The global green chemicals market is expected to reach USD 58.6 billion in 2026, growing at a CAGR of 9.5% during the forecast period.Green chemicals, also known as bio-based chemicals, are the type of chemicals which does not have any adverse effect on the environment and human health as these chemicals are produced from bio-based feedstock & raw materials and are renewable in nature.
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These chemicals are less harmful as compared to the petroleum-based chemicals. The green chemical has a wide variety of application across industries namely automobile, construction, agriculture, food processing, and healthcare. The growth of this market is primarily driven by increasing concern towards maintaining an environmental balance and increasing government initiative to encourage the use of green chemicals. However, the high cost associated with the green chemicals and long manufacturing process and higher timelines for the intended application are likely to hamper the growth of the green chemical market during the forecast period. Also, according to a few research studies, some of the green chemicals contain dioxane, which is carcinogenic to nature. This might hamper the growth of the market to a certain extent. The bio ethanol segment expected to dominate the market throughout the forecast periodBased on the raw material type, the global green chemicals market has been segmented into bio-ethanol, sugar & starch, animal fats, Vegetable oil, and others. The bioethanol raw material segment accounted for the highest share in the global green chemicals market in 2018. The growth of this market is attributed to its usage in a wide verity of industries and eco-friendly nature. Based on application, the automobile industries segment is expected to grow at a highest CAGR throughout the forecast periodBased on application, the market has been segmented into construction industry, healthcare industries, food processing industries, construction industries, automobiles industries, other industries.
The construction industries application segment accounts of the largest share in the market and are expected to grow at a steady pace throughout the forecast period. While the automobile industries application segment is expected to register a fastest growing CAGR during the forecast period. North America to dominate the green chemicals market throughout the forecast period North America accounted for the largest market share nearly 40% of the global green chemicals market in 2018 and is expected to dominate the market throughout the forecast period. The growth is mainly attributed to the increasing demand for sustainable chemicals, higher adoption of green chemicals and the presence of key manufacturers in this region.Asia Pacific is expected to register the highest CAGR in the global market during the forecast period.
The growth of this segment is attributed to the growing awareness and control measures regarding environmental concerns, rapid industrialization and increasing government initiatives to promote the usage of green chemicals. Company Profiles and Competitive Intelligence:DuPont Industrial Biosciences, Cargill, Braskem, DSM, INESO group, BioAmber, BASF, Bayer Material Science AG, Anderson Corporation, and Balfour Beatty PLC among others are few of the key players in the green chemicals markets.
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