Pune India, April 29, 2022 (GLOBE NEWSWIRE) -- Bio solvents market is anticipated to grow at a steady growth rate over the forecast period, owing to increasing awareness regarding environmentally sustainable goods coupled with the rising environmental issues. Bio solvents are derived from the agricultural sources, which includes corn, sugarcane, refined glycerin, soybean oil, lactic acid, and bio succinic acid among others. Rise in environmental concern over the past few years, has propelled national and international regulatory authorities to implement strict regulations directed to address threat of harmful chemical substances. This has boosted demand for bio solvents.
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On the other hand, bio solvents offers benefits such as reduced toxicity, low volatile organic compounds (VOC), biodegradability, worker safety, and environmental friendliness. Such benefits further fuels growth of the market.
Key Insights & Findings:
- The lactate ester segment led the bio solvents market and valued at USD 3.02 Billion in 2020. This is mainly due to rising demand across the printing inks, coatings, and industrial applications. However, glycols solvent segment is anticipated to witness highest growth during the forecast period.
- The paints & coatings application segment accounted for the largest market share and valued at USD 3.48 Million in 2020. Rapid usage of lactate ester solvents across paints & coatings applications drives growth of this segment. In addition, urbanization and industrialization are projected to fuel demand for paints & coatings, fueling growth of the segment.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the bio solvents market and valued at USD 3.59 Billion in 2020. Advancing living conditions and increasing population and per capita income along with the flourishing end-user industries primarily drives growth of the region. North America region is anticipated to grow at prominent CAGR over the forecast period, due to growing demand and product innovation in terms of application and quality of bio solvents.
Key players operating in the global Bio Solvents Market BASF SE., The Dow Chemical Co., AkzoNobel N.V., E.I. du Pont de Nemours & Co., Cargill Inc., Huntsman Corp., LyondellBasell, BioAmber, Myriant Corp., and Vertec Biosolvents among others. To enhance their market share in the global bio solvents market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, In June 2021, LyondellBasell signed a long-term commercial agreement with Neste. Under this agreement, the companies will collaborate on making chemicals and polymers from renewable feedstock more widely available to global brands.
- In January 2020, BASF, one of the leading bio solvents industry players acquired Solvay’s polyamide business. This acquisition has broaden BASF’s polyamide capabilities with innovation coupled with the well-known products such as Technyl.
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Global Bio Solvents Market by Product:
- Lactate Ester
- Soy Methyl Ester
- Glycols
- Alcohol
- Others
Global Bio Solvents Market by Application:
- Paints & Coatings
- Printing Inks
- Adhesives & Sealants
- Others
Global Bio Solvents Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the bio solvents market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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