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The green chemicals market share is expected to increase to USD 82.76 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.5%.
This green chemicals market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers green chemicals market segmentations by product (bioalcohols, biopolymers, bio-organic acid, and bio-ketones) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The green chemicals market report also offers information on several market vendors, including 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. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. 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 growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the green chemicals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Green Chemicals Market Driver
The scarcity of non-renewable sources is one of the key drivers propelling the green chemicals market growth. Fundamentally, fossil fuels are valuable sources of energy and feedstock. However, due to their 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. For instance, as of October 2020, the US Energy Information Administration (EIA) estimated that the demonstrated reserve base (DRB) was about 473 billion short tons, of which about 69% was underground mineable coal. Thus, such a rise in energy prices and growing awareness of the hazardous effects of conventional energy sources has influenced governments to invest in alternatives such as green chemicals. Such factors will drive the green chemicals market growth during the forecast period.
Key Green Chemicals Market Trend
Green electronics for a sustainable future is one of the key green chemicals market trends fueling market growth. There has been a significant increase in R&D activities to augment application areas of green chemicals in various industries such as textiles. For instance, one of the biggest chemical manufacturers, DowDupont, is focusing on expanding its product portfolio related to advanced materials and agriculture. The company is increasing its R&D spending on biomaterials, which is part of its new strategy to improve its competitive performance, cost, and environmental benefits. Other manufacturers such as DSM and Cargill have been heavily emphasizing new product innovations and developments to maintain competitive edges and gain shares in the market. These initiatives are enabling manufacturers to create more sustainable products for their consumers.
Key Green Chemicals Market Challenge
The lack of availability of raw materials is one of the factors hindering the green chemicals market growth. Manufacturing of green products mainly depends on the availability of animal and agricultural products such as vegetable oils, sugars, and animal fats. On the other hand, decreasing agricultural production due to reducing arable land over the years is a major limitation with respect to the production of green chemicals. Moreover, the decreasing arable land area is due to increased industrialization, population growth, and urbanization. Thus, the decrease in the arable land area is likely to affect the availability of raw materials, used for producing green chemicals, and may hinder the market growth during the forecast period.
This green chemicals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global green chemicals market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the green chemicals market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the green chemicals market encompasses successful business strategies deployed by the key vendors. The green chemicals market is fragmented and the vendors are deploying growth strategies such as increasingly engaging in joint ventures, M&A, and partnerships to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The green chemicals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the green chemicals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the green chemicals market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The increasing demand for eco-friendly packaging will facilitate the green chemicals market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the regional market. However, the initiation of vaccination drives led to a decrease in the number of COVID-19 cases in H3 2021. This led to the lifting of lockdown restrictions and the resumption of business operations in the region. Such factors are expected to drive the regional green chemicals market during the forecast period.
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The green chemicals market share growth by the bioalcohols segment will be significant during the forecast period. Bioalcohols are sustainable organic chemicals that are environmental-friendly. They are widely preferred as an alternative automotive fuel to gasoline. Bioethanol is a common alternative to petrol and is derived from bioalcohols. Bioethanol is the most preferred bioalcohol due to its lower operational cost and higher yields. Moreover, increasing crude oil prices and rising concern over greenhouse emissions are bolstering the growth of the global green chemicals market by bioalcohols.
This report provides an accurate prediction of the contribution of all the segments to the growth of the green chemicals market size and actionable market insights on post COVID-19 impact on each segment.
Green Chemicals Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.5% |
Market growth 2022-2026 |
$ 82.76 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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