Green Chemicals Market to be Dominated by Bio-Alcohols Product Segment Through 2028
Rising demand for sustainability is expected to
drive the demand for green chemicals market during the forecast period, 2024-2028
According to TechSci Research
report, “Green Chemicals Market
2028- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
the global
green chemicals market is expected to grow at an impressive rate in the
forecast period 2024-2028. Green chemicals
are the design of chemical products and processes that reduce or eliminate the
use or generation of hazardous substances. Green
chemicals not only solve the fundamental scientific problems of safeguarding
the environment and human health at the molecular level but also do it in a
profitable way for various sectors. In order to produce green chemicals, the chemical industry
is being forced to switch from using petroleum as a feedstock to using
renewable alternatives due to a number of factors, such as knowledge of the
finite nature of petroleum resources, the availability of renewable resources,
environmental concerns, and recent advancements in processing technology.
In addition,
growing demand from packaging, pharma, automobile, and others are the crucial
factors that propel the market's growth. Thus, the need for the
global green chemicals market is expected to rise during the forecast period.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Green Chemicals Market"
The Global Green
Chemicals Market is segmented based on products, application, region.
Based on products,
the market is further divided into bio-alcohols, bio-organic acids,
bio-ketones, bio-polymers, and others. Bio-alcohols are expected to hold the
largest market share during the forecast period, 2024-2028. Since global
warming and environmental pollution are the main concerns, therefore, replacing
fossil fuels with green fuels is an important approach. Thus, it is more
demanded in its segment, and it dominates in the forecast period.
Based on application, the market is further split
into industrial &
chemicals, pharmaceuticals, construction, packaging, automotive, others. As per estimates, the
packaging segment is expected to experience the highest market share during the
forecast period. Biodegradable packaging material is in more in demand by the
food & beverage industry. Thus, the chemical feedstock segment dominates
the market.
Major
operating companies operating in global green chemicals market are:
- Vertec BioSolvents Inc.
- GFBiochemicals Ltd.
- Plantic Technologies Ltd.
- Toray Industries Inc.
- Mitsubishi Chemical Holdings Corporation
- Cargill, Inc.
- Total Corbion PLA
- Aemetis, Inc.
- SECOS Group Ltd.
- Braskem SA
SK Chemicals is
expected to achieve net zero in greenhouse gas emissions by 2040 through a
transition to green energy as per the announcement in November 2022.
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Due
to its government regulations, manufacturing know-how, and innovative skills
with demand, Europe is expected to dominate the global market for green
chemicals in the years to come. The ongoing development of new applications and
rising public awareness of green chemicals is expected to drive market growth.
Along with that, export & trading
policies, a growing focus on R&D for algae-based biofuel production, and
initiatives by many key players provide significant growth opportunities in
this market. Furthermore, the growing
demand from construction, automobile, pharmaceuticals, and food & beverages
are highly demanding factors to enhance the green chemicals market till 2028.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Green Chemicals Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Bio-Alcohols,
Bio-Organic Acids, Bio-Ketones, Bio-Polymers, Others), By Application
(Industrial & Chemicals, Pharmaceuticals, Construction, Packaging, Automotive,
Others), By Region, and Competition has
evaluated the future growth potential of global green chemicals market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global green chemicals market.”
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