Green Chemicals are a suitable replacement for petroleum-based chemicals because of their low cost and toxicity. They are prepared by using animal or plant waste, which is available in abundance, unlike fossil fuels which have limited reserves. The rapid depletion of fossil fuels, owing to their high-volume consumption in various end-use industries, has augmented the use of green chemicals worldwide. These chemicals are used in an array of applications in the personal care, food and beverages, agriculture, automotive, packaging, and textile industries.
Over the years, there has been a significant surge in the demand for bio-based packaging materials, owing to rising environmental concerns. The increasing shift toward environment-friendly packaging solutions is, therefore, expected to steer the green chemicals market at a CAGR of 6.6% during 2020–2030. The market value stood at $9,540.0 million in 2019 and it is projected to reach a revenue of $18,474.2 million by 2030. Unlike petroleum-based packaging materials, green chemical-based packaging materials are non-toxic and can be easily disposed of, without increasing the carbon footprint of the planet.
According to P&S Intelligence, Europe dominated the green chemicals market, in the recent past, due to the high environmental concerns in the region. Moreover, the surging support from governments and organizations regarding the usage of environment-friendly chemicals in end-use industries will also boost their adoption in the coming years. For example, the Lead Market Initiative launched by the European Commission aims to support the usage of bio-based products in the member nations by using policy instruments, such as public procurement, standardization, and regulations, to do away with the barriers to launch new products for the customers.
Thus, the increasing consumer preference for bio-based packaging materials and expanding personal care sector in developing countries will fuel the production of green chemicals in the foreseeable future.
Read More: https://www.psmarketresearch.com/market-analysis/green-chemicals-market-outlook
No comments:
Post a Comment