The concerns regarding swift fossil fuel depletion has been surging for a few years now. At the present time, a number of industries are dependent upon fossil fuels, as petroleum-based products are highly common. However, due to the extensive usage of fossil fuels has led to their depletion. Owing to this, there is a pressing need for finding alternatives to fossil-fuel based products. This is predicted to result in the growing demand for green chemicals across the globe. 

 

Green chemicals are manufactured using animal or plant waste, which are abundantly available around the world. These chemicals further won’t cause as much harm to the environment as fossil fuels. In addition to this, green chemicals have the capability to serve as a low-cost alternative to fossil fuels. Ascribed to such advantages, the global green chemicals market is predicted to grow at a considerable pace in the years to come. 

 

The increasing utilization of bio-based packaging is projected to result in the growing requirement for green chemicals. Owing to the eco-friendly nature of bio-based packaging solutions, they are being adopted extensively all over the world. These products further need lesser raw products for products, have low production cost, and are non-toxic in nature. Green chemicals or renewable chemicals are utilized for the production of bio-based packaging, which is why their demand will rise as well. With the surging environmental concerns, industrial scenario is being largely defined by advanced eco-friendly products.

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The green chemicals market is projected to generate a revenue of $18,474.2 million by 2030, increasing from $9,540.0 million in 2019, and is predicted to register a 6.6% CAGR during the forecast period (2020–2030). On the basis of application, the market is divided into agriculture, automotive, packaging, personal care, and food & beverages. Out of these, the market was dominated by the food & beverages application in 2019, and the situation is expected to remain the same in the coming years as well. 

 

The high demand for food additives that are manufactured using natural ingredients, such as organic acids, is leading to the high demand for green chemicals in the industry. For example, lactic acid is used for food preservations and polypropylene glycol is used for pet food, food flavorings, and animal feed. The personal care division is predicted to advance at the fastest pace during the forecast period due to the increasing awareness about advantages of bio-based personal hygiene and beauty products. 

 

According to a study conducted by P&S Intelligence, the European region is accounted for the major share of the green chemicals market during the historical period (2014–2019), owing to the rising environmental concerns in the region. Moreover, the rising support from various organizations and governments in the region is expected to drive the adoption of eco-friendly chemicals. The Asia-Pacific region is expected to grow at the fastest pace during the forecast period, owing to the high demand for these products from industries. 

 

Hence, the market is projected to grow due to the increasing requirement for bio-based packaging and depleting fossil fuels.