Green Chemicals Market: Introduction
- Green chemicals, also known as bio-based chemicals, are eco-friendly and renewable substances primarily derived from bio-based raw materials related to plants, vegetables, and animals
- Key sources of these bio-chemicals include vegetable oils, animal fat, sugar and starch, bio-ethanol, corn, sugarcane, wheat, and cassava
- Unlike petroleum-based production of chemicals, bio-based chemicals are less harmful to the environment and designed to maintain the ecological balance by reducing certain environmental impact regarding recycling, disposal, transportation, installation, processing, and fabrication. The usage of green chemicals in the manufacture of products helps reduce the production of hazardous substances.
Key Drivers and Restraints of Green Chemicals Market
Rise in adoption of green cities and green-based construction of buildings for residential, industrial, and commercial sectors across the globe is expected to boost the market during the forecast period. Volatility in oil prices across the globe and the rise in number of applications for green chemicals across industries are also fueling the market. Increase in government initiatives and encouragement for regional manufacturers to use sustainable components in the production of their products represent key driving factors of the market. However, fluctuation in prices of raw materials and high cost of production vis-à-vis petroleum-based chemicals are expected to hinder the market during the forecast period.
Green Chemicals Market: Application Segment
- Based on application, the green chemicals market can be divided into construction, pharmaceuticals, packaging, food & beverages, paints & coatings, automotive, textile, and others
- The construction segment is anticipated to account for the major share of the global green chemicals market in the near future due to the increase in demand for green chemicals in the building & construction industry
- Market share of the textile segment has been rising owing to the increase in demand for green chemicals in the textile industry
COVID-19 Impact on Global Green Chemicals Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Green chemicals are used in various industries. However, the ongoing pandemic has affected industries throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions have hampered the green chemicals industry.
North America to Hold Leading Share of Green Chemicals Market
- In terms of region, the green chemicals market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to hold major share of the global green chemicals market, followed by Asia Pacific and Europe, during the forecast period
- Rise in demand for bio-based components in various industries and wide adoption of green chemicals in intermediate chemical production in North America are driving the market in the region
- The market in Asia Pacific is expected to expand at a rapid pace in the next few years owing to the rise in environmental concerns, rapid industrialization, and increase in government initiatives and funding in various industries
Key Manufacturers Operating in Global Green Chemicals Market
The green chemicals market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the green chemicals market include:
- Cargill Inc.
- BASF SE
- Bio-Kleen Products, Inc.
- Balfour Beatty PLC
- DuPont Industrial
- Dryvit Systems, Inc.
- Anderson Corporation
- Palmer Industries, Inc.
- Plycem USA, Inc.
- Silver Line Building Products LLC
- Thermafiber, Inc.
- Huber Engineered Woods LLC
- Bayer Material Science AG
- Kingspan Group
- USG Corporation
- DSM NV
- Calera Corporation
Green Chemicals: Research Scope
Green Chemicals Market, by Type
- Bio-organic Acids
Green Chemicals Market, by Application
- Food & Beverages
- Paints & Coatings
Green Chemicals Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.