The demand for
packaging materials has increased considerably over the past few years, owing
to the rapid expansion of the e-commerce industry. However, these packaging
materials are primarily made up of plastic, which has already caused immense
harm to the environment. As people are becoming more regarding the adverse
effects of such products, the demand for bio-based packaging is rising all
across the globe. These packaging materials are made up of renewable resources,
including animal and plant waste, are non-toxic in nature, and have low
production cost. Since green chemicals are utilized in the production of these
packaging materials, their demand is growing as well.
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Green
chemical offer higher functionality and performance in addition to
being more environment-friendly. As per a report by P&S
Intelligence, the
global green chemicals market is
predicted to generate a revenue of $18,474.2 million by 2030, increasing from
$9,540.0 million in 2019, and is projected to progress at a 6.6% CAGR during
the forecast period (2020–2030). The major product types of green chemicals are
organic acids, bioalcohols, biosolvents, and biopolymers, among which, the
demand for bioalcohols was the highest in the past. This is because bioalcohols
are widely being utilized in the automotive industry or the production of
biofuels.
Geographically, the European region was the largest green chemicals market in the past, which is owing to the surging environmental concerns and increased support from governments for the adoption of environment-friendly products in the region. Besides this, the demand for green chemicals is also expected to grow at a rapid pace in the Asia-Pacific region during the forecast period. This can be attributed to the growing need for renewable chemicals from several industries in countries including Thailand, China, South Korea, and India.
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