Green Chemicals

Bio based chemicals is another name to green chemicals, that are produced bio feedstock which makes them renewable in nature. They are considered to be eco-friendly in nature as compared to their petroleum based counterparts. Starch and sugar, animal fats, bio-ethanol, and vegetable oils are commonly used in the production of green chemicals. Automotive, food processing, construction, healthcare and agriculture are some of key application areas of green chemicals. Increasing concerns towards environmental pollution with rapid growth of the end use industries that use green chemicals are the key factors pushing the demand for green chemicals market. However, high price competency, longer waiting period for the desired application and limited availability are some of the key factors barring the growth of the green chemicals market at present. The ACS Green Chemistry Institute and the United States Environmental Protection Agency (EPA) are heavily involved in backing research and development for reducing the toxicity level in the chemicals, which in turn would result in the prevention of pollution.

Plastic pollution has become a serious concern in today’s world. According to Insights and Reports approximately 8.5 billion tonnes of virgin plastic were produced in 2016 and an estimated 6.7 billion tonnes of plastic waste were generated in the same year out of which only 10% were recycled, while 13% were incinerated and the remaining was accumulated. It is estimated that the continuation of the current trend would escalate the wastage to more than 12 billion tonnes by the end of 2050. Further, it is estimated that more than 1 million plastic bottles are purchased every minute. More than 500 billion plastic bottles were sold in 2016, out which The Coca Cola Company’s share of bottles accounted for more than 10%. Less than 50% of the bottles are recycled and less than 5% of the bottles are turned into new bottles. Owing to this factor, the manufacturers of plastic are shifting their focus towards the development of renewable alternatives. Polylactic acid has gained significant traction as a suitable alternative to conventional plastic and is being increasingly used in the food packaging industry. Due to these factors, the market for green chemicals is expected to gain significant traction in the coming years which is primarily fuelled by aggressive research and development activities undertaken by the key manufacturers.