The report on Global Green/Bio-Based Solvent Market by Value Market Research (VMR) estimates the market to show a CAGR of 7.4% growing from USD 6500.5 Million in 2017 and reach USD 10,680.5 Million by 2024. Green and bio-based solvents are derived from the agricultural sources, such as corn, sugarcane, lactic acid, refined glycerin, bio-succinic acid, and soybean oil. These solvents are produced in bio refinery which combines biomass conversion process and equipment. These are non-corrosive & non-carcinogenic in nature, recyclable and help to prevent ozone depletion, thus green & bio-based solvents are eco-friendly. Green solvents have wide range of application across industries such as printing inks, adhesives & sealants, paints & coating and domestic cleaning.
The report identifies that with the increasing scope of sustainable chemistry along with the rising environmental concerns and increasing consumer awareness of eco-friendly products the adoption of green & bio-based solvent by chemical industries will grow worldwide. Moreover, they are gaining popularity across chemical and pharmaceutical industries owing to their renewability, biodegradability and low toxicity, and high melting point. Also the eco-friendly nature and low VOC content emission than synthetic solvents are some other additional properties responsible for raising their demand across end-users. On the other hand, high production cost is likely to curb the market growth. Whereas, increasing demand for green and bio-based solvents in cosmetics, adhesive and sealants and pharmaceutical industries will open new doors of growth in the market.
The report "Global Green/Bio-Based Solvent Market Report By Product (Bio-Based Methanol, Bio-Based Ethanol, Bio-Based Propanol, Bio-Based Butanol, Bio-Based Propylene Glycol, Ethyl Lactate, D-Limonene, Methyl Soyate and Others), Application (Paints & Coatings, Printing Inks, Commercial & Domestic Cleaning, Adhesives & Sealants, Pharmaceutical, Cosmetics and Other), And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" has recently been updated with latest statistical data. The report with its expert analysis and deep accuracy will surely assist in taking informed decisions.
The report segments the market on the basis of product and application. By product the market is bifurcated into Bio-Based Methanol, Bio-Based Ethanol, Bio-Based Propanol, Bio-Based Butanol, Bio-Based Propylene Glycol, Ethyl Lactate, D-Limonene, Methyl Soyate and Others. By application the market is divided into Paints & Coatings, Printing Inks, Commercial & Domestic Cleaning, Adhesives & Sealants, Pharmaceutical, Cosmetics and Other. In terms of geography, the green/bio-based solvent has been analyzed across the region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is likely to dominate the market owing to the rising adoption of green solvent across various end-use sectors along with the rapid expansion of construction industry in U.S. At the same time, the Asia-Pacific region is growing at the fastest rate owing to the growing consumption of green solvent in construction, pharmaceutical, painting & coating, cosmetic, agrochemical, and printing inks application.
The report segments the Global Green/Bio-Based Solvent Market -
Prominent players profiled in the report are:
Galactic, Vertec Biosolvents Inc., Cargill Inc., BioAmber Inc., BioMCN, Corbion NV, Archer Daniels Midland Company, Elevance Renewable Sciences, Inc, Cobalt Technologies, and Florida Chemical Company,.
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