According to a report by P&S Intelligence, the global green chemicals market generated a revenue of US$9,413.1 million in 2020 and is expected to grow at a CAGR of 8.9 per cent from 2020 to 2030.
Key factors contributing to the market growth include the increasing adoption of bio-based packaging and growing concern over fossil fuel consumption. In 2022, China’s National Development and Reform Commission, Ministry of Industry and Information Technology, and others jointly issued the “Guidance on Promoting High-Quality Development of Petrochemical and Chemical Industry in the 14th Five-Year Plan,” which further emphasizes the chemical industry’s potential for growth.
The chemical industry needs to achieve green and innovative development by creating innovative business models and new technologies. For example, in manufacturing, electrification, digitalisation of production, adoption of clean renewable energy such as hydrogen, reduction of fossil fuel use, as well as the use of technologies such as CCUS to further reduce carbon emissions and carbon footprint; in raw materials, more emphasis on recycling of materials and the use of new materials such as bio-based.
Downstream enterprises have also been affected by the “double carbon” policy, and new requirements have been put forward for the greening and low-carbonisation of chemical materials. Green and low-carbon chemical industry transformation has now become an inevitable trend in the chemical industry.
China Green Chemical Industry Innovation Summit 2022 will bring together about 120 of the most representative companies and experts in the global chemical industry to discuss how to build a green and sustainable chemical industry.
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