The green chemicals market size is set to grow up to USD 82.76 billion and the market will be progressing at a CAGR of 11.5% during 2021-2026. The scarcity of non-renewable sources is notably driving the green chemicals market growth, although factors such as lack of availability of raw materials may impede the market share.
This research report identifies and analyses the growth drivers that will boost the market growth. It also provides a thorough understanding of all the segments, trends, and challenges that are likely to have an impact on the future prospects of the market in focus.
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The scarcity of non-renewable sources is one of the key factors that will drive green chemicals market share. Due to the high prices, depletion of fossil feedstock reserves such as natural gas, coal, and crude oil has demanded exploration for alternatives to energy and feedstocks for the chemical industry. Factors such as the rise in energy prices and growing awareness of the hazardous effects of conventional energy sources have influenced governments of several countries to invest in alternatives such as green chemicals which in turn drives the market growth
In addition, green electronics for a sustainable future is one of the major green chemicals market trends that will fuel the market growth. However, the lack of availability of raw materials may hamper the market value.
The green chemicals market is segmented by Product (Bioalcohols, Biopolymers, Bio-organic acids, and Bio-ketones) and Geography (North America, Europe, APAC, South America, and MEA). Based on the product, the green chemicals market share in the bio alcohols segment will be significant during the forecast period. The increasing demand for eco-friendly packaging will facilitate the green chemicals market growth in North America. 35% of the market's growth will originate from North America during the forecast period.
Green Chemicals Market: Vendor Analysis
The green chemicals market is fragmented and market growth depends on market conditions, government support, and industry development.
Arkema Group, Balfour Beatty Plc, BASF SE, Bio Kleen, Cargill Inc., Du Pont De Nemours Inc., Evonik Industries AG, George Weston Foods Ltd., GFBiochemicals Ltd., Givaudan, GREENCHEMICALS Spa, JSW Cement Ltd., Koninklijke DSM NV, Mitsubishi Chemical Holdings Corp., NatureWorks LLC, Novamont Spa, Novonor, Plantic Technologies Ltd., Toray Industries Inc., TotalEnergies SE, and Vertec Biosolvents Inc. are some of the major green chemicals market vendors. The report also provides insights into the growth prospects of each of these leading players along with their product pipelines.
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