Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Global Green and Bio-Solvents Market Report by Type, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global green and bio-solvents market size reached US$ 12.9 Billion in 2023 and is projected to reach US$ 24.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.34% during 2023-2032. The increasing focus of key players on sustainable development and the rising usage of environment-friendly solvents are primarily driving the growth of the green and bio-based solvents market.
Global Green and Bio-Solvents Market Analysis
- Major Market Drivers: The increasing usage of green and bio-based solvents for drug discovery is one of the key factors propelling the market growth. Moreover, these solvents are widely utilized in the agriculture industry, as they assist in reducing the costs of production, enhancing product quality, increasing yield, etc., thereby augmenting the green and bio-based solvents market share.
- Key Market Trends: The emerging applications of green and bio-based solvents for separating compounds from mixtures are one of the emerging trends in the market. Furthermore, extensive investments in R&D activities and numerous advancements in production technologies are also fueling the green and bio-based solvents market growth.
- Geographical Trends: According to the green and bio-solvents market research, North America accounted for the largest market share. The launch of government policies in the region to replace petroleum-based solvents is positively influencing the market in North America. Besides this, the elevating emphasis of manufacturers on improving production processes related to green and bio-based solvents will continue to drive the regional market in the coming years.
- Competitive Landscape: Some of the leading players in the global green and bio-solvents market include Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, CREMER OLEO GmbH, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Huntsman Corporation, LyondellBasell Industries and Vertec Biosolvents, among many others.
- Challenges and Opportunities: The wide accessibility of green and bio-based solvents can be limited than conventional solvents, which, in turn, can be a challenge for sectors that need large quantities of solvents. However, extensive R&D activities to enhance green and bio-based solvents are expected to fuel the global market in the coming years.
Global Green and Bio-Solvents Market Trends
- Rising Environmental Concerns
- Stringent Government Regulations
- Diverse Applications of Product
Green and Bio-Solvents Industry Segmentation
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on type and application.
The report has provided a detailed breakup and analysis of the market based on the type. This includes lactate esters, methyl soyate solvents, bio-alcohols, bio-diols and bio-glycols, d-limonene, and others. According to the report, bio-alcohols, bio-diols and bio-glycols accounted for the largest market share.
The widespread adoption of bio-based diols for adhesives and sealants, polyurethane coatings, elastomers, foam applications, etc., is catalyzing the market growth in the segmentation. Moreover, these greener alternatives are gaining popularity, on account of a 61% reduction in greenhouse gas emissions as compared to petroleum-based products. Besides this, the Pacific Northwest National Laboratory (PNNL) introduced the catalytic process for converting plant-based raw material to produce bio-based glycol. Consequently, these green and bio-based solvents find widespread applications across the globe.
The report has provided a detailed breakup and analysis of the market based on the application. This includes paints and coatings, printing inks, cleaning products, adhesives and sealants, and others. According to the report, paints and coatings accounted for the largest market share.
The elevating usage of lactate ester solvents in the paints and coatings industry is augmenting the market growth in the segmentation. Moreover, the shifting preferences from solvents, including toluene, acetone, NMP, xylene, etc., towards ethyl lactate in the coatings industry are acting as significant growth-inducing factors. Besides this, the growing housing construction and the inflating income-levels of individuals in countries, such as Mexico, India, China, Brazil, etc., are escalating the demand for paints and coatings, which, in turn, will augment the green and bio-based solvents market over the forecasted period.
Leading Key Players in the Green and Bio-Solvents Industry:
The market research report has provided a comprehensive analysis of the competitive landscape.
Some of the key players in the market include:
- Archer Daniels Midland Company
- BASF
- Cargill
- Incorporated
- Cremer OLEO
- Dow Inc.
- Elevance Renewable Sciences Inc.
- Florachem Corporation
- Huntsman Corporation
- LyondellBasell Industries
- Vertec Biosolvents Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $12.9 Billion |
| Forecasted Market Value (USD) by 2032 | $24.4 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Report Segmentation
Breakup by Type:
- Lactate Esters
- Methyl Soyate Solvents
- Bio-Alcohols, Bio-Diols and Bio-Glycols
- D-Limonene
- Others
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Cleaning Products
- Adhesives and Sealants
- Others
For more information about this report visit https://www.researchandmarkets.com/r/l638r5
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