)--The green chemicals market is expected to grow by USD 50.38 billion during 2019-2023, according to the latest market research report by Technavio. https://technavio.com/talk-to-us'report=IRTNTR31362
As per Technavio, increasing application of green chemistry in the chemical industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.Green Chemicals Market: Increasing Application of Green Chemistry in the Chemical Industry
Hazardous substances generated from toxic chemicals have resulted in the ban on the production and usage of these substances in several countries. This has brightened the growth prospects of green chemicals which reduce the use or generation of hazardous substances. Green chemistry or sustainable chemistry is applied across the life cycle of green chemicals including its design, manufacture, application, and disposal. The products created by biopolymer modification in green chemicals can be used for various applications such as food ingredients, home and personal care products, water treatment, and industrial cleaning products. The demand for green chemicals is particularly high from the textile industry which is one of the major end-users of chemicals. The evolution of green chemistry in the chemical industry will be a critical trend fueling the growth of the green chemicals market.“More than 36% of the market share will come from the North American region. Several advances in technology in the green chemical industry, along with the significant investments by vendors will boost product sales of green chemicals in North America. Additionally, the use of green chemicals in industries such as automotive, chemicals, and construction is increasing significantly, which will contribute to the increase in demand for green chemicals during the forecast period”, says an analyst at Technavio.Register for a free trial today and gain instant access to 17,000+ market research reports
by product (bioalcohols, biopolymers, bio-organic acids, and bio-ketones) and geographic landscape (APAC, Europe, MEA, North America, and South America).
With a complete study of the growth opportunities for companies, it has been identified that North America will account for the largest green chemicals market share throughout the forecast period. Factors such as the increasing demand for eco-friendly packaging and the increasing use of green chemicals in intermediate chemicals production will fuel the growth of the green chemicals market in this region.Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.