NEW YORK, Nov. 4, 2020 /PRNewswire/ —
Green Chemicals Market Research Report: By Product (Bioalcohols, Biopolymers, Biosolvents, Organic Acids), Application (Food & Beverages, Personal Care, Packaging, Automotive, Agriculture) – Global Industry Trends and Growth Forecast to 2030
Read the full report: https://www.reportlinker.com/p05982458/?utm_source=PRN
The strongest factors helping the green chemicals market advance are the increasing concerns regarding the rapid depletion of fossil fuel reserves and swift uptake of bio-based packaging materials. As a result, the industry, which generated $9,540.0 million in 2019, is projected to grow at a 6.6% CAGR during 2020–2030 (forecast period), to reach $18,474.2 million by 2030. Rather than actual chemicals, green chemicals are made from organic resources and, thus, are biodegradable and not harmful to the environment.
On being segmented by application, the market is divided into personal care, food & beverages, automotive, packaging, and agriculture. Till 2030, the market would be led by the food & beverages division, on account of the rising demand for food additives with a natural source. For instance, lactic acid is being used in food preservatives, while propylene glycol is becoming a key ingredient in animal feed, pet food, and food flavorings.
During the forecast period, the fastest growth in the green chemicals market would be experienced by the personal care division. This is attributed to the increasing consciousness of people about using bio-based hygiene and beauty products, owing to their advantages over those containing chemicals. For instance, the presence of a significant amount of petrochemicals can cause synthetic beauty products to impact the skin negatively. And, with the skin being the most-visible aspect of appearance, natural skincare products are becoming popular.
The key driver for the industry is the growing usage of packaging materials made from organic and biodegradable sources. Materials such as plant and animal waste are not only renewable, but also environment-friendly, non-toxic, easily disposable, and cost-effective to produce, and they also require lower amounts of raw materials. A major reason behind the rising consumption of bio-based packaging materials is the increasing popularity of ready-to-eat foods, especially in the U.K., the U.S., and Germany. Thus, due to its environment-friendliness, the usage of bio-based packaging is increasing, thereby driving the market.
Europe is set to be the largest region in the green chemicals market by 2030, owing to the increasing usage of such chemicals in order to curb the deterioration of the environment. In this regard, several governments in the region are offering their support for the adoption of such materials. Asia-Pacific (APAC) will be the most-rapidly advancing market during the forecast period, because of the increasing consumption of renewable chemicals in its developing countries. Moreover, the region houses high-volume green chemical producing plants and expanding end-user industries.
Read the full report: https://www.reportlinker.com/p05982458/?utm_source=PRN
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