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Green chemistry is the design of chemical products and processes which reduce or eliminate the use or generation of hazardous substances. Green chemistry applies throughout the life cycle of a chemical product, including its design, manufacture, use and final disposal. Green chemistry reduces pollution at its source by minimizing or eliminating the risks posed by chemical feedstocks, reagents, solvents and products. If the technology reduces or eliminates hazardous chemicals used to clean up environmental contaminants, it would qualify as green chemistry technology.
Market Analysis: The global green chemicals market was worth USD 90.5 billion in 2019 and is predicted to hit USD 165 billion by 2027, growing at a CAGR of about 8.4% over the forecast period of 2020 to 2027. The revised market size takes into account the potential negative impact of the ongoing COVID-19 pandemic, and the market's growth is attributed to the growing use of bio-based chemicals in a variety of industries, as well as increasingly stringent government regulations prohibiting the use of toxic chemicals or petroleum-based chemical production.
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