Green chemistry is a wide-ranging market opportunity that will grow from $2.8 billion in 2011 to $98.5 billion by 2020, according to a new market report.
Green chemistry encompasses many issues, finding solutions for some of society’s most vexing problems. It includes creating alternatives to toxic substances, petroleum as the source ingredient for most products, and dangerous, wasteful production processes.
"Green chemistry markets are currently nascent, with many technologies still at laboratory or pilot scale," says Pike Research president Clint Wheelock, "and many production-scale 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."