Green Chemistry Chemicals Market size is forecast to reach $130 billion by 2025, after growing at a CAGR of 11.5% during 2020-2025. The increasing demand for greener products, the growing need for cost-effective processing, cheaper feedstocks, and new product avenues are driving the commercialization of other chemical products. Today, green chemicals are playing a significant role, as they are designed to reduce or eliminate the use or generation of hazardous substances. The COVID-19 outbreak has stopped the production process of green chemicals as various organic chemical manufacturers have been shut down. Due to this circumstance, the growth of green chemicals is getting constraint.
By End Use Industry – Segment Analysis
The wide range of applications of green chemistry includes uses in the pharmaceutical industry, as well as new approaches that reduce or eliminate the use of solvents, or render them safer and more efficient. Green chemistry chemicals also inspired a growing number of ways to synthesize traditionally petroleum-based chemicals from biological materials instead, often plant matter or waste. Green chemistry chemicals also play a key role in alternative energy science, and the production of new ways to make solar cells, fuel cells, and batteries for storing energy. When self-assembling molecules use bio-based plant materials, it is considered green chemistry. Because a primary goal of green chemistry chemicals is to minimize or eliminate waste in the manufacture of chemicals and allied products, it has inspired the creation of many green “next generation” catalysts. Another important development in green chemistry chemicals is the trend toward redesigning chemical products to reduce their hazard.
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Geography – Segment Analysis
Approx. XX% of the market share will come from the North American region which makes it dominant across the globe. 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.
Drivers – Green Chemistry Chemicals Market
Significant increase in R&D activities across different applications
There has been a significant increase in R&D activities to augment application areas of green chemicals in various industries such as textiles, electronics, food, and pharmaceuticals by many major vendors. For instance, one of the biggest chemical manufacturers, DuPont, is focusing on expanding its product portfolio related to advanced materials and agriculture. Thus, the company is seen increasing its R&D spending on biomaterials, which is part of its new strategy to improve its competitive performance, cost, and environmental benefits. Therefore, such initiatives targeted at developing sustainable products for their consumers will drive market growth.
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Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Green Chemistry Chemicals market. In 2019, the market of Green Chemistry Chemicals has been consolidated by the top five players accounting for xx% of the share. Green Chemistry Chemicals Market top 10 companies are AbengoaAura Biotechnologies, Arkema Group, BASF SE, Avantium N.V., BiologiQ Inc., BioAmber Inc., Cardia Bioplastics, Butamax Advance Biofuels LCC, Evonik Industries AG, Dongguan Xinhai Environmental-Friendly Material Co. Ltd., Fulcrum BioEnergy Inc., Ecovia Renewables Inc., Koninklijke DSM N.V., GFBiochemicals Ltd., Plantic Technologies Ltd., Mitsubishi Chemical Corporation, Total Corbion PLA, Toray Industries Inc., and Vertec Biosolvents Inc, among others.
In July 2020, Air Products & Chemicals, the U.S. industrial gas giant, announced plans on Tuesday to build a green hydrogen plant in Saudi Arabia powered by 4 gigawatts of wind and solar power, the world’s largest such project announced so far. The $5 billion plant will be jointly owned by Air Products, Saudi Arabia’s ACWA Power and Neom, a new mega-city planned near Saudi Arabia’s borders with Egypt and Jordan.
The increasing demand for greener products, the growing need for cost-effective processing, cheaper feedstocks, and new product avenues are driving the commercialization of other chemical products.
Alternative chemical products include chemicals produced from bio based feedstocks, also as end-use chemical products that incorporate both bio-based chemicals and green chemistry principles.
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