A green chemical is one that has improved performance and usefulness while being less harmful to the environment throughout its entire life cycle. Green chemistry minimizes pollution at its source by reducing or eliminating the risks associated with chemical feedstock, reagents, and solvents. If technology eliminates the usage of harmful chemicals to clean up environmental toxins, it qualifies as a green chemistry technology. As a natural evolution of pollution control activities, the term greening chemistry emerged in the corporate and regulatory communities. By the mid-twentieth century, some of the long-term negative consequences of these advances could no longer be ignored. Some commonly used chemicals have been suspected of causing or being directly linked to human cancer and other negative human and environmental health impacts. Many nations began to restrict industrial waste and emissions generation and disposal. In 1970, the United States established the Environmental Protection Agency (EPA), which was tasked with safeguarding human and environmental health by developing and enforcing environmental regulations.
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Growing awareness of the usage of bio-based chemicals, as well as increased acceptance of bio-based packaging, are projected to drive green chemicals market expansion throughout the forecast period. Furthermore, stringent government regulations prohibit the use of harmful chemicals and chemical products based on petroleum. However, the high cost of green chemicals and unpredictable raw material costs are projected to limit this market's growth. Market leaders are using sophisticated technologies and entering the green chemicals market. For instance, Sumitomo Chemical announced its new Corporate Business Plan for the fiscal years 2022-2024 in March 2022, expressing a commitment to advance a broadly defined green transformation (GX) and contribute to the resolution of major social issues such as carbon neutrality and ecosystem conservation throughout its company in order to increase a sustainable society. Under the new Corporate Business Plan, which represents the slogan "Change and Innovation with the Power of Chemistry," the Company will focus on some key management priorities, including further enhancing its business portfolio, improving financial strength, accelerating the development of next-generation businesses, and fulfilling obligations and making contributions towards carbon neutrality, as outlined in its basic policy.
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Segmental Insights - Global Green Chemicals Market
- In 2021, the Bio-Alcohols segment held the largest share for the green chemicals market. The large share of this segment is primarily due to the abundant availability of raw materials, rapid urbanization, rising crude oil prices, stringent emission regulations imposed by various governments bodies and rising energy consumption. Furthermore, some of the market's major companies, such as Global Green Chemicals Public Company Limited, an oleochemicals manufacturer in Thailand under the PTTGC Group, provide green chemical products in the market and contribute to market’s growth. Green chemical products such as fatty alcohol, methyl ester, and glycerin were developed for the pharmaceutical industry and are now used in health and personal care products, cosmetics, and personal hygiene.
- On the basis of industry in the global green chemicals market, the textile segment is projected to be the fastest-growing segment over the forecast period owing to the increasing demand for green chemicals from the textile industry. A number of steps have recently been taken in the textile industry to make textile processing more environmentally friendly. Greener fiber, greener dyes and auxiliaries, greener solvents, eco-friendly, optimized, and efficient processing, bio-processing, textile, water, and chemical recycling, and the elimination of hazardous chemicals are examples of these.
- Asia Pacific region is expected to show the highest growth rate during the forecast years in the global green chemicals market. This region's growth is primarily driven by the increasing consumer and industrial interest in the use of clean energy resources to preserve environmental and governmental activities to ban conventional non-biodegradable plastics, and government investments as well as initiatives to promote green chemicals. This initiative is likely to propel the regional market forward.
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Key Companies in the Global Green Chemicals Market Are:
- BASF SE
- Bio-Kleen Products, Inc.
- Cargill
- DuPont
- EcoGreen International Group Limited
- Evonik Industries
- Giner Inc.
- Global Green Chemicals Public Company Limited
- GREEN Chemicals A.?.
- Greenchemicals S.r.l.
- InKemia Green Chemicals, Inc.
- Sekab
- SNP, Inc.
- Thermax Limited
- Other Market Participants
Global Green Chemicals Market Scope:
Absolute Markets Insights has segmented the global green chemicals market based on product, industry, and region and further into countries:
Global Green Chemicals Market Product Outlook (Revenue, USD Million, 2015 - 2030)
- Bio-Alcohols
- Bio-Organic Acids
- Ethanol
- Biopolymer
- Others
Global Green Chemicals Market Industry Outlook (Revenue, USD Million, 2015 - 2030)
- Textile
- Chemicals
- Electronics
- Paper and Pulp
- Packaging
- Agriculture
- Paints and Coatings
- Healthcare
- Construction
- Cosmetic and Personal Care
- Energy and Power
- Food and Beverage
- Mining and Refinery
- Others
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Global Green Chemicals Market Regional Outlook (Revenue, USD Million, 2015 - 2030)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries, Benelux Union, Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia, Rest of Asia Pacific)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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