The global market for green chemicals attained a valuation of $9,540.0 million in 2019 and it is predicted to generate a revenue of $18,474.2 million by 2030. Furthermore, the market will progress at a CAGR of 6.6% between 2020 and 2030, as per the forecast of the market research company, P&S Intelligence. The major factors driving the advancement of the market are the growing popularity of bio-based packaging and the rapidly depleting reserves of fossil fuels around the world.
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In recent times, there has been a sharp surge in the popularity of various bio-based packaging materials, on account of their highly eco-friendly nature. These materials are made from renewable and environment-friendly sources such as animal wastes and plants. Moreover, these materials are non-toxic, have low production costs, need less raw materials for their production, and can be disposed easily, which, in turn, helps in reducing the overall carbon footprint.
Globally, the green chemicals market is predicted to exhibit rapid expansion in the Asia-Pacific (APAC) region in the coming years. This will be because of the burgeoning requirement for these chemicals in various end-use industries such as automotive, agriculture, and personal care and the growing public awareness about the several advantages of using these chemicals over the traditional synthetic ones, especially in the emerging economies such as China and India.
Hence, it can be said with full surety that the market will demonstrate huge expansion across the world in the coming years, mainly because of the growing demand for eco-friendly chemicals and the rising public awareness about the environmental degradation caused due to the usage of synthetic chemicals.
Read More: https://www.psmarketresearch.com/market-analysis/green-chemicals-market-outlook
