Vantage Market Research reports the global post COVID-19 market size of the Green Chemicals Market is expected to grow from USD 9,893.70 million in 2021 to USD 16684.27 million by 2028 at a CAGR of 9.10% during the forecast period.
This news comes from Vantage Market Research’s new market research report “Green Chemicals Market Size, Share & Trends Analysis Report by Product (Bioalcohols, Biopolymers, Biosolvents, Organic Acids), by Applications (Food & Beverages, Personal Care, Packaging, Automotive), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).”
Green Chemicals Market are produced using plant or animal waste and are therefore environmentally friendly, non-toxic and abundant in nature. Due to growing concerns over the rapid depletion of oil and gas reserves, the adoption of Green Chemicals Market is expected to increase in the next coming years. Fluctuations in crude oil prices and increasing green chemistry applications in various industries are among the other factors expected to boost growth of the global Green Chemicals Market, Vantage Market Research says.
In addition, shifting consumer preference toward green and sustainable products, coupled with growing urbanization, and high disposable income are factors expected to create potential revenue opportunities for players operating in the global Green Chemicals Market. High investments by major players and new advancements for the development of various end-use products has created lucrative revenue opportunities for major manufacturers and suppliers of the Green Chemicals Market.
Beyond that, favorable government initiatives to promote the use of Green Chemicals Market owing to vehicle emissions and other environmental concerns is expected to support growth of the target market, Vantage Market Research continues. Government initiatives such as “Made in India” and “Made in China” are encouraging many small players to enter the market, thereby driving the market demand for Green Chemicals Market and ultimately increasing competition, thereby boosting market growth.
The report also predicts demand for Green Chemicals Market in end-use industries. Growing demand for bioethanol as an alternative fuel in automotive industry owing to its properties such as reduce carbon dioxide emissions, cost-efficiency, etc. is a key factor expected to drive growth of the target market. Increasing demand for Green Chemicals Market in the production of intermediate chemical products is another factor expected to contribute significant revenue share in the global Green Chemicals Market. Additionally, the rising demand for Green Chemicals Market in packaging materials due to its properties such as easy disposal, low production cost, and others is a factor expected to augment growth of the global Green Chemicals Market.
