly Chemicals

Government bodies and private institutions are investing heavily on the research and development of green chemicals. The research will help in understanding the many ways in which the chemical can be used in various sectors like textile. Expansion in the usage of this green chemical will also help in bringing sustainability across several industries. For instance, DowDupont, a market leader in chemical manufacturing is focusing on extending its product range in advanced materials and agriculture. The business is investing more for R&D in biomaterials to satisfy customer demands.

  • In January 2024, NTPC Limited went into a non-binding MoU agreement with Numaligarh Refinery Limited for bio-refinery projects. This partnership will also help them to achieve the net-zero targets.
  • In September 2022, RiKarbon Inc. established a cooperation with BASF to create bio-based emollients. RiKarbon’s patented technology will help the personal care sector to find sustainable solutions. They can recycle bio-waste into bio-based, biodegradable emollients.
  • In June 2022, JSW Cement Limited introduced an eco-friendly construction chemical product.These can help inpreserving natural resources and even lower landslides, floods, and air pollution.
  • In May 2022, Cellulose Solutions’ subsidiary Verdant Innovations introduced its initial collection of specialty green sustainable chemicals. The business will focus on items like hemp, pulp, textile, and nonwovens.

 

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The green chemicals industry has experienced substantial expansion in recent times due to the increasing use of packaging materials derived from renewable sources, such as plant and animal waste. Bio-based packaging is good for the environment because they are non-toxic materials. These packaging’s are also cost-efficient and can be easily disposed. In the next few years, the green chemical market will see a significant growth due to increasing public awareness and high demand for sustainable products creating a circular bioeconomy.

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