by Driven by the rising demand for green chemicals in various industries along with the scarcity of non-renewable resources and increasing need for green chemicals, the Global Green Chemicals Market is Forecasted to reach nearly US$ 17 Bn by 2028 says Ken Research Study.
Green chemicals or bio-based chemicals are renewable and eco-friendly substances primarily driven from bio-based raw materials related to plants or animals. Green chemicals are designed to maintain the ecological balance as it helps reduces the harmful impact on the environment regarding disposal, transportation, packaging, processing, fabrication, and others.
Ken Research shares 3 key insights on this high-demand market from its latest research study.
1. Rising Concerns Regarding the Fossil Fuel Depletion Encourage Market Growth
The growing demand for renewable alternatives to fossil fuels for the production of green chemicals is boosting the growth of the Green Chemicals market in the forecasted period. The increase in supportive governmental regulations for promoting green chemicals is anticipated to propel market growth. However, the lack of commercialization of bio-based products may hamper the growth of the market.
According to Ken Research estimates, the Global Green Chemicals Market – valued at around US$ 6 Bn in 2017 and estimated to reach nearly US$ 10 Bn by 2022 – is expected to grow to around US$ 17 Bn opportunity by 2028.
2. Increasing Demand for Biochemicals is Driving the Market Growth
The rising demand for environmentally friendly chemicals to build a sustainable environment along with the scarcity of non-renewable resources is anticipated to aid the growth of the market. Moreover, increasing the adoption of sustainable products like biodiesel over diesel or biochemical over chemicals is expected to bolster the growth of the global green chemicals market.
The below graph depicts the increasing production of biodiesel in the USA.
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3. High Costs of Green Chemicals Are the Most Significant Barrier to the Growth of the Market
The high prices of green chemicals as well as the availability of much cheaper alternatives like synthetic chemicals may hamper the growth of the market. In addition, the lack of awareness and commercialization of bio-based products may restrict the growth of the market. Moreover, the R&D for green chemicals is time-consuming as well as requires high investment which may restrict the growth of the market.
