Dublin, March 14, 2023 (GLOBE NEWSWIRE) -- The "Green & Bio-Solvents Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Bio-Alcohols, Bio-Diols, Bio-Glycols, Methyl Soyate Solvents, Lactate Esters, and Others), By Application, Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Green & Bio-Solvents Market is anticipated to grow at a robust CAGR during the forecast period, 2024-2027. This can be ascribed to the growing demand for green chemicals among the population.
Additionally, growing environmental awareness and imposition of regulations to reduce greenhouse and volatile organic compounds emissions is expected to support the market growth through 2028. Besides, growing application of green & Biosolvents among various applications such as cleaning, plant protection oil, wetting agents, among others is further expected to support the market growth in the coming years.
Green & Bio-Solvents are generated from crops and are an environmentally beneficial alternative to conventional solvents. These organic solvents have many benefits, including reducing labor exposure to dangerous substances and protecting workspaces.
Reducing the number of chemical compounds discharged into the air from coated surfaces like furniture and flooring increases security in homes and buildings. They also aid in reducing manufacturing operations' impact on the environment. This in turn is expected to support the market growth in the coming years.
Increasing Concern for Environmental Protection
Volatile Organic Compounds (VOC) evaporate rapidly in the air and contribute to smog formation. Rapid evaporation of volatile organic compounds (VOC) is a factor contributing to smog development. Smog causes damage to the environment and human health. Most of the solvents and chemicals emit VOCs causing harm to the environment. The growing VOC emissions requires alternatives in order to protect the environment.
The United States emitted approximately 11.9 million tons of volatile organic compounds (VOC) in 2021. In comparison to the traditionally used petrochemical-based solvents, green & bio-solvents emit a lesser amount of volatile organic compounds (VOCs) while manufacturing and handling. Hence are being extensively used across wide application arenas such as manufacturing of agrochemicals, paints & coatings, adhesives & sealants, among others.
Growing adoption of green and bio-based solvents across various End User Industries
The market has expanded because of the increased use of green and bio-based solvents in a wide range of industries, including paints and coatings, pharmaceuticals, and cosmetics. Throughout the forecast period, the market for green solvents would continue to be led by the paints and coatings application segment.
The use of green solvent in the paint and coating industry is fueled by growing environmental concerns as well as growing consumer awareness of eco-friendly products. However, according to the European Solvents Industry Group (ESIG), five million tonnes of solvents are consumed yearly in Europe, of which only 13% are bio-based solvents. Additionally, on the global level, biobased solvents only account for 12% of the total market.
Recent Developments
The use of green and biobased solvents in asymmetric organocatalysis is growing due to several advantages over conventional catalytic techniques, including the operational simplicity of the organocatalytic processes, the tolerance to different functional groups, the high diversity of the available organic molecules, and the stability and non-toxicity of the catalyst. Additionally, asymmetric hydrogen-bonding organocatalytic processes have been conducted using biobased solvents.
Market players
Archer Daniels Midland Company, BASF SE, Cargill Incorporated, Cremer oleo GmbH & Co. KG, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Huntsman Corporation, LyondellBasell Industries N.V. and Vertec Biosolvents Inc. are some of the key players operating in the market.
Report Scope:
In this report, Global Green & Bio-Solvents market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Green & Bio-Solvents Market, By Type:
- Bio-Alcohols
- Bio-Diols
- Bio-Glycols
- Methyl Soyate Solvents
- Lactate Esters
- Others
Green & Bio-Solvents Market, By Application:
- Paints and Coatings
- Adhesives and Sealants
- Cleaning Products
- Printing Inks
- Others
Green & Bio-Solvents Market, By Region:
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Turkey
- South Africa
- South America
- Brazil
- Argentina
For more information about this report visit https://www.researchandmarkets.com/r/gsgl1e
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
