The global green chemicals market attained a valuation of $9,540.0 million in 2019 and it is predicted to generate a revenue of $18,474.2 million by 2030. Furthermore, the market will progress at a CAGR of 6.6% between 2020 and 2030, as per the forecast of the market research company, P&S Intelligence. The major factors driving the advancement of the market are the growing popularity of bio-based packaging and the rapidly depleting reserves of fossil fuels around the world.

In recent times, there has been a sharp surge in the popularity of various bio-based packaging materials, on account of their highly eco-friendly nature. These materials are made from renewable and environment-friendly sources such as animal wastes and plants. Moreover, these materials are non-toxic, have low production costs, need less raw materials for their production, and can be disposed easily, which, in turn, helps in reducing the overall carbon footprint.

Global surge in popularity

Besides the aforementioned factors, the mushrooming demand for ready-to-go food items is also fueling the surging popularity of organically packaged and bio-based packaging foods, especially in countries such as Germany, the U.K. and the U.S., which is, in turn, propelling the expansion of the green chemicals market across the globe. This is because green chemicals are heavily used in these packaging materials. This is subsequently creating lucrative growth opportunities for green chemicals producing companies all over the world.

Depending on application, the market is classified into personal care, food & beverages, automotive, packaging, agriculture, electrical and electronics, textiles, paints and coatings, and construction categories. Out of these, the food & beverages category is predicted to register the highest growth in the market in the forthcoming years. This will be because of the ballooning requirement for food additives made from various natural ingredients such as organic acids like lactic acid, which is heavily used for preserving food items.

On the other hand, the personal care category is predicted to demonstrate the fastest growth in the market in the upcoming years. This is credited to the rising public awareness about the various beneficial traits of bio-based personal hygiene and beauty products over the conventionally used synthetic chemical-based beauty products. Additionally, the regular usage of conventionally used synthetic beauty products negatively affects the skin, due to the existence of huge amounts of petroleum-based chemicals in these products.

Globally, the green chemicals market is predicted to exhibit rapid expansion in the Asia-Pacific (APAC) region in the coming years. This will be because of the burgeoning requirement for these chemicals in various end-use industries such as automotive, agriculture, and personal care and the growing public awareness about the several advantages of using these chemicals over the traditional synthetic ones, especially in the emerging economies such as China and India.

Hence, it can be said with full surety that the market will demonstrate huge expansion across the world in the coming years, mainly because of the growing demand for eco-friendly chemicals and the rising public awareness about the environmental degradation caused due to the usage of synthetic chemicals.

N.B: Original press release published on PRNewswire