0

Green/bio-based solvents Market Expected to Reach $6.2 Billion by 2030

 
2022
Green/bio-based solvents Market

Report Code : A00018

quote The global green/bio-based solvents market is expected to possess high growth potential in the coming years, as green/bio-based solvents are used in different applications, such as paints & coatings, adhesive & sealants, ink manufacturing, pharmaceutical, and others. Significant properties, such as minimal odor, high boiling point, low toxicity and convenient recyclability make green/bio-based solvents prime intermediate in various end-use sectors. However, the outbreak of the COVID-19 pandemic has negative impacts on the global green/bio-based solvents market. quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, "Green/bio-based solvents Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global green/bio-based solvents market was valued at $3.8 billion in 2020, and is projected to reach $6.2 billion by 2030, growing at a CAGR of 5.0% from 2021 to 2030.

Green/bio-based solvents are environment friendly chemical substances that are derived from agricultural sources such as corn, sugarcane, lactic acid, refined glycerin, bio succinic acid, soybean oil and similar others. They exhibit low toxicity as compared to conventional solvents that make them best suited for applications in a wide range of industries including paints & coatings, adhesives & sealants, ink manufacturing, pharmaceuticals, and others.

Increasing demand for consumer goods has surged the establishments of chemical industries in both developed and developing economies where green solvents-based cleaners are widely employed for industrial cleaning applications. For instance, according to a report published by the American Chemistry Council (ACC), the chemical production in the U.S. rose by 3.9% in 2021. This may fuel the demand for green/bio-based solvents in the growing industrial sector. Furthermore, increasing popularity of sustainable products in green buildings may surge the demand for green solvent-based paints & coatings in the construction sector. This may boost the demand for green/bio-based solvents during the forecast period.

However, the high manufacturing costs of green/bio-based solvents may retrain the manufacturers with less investment potential to enter into the green/bio-based solvents market. This factor may hamper the market growth.

On the contrary, the governments of both developed and developing economies are constantly engaged in promoting sustainable products by providing tax rebates and other attractive policies. Furthermore, several agencies such as the United States En), and others, have put efforts to reduce the level of volatile organic compounds (VOCs) from solvents. This is anticipated to increase the sales of green/bio-based solvents, owing to their minimal or low volatile organic compounds (VOCs) emissions; thus creating lucrative opportunities for the market.

The green/bio-based solvents market is segmented on the basis of type, application and region.

By type, the market is divided into ester solvents, d-limonene, alcohol, glycols & diols solvents, and others. The d-limonene segment is projected to grow at the highest CAGR of 5.9% during the forecast period. This is attributed to increase the demand for d-limonene in domestic and industrial cleaning products, drug formulation, and others.

By application, the market is divided into paints & coatings, adhesives & sealants, printing ink, industrial and domestic cleaners, and others. The adhesives & sealants segment is projected to grow at the highest CAGR of 5.3% during the forecast period. This is attributed to increase the demand for adhesives & sealants in packaging, building & construction, electrical & electronics, and other end use sectors.

Region-wise, the green/bio-based solvents market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific green/bio-based solvents market size is projected to grow at the highest CAGR during the forecast period, owing to rise in paints & coatings, ink manufacturing, cosmetics, industrial & domestic cleaning, and other sectors. The building & construction sector in India is growing rapidly, which in turn has surged the popularity of green solvents-based paints & coatings. Furthermore, countries such as China, India, Japan, Australia, and others, have put efforts to reduce the VOCs emissions from chemical manufacturing sector. This factor may drive the green/bio-based solvents market in the region.

Key players operating in the global green/bio-based solvents market include, BASF SE, Cargill Inc., Clariant, DuPont, Huntsman Corp, LyondellBasell Industries Holdings B.V., OQ SAOC, Sasol, Solvay S.A and Vertec Biosolvents Inc.

COVID-19 Analysis

The novel coronavirus (COVID-19) is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The green/bio-based solvents market is negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on paints & coatings, adhesive & sealants, chemical manufacturing, and other sectors. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario, which in turn has negatively impacted the demand for green/bio-based solvents among the paints & coatings sector. For instance, according to an article published by CNA, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors. Also, several green/bio-based solvents manufacturing companies have either shutdown or shrank their operations due to the risk of infections among the workforce, which in turn has resulted in supply chain disruptions. Also, different raw materials for producing green solvents are purchased or hired from other enterprises. The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 period.

However, the rise in sale of pharmaceutical ingredients where green/bio-based solvents are widely used as intermediates for producing drug formulations may enhance the performance of the green/bio-based solvents market post the COVID-19 scenario. Furthermore, new emerging geographic scenario, enhanced domestic supply chain and strong public investments are projected to drive the growth of the green/bio-based solvents in the paints & coatings sector. For instance, according to an interim for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-Covid-19 levels, driven by strong public investments.

Key Findings of Study

  • By type, the ester solvents segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.8/% from 2021 to 2030.
  • By application, the paints & coatings segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.7% from 2021 to 2030.
  • Region wise, Asia-Pacific 6.5%.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Green-Bio-based Solvents Market by Type (Esters, Alcohols, Diols & Glycols, and D-Limonene) and Application (Adhesives & Sealants, Printing Ink, Industrial & Domestic Cleaners, and Paints & Coatings): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

TEST SFR Market

Download Sample
rep-img

Published Date May 2024

Diving Equipment Market

Download Sample
rep-img

Published Date May 2024

D-dimer Testing Market

Download Sample

Buy Full Version
"Green/bio-based solvents Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers