The green chemicals market is expected to grow by USD 50.38 billion during 2019-2023, according to the latest market research report by Technavio. Request latest free sample report of 2020-2024
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Technavio has announced its latest market research report titled Global Green Chemicals Market 2019-2023 (Graphic: Business Wire)
The global green chemicals market is recording high growth in emerging economies such as India, China, Brazil, Russia, and Indonesia. Many manufacturers of green chemicals are shifting their manufacturing operations to these countries due to factors such as availability of land, economical labor, low transportation costs, and favorable regulations promoting the use of green chemicals. Also, these markets are characterized by increased spending on pharmaceuticals, automobiles, electronics and electricals, and consumer goods. Therefore, the global green chemicals market is expected to grow significantly in emerging economies during the forecast period.
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As per Technavio, increasing application of green chemistry in the chemical industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Green Chemicals Market: Increasing Application of Green Chemistry in the Chemical Industry
Hazardous substances generated from toxic chemicals have resulted in the ban on the production and usage of these substances in several countries. This has brightened the growth prospects of green chemicals which reduce the use or generation of hazardous substances. Green chemistry or sustainable chemistry is applied across the life cycle of green chemicals including its design, manufacture, application, and disposal. The products created by biopolymer modification in green chemicals can be used for various applications such as food ingredients, home and personal care products, water treatment, and industrial cleaning products. The demand for green chemicals is particularly high from the textile industry which is one of the major end-users of chemicals. The evolution of green chemistry in the chemical industry will be a critical trend fueling the growth of the green chemicals market.
"More than 36% of the market share will come from the North American region. Several advances in technology in the green chemical industry, along with the significant investments by vendors will boost product sales of green chemicals in North America. Additionally, the use of green chemicals in industries such as automotive, chemicals, and construction is increasing significantly, which will contribute to the increase in demand for green chemicals during the forecast period", says an analyst at Technavio.
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Green Chemicals Market: Segmentation Analysis
This market research report segments the green chemicals market by product (bioalcohols, biopolymers, bio-organic acids, and bio-ketones) and geographic landscape (APAC, Europe, MEA, North America, and South America).
With a complete study of the growth opportunities for companies, it has been identified that North America will account for the largest green chemicals market share throughout the forecast period. Factors such as the increasing demand for eco-friendly packaging and the increasing use of green chemicals in intermediate chemicals production will fuel the growth of the green chemicals market in this region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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