Published Date : 02 Jan 20 | Views: 126 | Industry : Chemical & Material
Growing
Adoption of Green Development to Foster the Growth of Construction Segment
Based
on application the market is segmented into construction, healthcare,
automobiles, and food processing. The rapid development and increasing focus on
modernizing infrastructure in the construction industry have great implications
on the environment. To reduce environmental degradation not only government but
construction industry is also widely adopting green chemical, which is likely
to foster the growth of the construction segment. On the other hand, the type
segment of the market includes animal fat, bioethanol, vegetable oils, and
sugar and starch.
Focus
on Pollution and Conservation in Europe to Benefit the Regional Market
Rising
concerns regarding air and water pollution are prompting governments to
implement stringent rules and regulations for sustainable development and to
conserve the environment. This has encouraged the use of bio-based raw
materials or green chemicals in Europe and North America.
Asia-Pacific
region is highly dependent on fossil fuel and the region also contributes to a
considerable amount of pollution. Curbing harmful emissions and reducing
environmental impact is increasingly gaining prominence in both the private and
government sector. This is likely to positively influence the growth of the
market over the next few years.
Innovation
and Sustainability – Major Area of Investment for Top Players
The
market is largely fragmented due to the presence of several top players. Market
players are keen to increasingly invest in R&D and focus on sustainable
innovation. Some of the key players operating in the market are BioAmber Inc.,
Myriant Technologies LLC, DSM NV, Cargill Inc., INEOS Group Ltd., BASF SE,
Agrisoma, Aemetis, Dyadic, BioArchitecture Lab, Cellana, BioProcess Algae,
Chemrec, Ceres, Braskem SA, Glycos Biotechnologies, Global Bioenergies, and
Albemarle.
Increasing Usage of Green Chemical in Various End
Use Industries to Boost the Growth of the Market
Increasing concerns regarding the degradation of the environment have led to a conscious shift towards Green chemistry or Green chemicals that are being incorporated into manufacturing to reduce the generation of hazardous substances. It has applications in various industries such as textile, food, cosmetics, and healthcare. End-user industries such as the construction, packaging, agriculture, and automotive are increasingly adopting Green Chemical in production offering potential for growth of the market in the future. Government initiatives promoting sustainable methods along with an increasing need to reduce dependency on conventional energy sources has led to the emergence of viable options such as Green chemicals.