Green Chemicals Market is poised to showcase substantial growth. Asia Pacific to Lead the growth.
- Vikas Kumar
- December 9, 2021
- CHEMICAL, NEWS
- Green Chemicals Market, Green Chemicals Market Growth, Green Chemicals Market news, Green Chemicals Market share, Green Chemicals Market size, Green Chemicals Market Trend
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Global Green Chemicals Market is likely to showcase robust growth during the forecast period (2021-2027). Over the decades there has been a linear increase in the demand of oil and gas across the world. This is mainly due to ongoing and previous advancements in the transportation, automobile and industrial sector. Drilling fluid used while drilling an oil and gas well majorly consists of bentonite along with several synthetic drilling fluid additives. Contaminated oil-based muds containing toxic chemicals are often disposed to the surroundings, prompting environmental pollution to the surrounding seabed life and killing off coral reefs.
Therefore, emphasis on drilling fluid containing biodegradable and environmental-friendly properties is necessary for the preservation of marine environment. Vegetable oils such as Jatropha oil have higher flash point, better thermal stability and lower toxic compositions are advantageous over to oil-based muds. Rising demand of oil and gas would result in increased drilling activities thereby escalating the demand of green chemicals.
For instance, global oil production increased to 4,478 million tons (MT) in 2019, compared to 4,227 MT in 2014. However, in light of Covid-19 after nine consecutive years of increase, global consumption of crude oil observed a decline of around 9 million barrels per day (BPD) in 2020, resulted in the consumption of 88.5 million BPD.
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The COVID-19 pandemic severely impacted several markets across the globe, particularly in India, the U.S., Spain, and other Western European nations. The pandemic also had a significant impact on the market for green chemicals, majorly attributable to the shutdown of manufacturing facilities in compliance with government regulations, to reduce the spread of disease. The shutdown of factories and warehouses caused additional losses to chemical manufacturers as the previously manufactured and stocked chemicals could not be sold due to temporary trade bans and reduced demand.
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Based on product, the green chemicals market is segmented into bioalcohols, biopolymers, biosolvents, organic acids, and others. Bioalcohols category is expected to grow at a considerable growth rate owing to countries are adopting higher blend of bioethanol in gasoline. This increased blend would mitigate carbon emissions from vehicles and conserve fossil fuels. Further, this would help countries achieve their target of carbon neutral country.
Based on application, the green chemicals market is divided into food & beverages, personal care, packaging, automotive, agriculture, and others. Among all, automotive sector hold a lucrative market share. Transportation sector contributes to a significant amount of greenhouse gases emissions globally therefore, automotive flex fuel engines which are compatible with higher blends of bioethanol in gasoline are being adopted. Thus, increasing logistics industry would increase the transportation sector which eventually would lead to demand flex fuel engine thereby increasing the demand for bioethanol from automotive sector.
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Additionally, the report provides detailed initiatives that are being taken in the field of green chemicals market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific held prominent market share of the global green chemicals market, favorable government policies in countries, such as China, India, Japan, and Australia which are driving pollution free economy.
Global Green Chemicals Market Segmentation
Market Insight, by Product
- Organic Acids
Market Insight, by Application
- Food & Beverages
- Personal Care
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Arkema S.A.
- BASF SE
- Evonik Industries AG
- GF Biochemicals Ltd.
- Koninklijke DSM N.V.
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- BioAmber Inc.
- Total Corbion PLA
- Vertec BioSolvents Inc.