Why will Green Chemicals Market Exhibit Exponential Growth in Asia-Pacific in Future Years?

The rapidly depleting fossil fuel reserves, increasing incorporation of bio-based packaging materials, and increasing environmental damage caused because of the usage of inorganic chemicals are the major factors responsible for the soaring utilization of green chemicals across the world. As a result, the global green chemicals market size is predicted to advance at a CAGR of 6.6% from 2020 to 2030 and grow, in value, from $9,540 million to $18,474.2 million from 2019 to 2030, as per the estimates of the market research firm, P&S Intelligence.

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On the basis of application, the green chemicals market is divided into personal care, agriculture, automotive, packaging, food and beverages, electrical and electronics, textiles, construction, and paints and coatings categories. Out of these, the personal care category is predicted to register the fastest market growth in the coming years. This is because of the rising public awareness about the various advantages of the bio-based personal hygiene and beauty products over the conventionally used synthetic beauty products such as negligible damage to the skin.

One of the major factors fuelling the growth of the market is the growing concerns regarding environmental degradation and the subsequent rise in the usage of eco-friendly green chemicals. These chemicals are produced from animal or plant wastes, that are easily biodegradable and available in abundance in nature. They have the necessary characteristics which make them suitable for use in place of the fossil fuels-based chemicals in a plethora of applications such as those pertaining to the automotive, food and beverages, personal care, agriculture, textiles, and packaging industries.

Therefore, because of the increasing environmental damage, in the form of depleting ozone layer and global warming, and the decreasing fossil fuel reserves across the world, the demand for environment-friendly chemicals such as green chemicals is certain to surge throughout the world in the years to come. 

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