South Korea Green Chemicals Market Overview, 2029

As the sun rises over South Korea's industrial landscape, a new era of green chemistry is dawning - an era that promises to turn waste into resources and pollution into possibility. Green chemistry start-ups have started changing the market landscape with an increase in the number of their formation, the companies in question are the pioneers for innovation in areas as diverse as biodegradable plastics and bio-based solvents to sustainable agriculture products, thereby adding up to sector diversification in the context of green chemicals. New developments in biotechnology promise to make bio-based chemicals from renewable resources. Techniques such as microbial fermentation and enzyme-based processes are already being strongly favored over traditional chemical production as a resource-saving and more environmentally friendly alternative. The concept of circular economy is now increasingly being integrated in the green chemicals market by companies who stress the saving of waste and the recovery of resources. Korea Chemicals Management Association (KCMA) are voices for the industry during formation, in times of new policy establishment of chemical substances, provide information to the industry, and assist compliance with new regulation. The Chemicals Control Act is an act to prevent risks caused by chemical substances to the health and environment of people, to protect their lives and property from chemical substances, and to do so by controlling chemical substances properly and promptly responding to accidents that have occurred due to chemical substances. Eco-innovation projects like studies have also been conducted by Korea. This project, the "Alternative Chemical Search program," is developed, distributed, and managed since 2011 to ensure reliable information for small and medium-sized businesses facing difficulties in collecting information that can ensure conformity to international regulations. It provides information on the regulations of major countries and Korea, 340 alternative chemicals, 70 application cases, and 1:1 consulting. According to the research report "South Korea Green Chemicals Market Overview, 2029," published by Bonafide Research, the South Korea Green Chemicals market is anticipated to add to more than USD 2 Billion by 2024–29. The development of the green chemicals industry is a potential positive driver for the South Korean economy in terms of research, manufacturing, and marketing jobs. In this regard, as investments into sustainable technologies continue growing, this is expected to open up financial opportunities for companies that focus on green chemistry, providing support to stronger and more sustainable economic growth. The transformation factors identified in the green chemicals industry are biotechnology and catalysis, which open up new routes to production, working with more efficiency. These new technologies open avenues for the manufacture of green chemicals from renewable sources, which could save ample energy and decrease environmental impact. Increasing demand from consumers to apply environmentally-friendly labels is pressing companies to use more environmentally friendly formulations. Companies are ensuring their product portfolio delivers sustainability as awareness about environmental impacts grows, just as their customers reflect responsible consumerism values. Innovative applications of green chemicals are witnessed across industries. For example, in agriculture, bio-based pesticides and fertilizers are being prepared to substitute for some dependence on synthetic chemicals, such as those pesticides that have been linked to damage in biodiversity and food poisoning. The sector is also witnessing an increase in sustainable building materials - the kind of paints that have low VOC and eco-friendly insulation - partly driven by increasing pressures from regulation and consumer demand for greener options. For instance, The Korea New and Renewable Energy Association (KNREA) seems to have very positive engagement with renewable energy policy in South Korea, but very little with other climate policies. The organization has been an ardent advocate for policy with regard to the growth of use of renewable energy in South Korea, as seen in the case of the Korea Renewable Energy 3020 Plan and Renewable Portfolio Standard (RPS). In the early part of 2022, KNREA conveyed support for the government's policies that act as transition mechanisms for renewable energy, among them being the expansion of R&D into renewable energy facility, lightening the regulations on renewable energy, and putting up electric power infrastructure that will center around renewable energy, restructuring electric power market.

