LONDON, Nov. 14, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Green Chemicals Global Market Report 2023, the market is projected to rise from $96.99 billion in 2022 to $108.53 billion in 2023, boasting a robust compound annual growth rate (CAGR) of 11.9%. This upward trend is anticipated to continue, culminating in a green chemicals market valuation of $162.6 billion by 2027, demonstrating a steady CAGR of 10.6%.
Driving Force: Rising Demand for Bioethanol
Fueling this remarkable growth in the green chemicals market is the escalating demand for bioethanol, a renewable fuel additive derived from agricultural sources like sugar cane or corn. Recognized for its eco-friendly attributes, bioethanol stands out as a clean-burning fuel with significantly lower greenhouse gas emissions compared to traditional fossil fuels. Recent data from The German Bioethanol Industry Association reveals a 2% increase in German bioethanol production from 701,000 tons in 2021 to 715,000 tons in 2022, underlining the market's responsiveness to sustainable alternatives.
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Industry Leaders
Leading the charge in the green chemicals market are key players such as Cargill Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, and BioAmber Inc. These industry giants underscore the commitment to environmental stewardship and innovation, positioning the green chemicals market for continued growth.
Technological Advancements: Paving the Way
Technological advancements take center stage as a key trend in the green chemicals market. Major companies, including VelocityEHS, are leveraging cutting-edge technologies like Praedicat's unique platform to continuously evaluate and update the risk profile of in-use chemicals. This revolutionary approach ensures that customers have rapid and informed access to predicted risk profiling, facilitating the selection of safer and more sustainable options.
Regional Dominance and Market Segmentation
Europe emerged as the largest region in the green chemicals market in 2022.
The green chemicals market is intricately segmented based on type (bio-alcohols, bio-organic acids, bio-ketones, biopolymers, and other types), technology (bioprocessing, fermentation, enzymatic processes, metabolic engineering, and other technologies), raw materials (agricultural waste, biomass, microorganisms, sugar and starch crops, and other raw materials), and applications (construction, healthcare, pharmaceuticals and personal care products, packaging, food and beverages, paints and coatings, automotive, agriculture, and other applications).
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In conclusion, the Green Chemicals Market Report 2023 is a beacon for businesses seeking growth opportunities in the realm of sustainable and eco-friendly solutions. Players in the green chemicals market can harness the insights presented in this report to navigate market dynamics, innovate their product offerings, and align with the growing demand for green alternatives. Seize the chance to lead in sustainable practices and make informed decisions that propel your business into a greener and more prosperous future.
Green Chemicals Global Market Report 2023 by The Business Research Company provides insights on the green chemicals market size, green chemicals market segments, green chemicals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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