Why is Demand for Bio-Based Packaging Driving Demand for Green Chemicals?

The demand for packaging materials has increased considerably over the past few years, owing to the rapid expansion of the e-commerce industry. However, these packaging materials are primarily made up of plastic, which has already caused immense harm to the environment. As people are becoming more regarding the adverse effects of such products, the demand for bio-based packaging is rising all across the globe. These packaging materials are made up of renewable resources, including animal and plant waste, are non-toxic in nature, and have low production cost. Since green chemicals are utilized in the production of these packaging materials, their demand is growing as well.

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Green chemical offer higher functionality and performance in addition to being more environment-friendly. As per a report by P&S Intelligence, the global green chemicals market is predicted to generate a revenue of $18,474.2 million by 2030, increasing from $9,540.0 million in 2019, and is projected to progress at a 6.6% CAGR during the forecast period (2020–2030). The major product types of green chemicals are organic acids, bioalcohols, biosolvents, and biopolymers, among which, the demand for bioalcohols was the highest in the past. This is because bioalcohols are widely being utilized in the automotive industry or the production of biofuels.

Geographically, the European region was the largest green chemicals market in the past, which is owing to the surging environmental concerns and increased support from governments for the adoption of environment-friendly products in the region. Besides this, the demand for green chemicals is also expected to grow at a rapid pace in the Asia-Pacific region during the forecast period. This can be attributed to the growing need for renewable chemicals from several industries in countries including Thailand, China, South Korea, and In ...

News Release: Why is Demand for Bio-Based Packaging Driving Demand for Green Chemicals?
Submitted on: July 07, 2020 07:36:42 AM
Submitted by: Manish Baghel
On behalf of: https://www.psmarketresearch.com/market-analysis/green-chemicals-market-outlook