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Green & Bio-Based Solvents Market, By Type, By Application, By End-User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
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REPORT HIGHLIGHT

Green & Bio-Based Solvents Market size was valued at USD 1,200.32 Million in 2022, expanding at a CAGR of 5.54% from 2023 to 2030.

Due to their potential to lessen environmental effect, the use of green solvents as byproducts in the production of numerous goods in industries including paints, coatings, detergents, and inks has attracted a lot of interest recently. Biobased solvents are made from renewable resources, usually crops that are high in carbohydrates, beets, corn, and wheat.

Green & Bio-Based Solvents Market- Market Dynamics

Increasing demand from paints, coatings and adhesives application to propel market demand

Growing demand from application in paints & coatings, adhesives, and medicines is the main factor driving the market. The growing population and the ensuing expansion in sectors like real estate, public works, building and construction, are responsible for the growth of the adhesives and paints and coatings industries. Applications include paints and coatings, household and commercial cleansers, adhesives, printing inks, medications, and cosmetics all have a high need for these items. To enable large-scale production, firms should strengthen their R&D capacities for the creation of new feedstock and manufacturing techniques.

Furthermore, growing industry demand for eco-friendly solvents is the main factor propelling the market's expansion. The use of synthetic solvents like toluene, acetone, and xylene in the preparation of green solvents has been replaced by lactate ester solvents due to their non-carcinogenic, non-corrosive, and non-ozone-depleting properties. Other contributing factors include the availability of raw materials, low production costs, a large number of manufacturers, and a high demand for environmentally friendly solvent solutions for several end-use verticals. The region's expanding middle class and growing disposable money have raised consumer awareness of the harmful effects that high-VOC paints, varnishes, and adhesive products have on the environment.

Green & Bio-Based Solvents Market- Key Insights

As per the analysis shared by our research analyst, the global market is estimated to grow annually over the forecast period (2023-2030)

Green & Bio-Based Solvents Market- Segmentation Analysis:

The Global Green & Bio-Based Solvents Market is segmented on the basis of Type, Application, End-User, and Region.

The market is divided into six categories based on Type: bio-alcohols, bio-glycols, bio-diols, methyl soyate, lactate esters, and others. The lactate esters segment dominates the market. bio-alcohols are expected to witness to significant demand owing to environmentally friendly element.

The market is divided into four categories based on Application: paint & coatings, adhesives & sealant, printing inks, and others. The paint & coatings segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand from paint covering and solution are likely to boost market growth.

The market is divided into five categories based on End-User: industrial, biotech & pharmaceuticals, cosmetics, agriculture, and others. The biotech & pharmaceuticals segment dominates the market and is likely to maintain its dominance during the forecast period. High demand from biotechnology industry for R&D and application is expected to boost the market growth.

Green & Bio-Based Solvents Market- Geographical Insights

Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.

Green & Bio-Based Solvents Market- Competitive Landscape:

In the face of fierce competition from suppliers and manufacturers in North America and Asia Pacific, industry participants are concentrating on new product developments and collaborations as critical tactics for fortifying and maintaining their positions in the worldwide market. BASF SE, Huntsman Corporation, Archer Daniels Midland Co., The Dow Chemical Co., and DuPont are some of the major companies operating in the global market.

Recent Developments:

In May 2023, Dow join forces with New Energy Blue to develop a bio-based ethylene from renewable materials. The team up aimed to reduce the carbon emission from plastic production.

In September 2022, BASF provided propionic acid and neopentyl glycol with a zero product carbon footprint (PCF). BASF wanted to be the first firm to supply zero PCF to its clients by recycling trash.

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

GLOBAL GREEN & BIO-BASED SOLVENTS MARKET KEY PLAYERS

GLOBAL GREEN & BIO-BASED SOLVENTS MARKET, BY TYPE

GLOBAL GREEN & BIO-BASED SOLVENTS MARKET, BY APPLICATION

GLOBAL GREEN & BIO-BASED SOLVENTS MARKET, BY END-USER

GLOBAL GREEN & BIO-BASED SOLVENTS MARKET, BY REGION

Table of Contents

1. Green & Bio-Based Solvents Market Overview

2. Executive Summary

3. Green & Bio-Based Solvents Key Market Trends

4. Green & Bio-Based Solvents Industry Study

5. Green & Bio-Based Solvents Market: COVID-19 Impact Analysis

6. Green & Bio-Based Solvents Market Landscape

7. Green & Bio-Based Solvents Market - By Type

8. Green & Bio-Based Solvents Market - By Application

9. Green & Bio-Based Solvents Market - By End-User

10. Green & Bio-Based Solvents Market- By Geography

11. Key Vendor Analysis- Green & Bio-Based Solvents Industry

12. 360 Degree Analyst View

13. Appendix

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