Green science is the use of a set of principles that diminishes or dispenses with the utilization or generation of unsafe substances in the design, assembly, and application of chemical products. The green chemical market is expected to grow at a CAGR of approximately 8-10%, owing to the rising consumer awareness towards renewable chemicals and increasing environmental concerns.
Green chemistry plays a vital role in various industries, such as coating, personal care, agriculture, lubricants, functional food, etc.
Several companies in the chemical industry are following the basic principles of green chemistry to offer eco-friendly products. These principles are:
Green chemistry formulation or bio-based product is emerging as one of the most promising chemistries across diverse applications. It is estimated that every year, only 3% of 170 million tons of biomass produced by photosynthesis is being utilized. Key factors driving the biorefinery & bio-based chemical industries include increasing awareness of environmental issues linked with fossil fuel consumption, inflating global energy demand, increasing consumer acceptance for biorefinery products, and growing need for energy independence.
Companies such as DSM, Nouryon, Elevance Renewable Sciences Inc., and Clariant, among others are offering green chemistry or bio-based products across multiple applications, such as coatings, functional food, pharmaceuticals, personal care, etc. The increasing concern over human health has shifted the focus of chemical companies towards launching bio-based or green chemistry products over chemical products, individually or in partnership and collaboration with other relevant companies. Thus, it is evident that in the near future, green chemistry will attract more players. Additionally, it is interesting to study the utilization of bio-based products and factors influencing their market outlook.