The Millennium Alliance for Humanity and the Biosphere (MAHB) estimates that oil reserves, gas reserves, and coal reserves will deplete by 2052, 2060, and 2090, respectively. The rapid depletion of oil and gas, which are extensively used in the production of chemicals, has resulted in the discovery of alternatives such as green chemicals. Additionally, the absence of sulfur dioxide and harmful particulate matter in green chemicals has also increased the usage of these bio-based chemicals in recent years.
Moreover, the escalating demand for bio-based packaging materials, owing to the non-toxic characteristic of plant and animal waste-based materials, is expected to drive the green chemicals market at 8.9% CAGR during 2020–2030. According to P&S Intelligence, the market was valued at $9,413.1 million in 2020 and it will generate $22,039.0 million revenue by 2030. Bio-based packaging materials require a few raw materials, have low production cost, and are easily disposable, owing to which their usage will significantly surge in the upcoming years.
The application segment of the green chemicals market is classified into agriculture, automotive, food and beverages, packaging, personal care, and others, such as paints and coatings, construction, textiles, and electrical and electronics. Among these, the personal care category is expected to display the fastest growth during the forecast period (2021–2030), owing to the surging focus of people on bio-based beauty and personal hygiene products. The surging concerns regarding the detrimental impacts of synthetic chemicals on the skin will result in the high-volume adoption of bio-based personal care products in India, China, the U.S., the U.K., and Germany.
In recent years, green chemical producers, such as Arkema Group, Vertec BioSolvents Inc., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, GFBiochemicals Ltd., Plantic Technologies Limited, Total Corbion PLA, BASF SE, Toray Industries Inc., and Evonik Industries AG, have introduced novel products to cater to the needs of end-use industries. For instance, in June 2021, JSW Cement Limited unveiled a new range of green products to enter the construction chemicals sector. These products help conserve natural resources by replacing river sand during concreting with screen slag.
Therefore, the limited availability of fossil fuels and the vast demand for bio-based packaging materials will augment the consumption of green chemicals in the foreseeable future.
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