Green chemical industry to soar to $98.5 billion by 2020
By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
Green Chemistry is the discipline that is evolving in response to the wide array of challenges. According to a new report from a market intelligence agency, green chemistry represents a market opportunity that will grow from 8 billion in 2011 to $98.
Green Chemistry is the discipline that is evolving in response to the wide array of challenges. According to a new report from a market intelligence agency, green chemistry represents a market opportunity that will grow from 8 billion in 2011 to $98.5 billion by 2020. The agency anticipates dramatic growth rates for green chemicals during the coming decade, these emerging markets represent a drop in the bucket compared to the $4 trillion global chemical industry. By 2020, the firm expects that the total chemical industry will expand to $5.3 trillion in annual revenues.
Green chemistry markets are currently nascent, with many technologies still at laboratory or pilot scale and many production-scales green chemical plants are not expected to be running at capacity for several more years. However, most green chemical companies are targeting large, existing chemical markets, so adoption of these products is limited less by market development issues than by the ability to feed extant markets at required levels of cost and performance.
The report forecasts, green alternatives in the polymer sector will represent the highest penetration level (5.7%) within the total chemical market, as it is somewhat more developed than the other key sectors. The special, fine, and commodity chemical sectors are more nascent and will enjoy somewhat lower penetration rates during the forecast period.
At a recent 3 day symposium in Mumbai, Industrial Green Chemistry World (IGCW 2011), speakers from leading companies from the chemical & allied industry worldwide like Tata Chemicals, Dr. Reddy'''s, L'''oreal, Pfizer etc. presented their initiatives and spoke about the current scenario of the industry. The inaugural speech was given by Vinod Khosla (founder Sun Microsystem and Khosla Ventures) along with Dr. Paul Anastas and Dr. John Warner, founders of Green Chemistry.
Commenting on this prediction, David C. Constable, ESH & Sustainability executive who was also one of the speakers at IGCW 2011, said "This prediction should be true as we are at the post-recession phase and now green energy is cheaper"
"As world is moving on the lines of sustainability, utilization of raw materials to biofuels and biobased chemicals is becoming an important thrust area for industry" said Santosh Vyas, Praj Matrix Innovation Centre. IGCW is playing critical role in bringing different value chain elements like raw material companies, Technology companies and chemical companies together, added Vyas.
It'''s evident that events like these will be helpful in increasing the awareness on technologies that are Greener, cleaner and more sustainable in years to come.
Green Chemical Industry
First Published : December 07, 2011 12:00 am