Based on the analysis the report identified that with the increasing area of sustainable chemistry along with the rising environmental concerns has prompted the adoption of green & bio-based solvent by chemical industries worldwide. Moreover, they are gaining popularity across the chemical and pharmaceutical industry owing to their renewability, biodegradability, low toxicity, and high melting point. Also, eco-friendly nature and low VOC content emission than synthetic solvents are raising their demand worldwide. Growing demand for green and bio-based solvents across various end-use industries such as adhesive and sealants, cosmetics, and pharmaceutical industries will open new opportunity growth for the market.
According to the Value Market Research (VMR), the Global Green & Bio-Based Solvent Market is estimated to grow at CAGR 7.4% and reach USD 10,680.5 MN by 2024. By volume, the market was estimated to reach XX.X KT by 2024 with a CAGR of X.X%.
ETHYL LACTATE IS HIGHLY PREFERRED AS THE GREEN SOLVENT
Ethyl lactate is likely to bring nearly USD XX.X MN by end of 2024. It is green and safe agrochemical solvent. It is used to extract phytonutrients from food waste, which can be further used in pharmaceutical, food, and cosmetic products as preservatives, natural antioxidants, colorants, and functional foods. Rising demand for economically viable and environmentally friendly solvent across various industries over traditional solvent is expected to raise the demand for ethyl lactate. Moreover, growing demand for large-scale organic synthesis chemicals is again raising the demand of the product.
PAINTS AND COATING EMERGES AS THE LARGEST APPLICATION SECTOR
Growing paints and coating industry across the globe is likely to raise the demand for green solvent, where they are used to disperse different component which is used in the paints formulation such as resins and pigments. However, solvents help to provide decorative and glossy paints for the surface. Therefore, growing demand for efficient and effective coating across various end-use industries such as automotive, construction, marine etc. is considered to be the major factor driving the growth of the segment. It estimated that by end of 2024, the paint and industry is projected to reach USD XX.X MN.
NORTH AMERICA IS LIKELY TO RULE THE MARKET
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, paint & coating, cosmetic, agrochemical, and printing inks application.
COMPETITIVE INSIGHT
Archer Daniels Midland Company, Corbion NV, Vertec Biosolvents Inc., Cargill Inc., BioAmber Inc., BioMCN, Galactic, Florida Chemical Company, Elevance Renewable Sciences, Inc, and Cobalt Technologies. Players are coming with new products in order to meet the demand across the globe also the advent of new vendors in the market will present room for the growth.
As per this study the Global Green & Bio-based Solvents Market was valued USD 5.05 MN (by revenue) in 2021 and is anticipated to reach USD 9.01 MN by 2028 with a CAGR of 8.6%. By volume, the market was estimated at XX KT in 2021 and is expected to reach XX KT by 2028 with a CAGR of XX%.
With the increasing area of sustainable chemistry and the rising environmental concerns with increasing consumer awareness of eco-friendly products has prompted the adoption of green & bio-based solvent by chemical industries worldwide. Due to their renewability, biodegradability and low toxicity, and high melting point - green & bio-based solvents are gaining popularity in the various chemical and pharmaceutical industries.
Green and bio-based solvent are produced by the agricultural sources, such as corn, sugarcane, lactic acid, refined glycerin, bio-succinic acid, and soybean oil. These solvents are produced in biorefinery which combines biomass conversion process and equipment to produce fuel, power and chemical products like solvent from biomass. They are non-corrosive & non-carcinogenic in nature, recyclable and help to prevent ozone depletion, thus green & bio-based solvents are eco- friendly.
Market Dynamics
Fluctuating price of crude oil, adverse impact on the environment due to volatile organic compounds and rising adoption of green solvents in the end-user industries such as paints and coating, printing inks and others are the prime factors driving the growth of global green solvents market. On the other hand, high production cost limits the market growth to a certain extent.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of green & bio-based solvents.
Market Segmentation
The broad green & bio-based solvents market has been sub-grouped into product, and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
- Bio-Based Methanol
- Bio-Based Ethanol
- Bio-Based Propanol
- Bio-Based Butanol
- Bio-Based Propylene Glycol
- Ethyl Lactate
- D-Limonene
- Methyl Soyate
- Others
By Application
- Paints & Coatings
- Printing Inks
- Commercial & Domestic Cleaning
- Adhesives & Sealants
- Pharmaceutical
- Cosmetics
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for green & bio-based solvents in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Green & Bio-Based Solvents Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the green & bio-based solvents market includes Cargill Inc., Vertec Biosolvents Inc., BioAmber Inc., BioMCN, Corbion NV, Galactic, Archer Daniels Midland Company, Florida Chemical Company, Elevance Renewable Sciences, Inc, and Cobalt Technologies. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
METHODOLOGY:
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.