New York, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Green And Bio-Based Solvents Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Green And Bio-Based Solvents Market Information by Type, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 7.6% CAGR to reach USD 8.78 Billion by 2030.
Market Synopsis
Agricultural products like corn, sugarcane, refined glycerin, lactic acid, bio-succinic acid, soybean oil, and others are used to make green solvents. Acetone, isopropyl acetate, ethanol, methanol, methyl ethyl ketone, 2-propanol, ethyl acetate, tert-butanol, and 1-butanol are among the least dangerous solvents. Vegetable oils, lactic acid, bio-succinic acid, beet, sugarcane, corn, and refined glycerin make green and bio-based solvents. These solvents are produced in a biorefinery that combines machinery with a method for converting biomass into fuel and electrical power. They are also employed in the manufacture of chemicals like bio-alcohols and bio-glycols. They are biodegradable, non-corrosive, non-carcinogenic, recyclable, and environmentally friendly.
Additionally, green and bio-based solvents have low toxicity, low miscibility, and high boiling points, making them suitable replacements for solvents based on crude oil. The main applications for these solvents include paints and coatings, printing inks, household, and industrial cleaners, adhesives, and pharmaceuticals and cosmetics. They serve as intermediates in producing various goods in detergent, cosmetics, paints and coatings, inks, adhesives and sealants, pharmaceuticals, and other industries.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8.78 Billion |
| CAGR | 7.6% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The fluctuating crude oil prices and fewer emissions, and the environmentally-friendly nature of VOCs. |
| The rising adoption of Bio-Based Solvents in various industries like printing inks, paints and coatings, and consumer goods. |
Market Competitive Landscape:
The central contenders in the green and bio-based solvents market are:
- Cargill, Incorporated (U.S.)
- Corbion (The Netherlands)
- Merck KGaA (Germany)
- Archer Daniels Midland Company (U.S.)
- BASF SE (Germany)
- DowDuPont (U.S.)
- Solvay (Belgium)
- Vertec BioSolvents (U.S.)
- CREMER OLEO GmbH & Co. K.G. (Germany)
- LyondellBasell Industries Holdings B.V. (U.S.)
- Galactic (Belgium)
- Arkema Group (France)
Market U.S.P. Covered:
Market Drivers:
Due to the fluctuating price of crude oil, decreased emissions, and the eco-friendliness of VOCs, the market for green and bio-based solvents is expected to develop significantly. Additionally, the growing use of bio-based solvents in various industries, including printing inks, paints & coatings, and consumer goods, presents a substantial opportunity for the global market for green and bio-based solvents. The expansion of the population and the ensuing expansion of sectors like real estate, public works, and construction and development can be linked to the development of the paints, coatings, and adhesives industries. Green and bio-based solvents are the greatest alternatives to other chemicals- and crude oil-based solvents due to their qualities like minimal VOC emissions and eco-friendliness.
These product characteristics were the main factor in manufacturers' switch to environmentally friendly solvents. Thus, as more and more applications arise, there will be a greater need for environmentally friendly and biodegradable solvents. The demand for eco-friendly paints and coatings has increased as a result of increased rules and regulations set forth by the Eco-product Certification Scheme (ECS), the European Commission, and others in both developed and developing economies, where green/bio-based solvents are utilized to dissolve or disperse the elements used in the paint formulation. This could be one of the major forces boosting the market for green/bio-based solvents.
Market Restraints:
Increased demand for bio-based raw materials from other end-use industries and customer misconceptions about the price and effectiveness of bio-based solvents are two of the industry's main obstacles. The supply of raw materials like soybean oil and maize starch for the production of biofuels may be impacted by rising demand, which could impact the creation of biobased solvents. Due to the high cost of raw ingredients and the intricate manufacturing process, green/biobased solvents have a higher production cost than other conventional solvents. This would discourage clients with lower investment potential from buying green/bio-based solvents, slowing the market's expansion for these products.
Browse In-depth Market Research Report (140 Pages) on Green and Bio-Based Solvents https://www.marketresearchfuture.com/reports/green-and-bio-based-solvents-market-7871
COVID 19 Analysis
Due to its reliance on paints & coatings, ink production, adhesives & sealants, and other industries, the market for green/bio-based solvents has been adversely affected by the COVID-19 epidemic. Additionally, COVID-19 has temporarily halted several construction projects, reducing demand in the building and construction sectors. Due to the risk of infection among the workforce when the green/bio-based solvents market is used to disintegrate or disperse the ingredients used in the paint formulation, several paints & coatings manufacturing enterprises have either shut down or reduced their operations. Due to this, market demand during the COVID-19 period has been temporarily restricted. However, the growing demand for various drugs has accelerated the expansion of the pharmaceutical industry, where bio-based solvents are frequently used as intermediates in the production of pharmaceuticals. Following the COVID-19 scenario, this is anticipated to improve the performance of the market for green/bio-based solvents.
Market Segmentation
By application, the market includes paints and coatings, printing inks, industrial & domestic cleaning, and pharmaceutical. By type, the market includes bio-alcohols, bio-glycols, bio-diols, and ethyl lactate.
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Regional Insights
Due to the expanding pharmaceuticals business in the U.S. and Canada, North America had the biggest revenue share over the predicted period. Germany, the United Kingdom, and Italy make up the majority of European contributions due to the government's strict rules aimed at promoting green solvents. Asia-Pacific is the third-largest contributor to the market for green and bio-based solvents. The increase is related to the increasing use of green solvents in applications such as paints and coatings, medicines, cosmetics, building materials, agrochemicals, and printing inks. Due to the simple accessibility of raw materials and growing consumer awareness of green solvents' eco-friendly and non-toxic nature, China is the region's largest provider. India, Thailand, Malaysia, and Australia are additional nations that have contributed to the regional market expansion. Due to the expanding construction sector, it is anticipated that the Middle East and Africa will experience sustainable growth.
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