Due to the rising global population, the requirement for packaging has shot-up enormously in the recent times. This has massively aggravated the environmental degradation and pollution levels in many countries. As a result, many governments and packaging companies are rapidly replacing the traditionally used packaging materials such as cardboard and plastic with eco-friendly materials such as those made from animal and plant wastes. Moreover, the soaring public awareness of environmental pollution is pushing up the demand for bio-based packaging materials.

Additionally, the increasing size of landfills and the growing concerns being raised all over the world over plastic disposal are making bio-based packaging highly sought after in several industries across the world. Apart from being extremely environment-friendly, these materials also have low production costs, need less raw materials, and can be easily disposed, which, in turn, helps reduce the carbon footprint. The surging requirement for ready-to-go food items is the biggest factor responsible for the growing demand for bio-based packaging.

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This is because these packaging materials are extensively used for packaging organic foods, especially in the U.K., Germany, and the U.S. As these packaging materials require green chemicals for their production, their rising usage is positively impacting the sales of green chemicals around the world. Furthermore, green chemicals are excellent alternatives to the conventionally used petroleum-based chemicals and are thus, widely used in various applications in the automotive, packaging, personal care, textiles, agriculture, and food & beverages industries.

Hence, with the ballooning utilization of these chemicals in various industries, the valuation of the global green chemicals market would rise from $9,540.0 million to $18,474.2 million from 2019 to 2030. Furthermore, the market is predicted to exhibit a CAGR of 6.6% from 2020 to 2030. Bioalcohols, biopolymers, biosolvents, organic acids, biolubricants, and biosurfactants are the most commonly used types of green chemicals across the world. Amongst these, the sales of bioalcohols were the highest in the years gone by.

One of the major factors responsible for driving the growth of the green chemicals market in the region is the rapidly growing demand for renewable chemicals from end-use industries in developing countries, such as China, India, South Korea, and Thailand. In addition, the region is home to several large-scale green chemical manufacturers, majorly in China. The end-use industries, including food & beverages, personal care, and automotive, in the region are witnessing a strong growth, on account of increase in investments in these sectors.