The global green chemicals market generated a revenue of $9,540.0 million in 2019 and is predicted to advance at a CAGR of 6.6% between 2020 and 2030. Furthermore, the market is expected to attain a valuation of $18,474.2 million in 2030. The key factors fueling the market boom are the growing demand for bio-based packaging, rapidly depleting fossil fuel reserves, the soaring consumer preference for eco-friendly chemicals, and the increasing public awareness about the toxic effects of inorganic chemicals.
In recent years, there has been a sharp growth in the popularity of bio-based packaging or packaging materials made up of environment-friendly and renewable sources such as animal and plant wastes. These substances can be easily disposed of, have low production costs, and require fewer raw materials for production in comparison to the traditionally used packaging materials. The ability of these materials to drastically reduce the carbon footprint on the environment is making them very popular all over the globe.
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Apart from the growing environmental concerns, the rising popularity of ready-to-go food items is also pushing up the requirement for bio-based packaging and organic packaging, especially in the countries such as the U.K., Germany, and the U.S. This is, in turn, driving the sales of green chemicals, as these chemicals are extensively used in the production of bio-based packaging materials. Another major factor propelling the demand for these chemicals is the rapid depletion of fossil fuel reserves around the world.
In China, the growing public awareness about the benefits of the chemicals made from biomass is boosting the demand for green chemicals. This is subsequently causing the boom of the market in the country. Moreover, the various raw materials needed for the production of these chemicals such as crops, bagasse waste, and wood waste are abundantly available in the APAC region. Because of this factor, green chemicals are available in the APAC countries at cheaper prices than the synthetic ones.
Thus, it can be said with full confidence that the market would exhibit huge expansion all over the world in the upcoming years, primarily because of the growing requirement for eco-friendly chemicals, the rising popularity of bio-based packaging, and the cheaper costs of green chemicals throughout the world than the petroleum-based ones.
