Global Green and Bio-Based Solvents Market Forecast, Trend Analysis And Competition Tracking - Market Insights: 2015 - 2031

Global Green and Bio-Based Solvents Market Overview

A solvent is a substance that liquidizes in a chemically mixed solute to make a solution. Most commonly, it is appeared in a liquid state. It may also appear in gaseous, and solid state. These solvents are either conventional or of organic type. These solvents are widely used in many applications, such as paints and coatings, printing ink, among others. Green and bio based solvents are made up of lactic acid, beat, sugarcane, refined glycerine, corn, vegetable oils, and bio-succinic acid. These solvents are produced in bio-refinery that joins equipment, and biomass conversion process, which further manufactures fuel and power. These solvents are utilized in the manufacturing of chemical products such as bio-alcohols, and bio-glycols. Properties of green and bio based solvents include non-carcinogenic, recyclable, non-corrosive, biodegradable, and eco-friendly. These solvents exhibit low toxicity, and miscibility, and high boiling point. They are also used as a substitute for crude oil based solvents.

The global green and bio based solvents market is segregated into product types, applications, and regions. Based on product type, the global green and bio based solvents market is sub-segmented into bio-alcohols, bio-glycols, bio-diols, lactate esters, d-limonene, methyl soyate, and other product types. With respect to application, this market is distributed into paints & coatings, industrial & domestic cleaners, adhesives, printing inks, pharmaceuticals, cosmetics, and other applications. On the basis of region, the global green and bio based solvents market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Global Green and Bio-Based Solvents Market Dynamics

The demand for bio based products is increasing due to increased severity of environmental regulations. The properties such as low Volatile Organic Compounds (VOC) emissions, and eco-friendly nature are replacing chemical-based, and crude oil-based solvents with green and bio based solvents as a substitute. In addition, there is upsurge in innovations and advancements of chemicals. The paints & coatings industry is growing rapidly. Solvents are highly used in paints to avoid globs or clumps, and give the desired consistency in various applications. The demand for paints in the construction sector, and surging infrastructure development in countries such as China, India, and the US is rising. These factors are expected to further complement the revenue growth trajectory of this global green and bio based solvents market in the foreseeable future. However, the high cost is involved in the manufacturing of green and bio based solvents, which in turn may impose the hindrance the economic growth of the global green and bio based solvents market over the forecast timeframe.

Global Green and Bio-Based Solvents Market Regional Analysis

The global green and bio based solvents market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

Markets in the North America are expected to account for the largest share in this global green and bio based solvents market due to the increasing pharmaceutical industry in the Us, and Canada.

Markets in the Europe are anticipated to grow rapidly owing to stringent regulations formed by the government to increase the usage of green and bio based solvents, primarily in Germany, UK, an Italy in this region.

Markets in the Asia Pacific are expected to propel the growth over the forecast period due to the rising consumption of these solvents in various applications such as agrochemicals, cosmetics, pharmaceuticals, construction, paints, and coatings, among others.

COVID-19 Impact Analysis on Global Green and Bio-Based Solvents Market

Apart from the impacts on human life, this pandemic has inflicted an invariable blow to industries across the world. This novel virus has caused unprecedented damage on trade as a whole, as well as the global economy. As this deadly virus continues to wreak havoc, it has left several industries and economies in a stage of uncertainty and market volatility in its wake. It has also put a strain on investments and scheduled plans across various sectors. At the nexus of this pandemic, China’s impaired manufacturing and production operations have adversely affected global supply chains, leaving China’s economy in absolute disarray. These respectively imposed shutdowns/lockdowns were meant to slow the trajectory of this virus, but have resulted in the crashing of economic outputs, further causing financial panic across a wide range of markets; it even led to the curtailing general travel, leisure and social living. During the first half of 2020, there was a sharp decline in trade activities, which caused the global economy to shrink by 3%, only to partially recover in the second half of that year. With the abatement of the second wave, and increased vaccination initiatives, there are visible signs of improvement across various sectors based in numerous countries.

Global Green and Bio-Based Solvents Market Competitive Landscape

• BASF SE
• Solvay S.A
• The Dow Chemical Company
• Bio-Amber Inc.
• Myriant Corporation
• Cargill Incorporated
• Gevo Inc.
• Vertec Biosolvents Inc.
• Florida Chemicals Inc.
• LyondellBasell
• I. du Pont de Nemours and Company
• Huntsman Corp
• Other players

Report Scope

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• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Segments Covered

Global Green and Bio-Based Solvents Market by Product Type

• Bio-alcohols
• Bio-glycols
• Bio-diols
• Lactate esters
• D-limonene
• Methyl soyate
• Other Product Types

Global Green and Bio-Based Solvents Market by Application

• Paints & coatings
• Industrial & domestic cleaners
• Adhesives
• Printing inks
• Pharmaceuticals
• Cosmetics
• Other Applications