Bio solvents that contribute towards the country's efforts to reduce its carbon footprint while also promoting sustainability. Bio Alcohols are one of the major segments of green chemicals of South Korea. The bio alcohol market is likely to reach with high production of bioethanol. Ethanol is produced primarily from agricultural feedstocks, such as corn and sugarcane. Local production and imports have been at the forefront of companies like Korea Alcohol Group in the country. The recent collaborations, like the memorandum of understanding signed by Sumitomo Corporation and Korea Alcohol Group, are geared toward better supply chains and further expansion for bioethanol in the green fuels and bioplastics sectors. Bio Organic Acids Organic acids are in increasing demand because of its multifunctionality in various applications including food preservation, biodegradable plastics, among others. South Korean companies are investing in the manufacturing of organic acid, like lactic acid and citric acid through fermentation processes. For instance, CJ CheilJedang is researching novel ways of producing these acids from renewable sources to support the shift to sustainable chemicals. Bio ketones are a relatively new class of intermediates in the chemical synthesis of South Korea's green chemicals. For this reason, research institutes are actively researching the possibility of making bio ketones from biomass, as part of national objectives aimed at sustainability. While this is still a developing area, potential may be made manifest for the use of bio ketones in the pharmaceuticals and specialty chemicals fields for use in the future. Bio Polymers are being increasingly used with increasing interest in their biodegradable nature and, particularly with respect to reduced adverse impact on the environment relative to traditional plastics. Use of PLA (polylactic acid) is on the rise as packaging material. South Korean firms have been interacting with overseas counterparts to improve their skill of manufacturing PLA and this becomes a trend towards more sustainable material that will replace fossil-fuel-based plastics. Low Toxicity Bio Solvents are becoming popular due to their less toxicity levels as compared to traditional solvents being used. These are used in a diversified industry segment including paints, coatings, and cleaning products. South Korean manufacturers prefer developing bio-based solvents from the agricultural feedstocks that are globally joining the bandwagon of safer chemical solutions. Apart from those major categories, the types of goods including biogas and specialty chemicals based on biomass products have a high contribution in the growth of the South Korean green chemicals market. South Korea ranks as the 13th largest market globally, reflecting its growing focus on eco-friendly solutions. This market encompasses several key applications, including packaging, healthcare, pharmaceuticals and personal care products, construction, food and beverages, paints and coatings, and automotive. In packaging, South Korean companies are increasingly adopting biodegradable and recyclable materials to combat plastic waste. For instance, LG Chem has developed bio-based plastics derived from renewable resources, which are used in various packaging applications. The government’s initiatives to reduce single-use plastics have further accelerated the shift towards sustainable packaging solutions. The healthcare sector is also leveraging green chemistry to create safer medical products. Companies like Samsung Biologics are focusing on developing biopharmaceuticals that minimize environmental impact through sustainable manufacturing processes. Their commitment to reducing hazardous waste aligns with global trends towards greener healthcare solutions. In the realm of pharmaceuticals and personal care products, South Korean brands are reformulating their offerings to eliminate harmful chemicals. Amorepacific, a leading cosmetics company, emphasizes the use of natural ingredients and sustainable sourcing in its product lines. This approach not only caters to consumer demand for transparency but also aligns with environmental sustainability goals. The construction industry is embracing green chemicals through the use of low-VOC (volatile organic compounds) paints and eco-friendly building materials. Companies such as KCC Corporation offer innovative coatings that improve indoor air quality while adhering to stringent environmental regulations. This trend reflects a broader commitment within the industry to adopt sustainable practices. In the food and beverages sector, South Korean companies are increasingly using compostable packaging and organic ingredients. For example, CJ CheilJedang has introduced plant-based food products that utilize environmentally friendly packaging solutions, appealing to health-conscious consumers. The paints and coatings industry is evolving as well, with firms like Nippon Paint Korea offering low-VOC options that minimize environmental impact. These products cater to both residential and commercial markets seeking healthier living environments. In the automotive sector, manufacturers like Hyundai Motor Company are incorporating bio-based materials into vehicle production. Hyundai has developed car interiors using recycled plastics and natural fibers, showcasing a commitment to sustainability while enhancing vehicle performance. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Green Chemicals market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

By Product Type • Bio Alcohols • Bio Organic Acids • Bio Ketones • Bio Polymers • Bio Solvents • Others Product Types By Applications • Packaging • Healthcare • Pharmaceuticals & Personal Care Products • Construction • Food & Beverages • Paints & Coatings • Automotive • Other Applications The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Green Chemicals industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.