Green and Bio-Solvents Market by Type (Bio-alcohols, Bio-glycols, Bio-diols, Ethyl Lactate, D-limonene, Methyl Soyate, and Other), Application (Industrial and Domestic Cleaners, Paints and Coatings, Adhesives, Printing Inks, Pharmaceuticals, Cosmetics, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026700 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed US$ 1200 million mark in 2022 and is expected to hit US$ 1900 million by 2030, recording a CAGR of 5.5% during the forecast period.

Increase in demand from paints and coatings industry. 

The bio solvents commonly used in paints and coatings industry is lactate esters. Ethyl lactate is also fascinating solvent for the coatings industry and is used as replacement for solvents like toluene, acetone, and xylene. Furthermore, the global paints and coatings market is growing rapidly, owing to the increasing building and construction activities in the region such as Asia-Pacific, North America, Middle East & Africa, among others. Further, with the increasing housing construction, population, and income-levels in countries, such as India, China, Mexico and Brazil, the demand for paints and coatings is increasing at a constant rate. The significantly growing paints and the coatings industry is fueling the growth of green and bio-based solvents in the coming future.

Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, d-limonene, methyl soyate, and other. Based on application the market is segregated into industrial and domestic cleaners, paints and coatings, adhesives, printing inks, pharmaceuticals, cosmetics, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Increase in research and development activities on green and bio-solvents.

The harmful effects of conventional solvents on human body have resulted in preference of bio-based solvents by end users. The solvents such as diethanolamine, triethanolamine, and polyethylene glycols are used in personal care products. These solvents can cause health problems such as hormone disruptions, irritation of the eyes, skin, respiratory tracts, sore throat, and asthma. Other conventional solvents such as carbon tetrachloride and 1,2- dicholoroethane are used in pharmaceutical applications which are toxic and carcinogenic. These factors have increased the scope for research and development in the field of green & bio-solvents.

APAC is the fastest growing green and bio-solvents market in the forecast period.

Asia-Pacific represents the market with the highest growth and is dominating in terms of value owing to the immense demand from the paints and coatings, agrochemical solutions, pharmaceuticals, cosmetics and other applications in the countries, like China and India. China is one of the fastest-growing economies globally with the largest manufacturing sector, high living standards, and per capita income. Consumer demand for greener solvents is driving the government policymakers and manufacturers to replace petrochemical-based solvents with bio-solvents. Such factors are likely to increase the demand for the market.

Recent strategic developments in green and bio-solvents market

The green and bio-solvents market has undergone several significant developments, and a few of these have been mentioned below:

  • In February 2020, GF Biochemicals announced a joint venture with Towell Engineering Group to produce biochemicals from levulinic acid.

The green and bio-solvents market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Archer Daniels Midland Company, BASF SE, Solvay, Stepan Company, and GF Biochemicals are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Green and bio-solvents related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of green and bio-solvents industry
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Bio-alcohols
    • Bio-glycols
    • Bio-diols
    • Ethyl Lactate
    • D-limonene
    • Methyl Soyate
    • Others
  • Application
    • Industrial and Domestic Cleaners
    • Paints and Coatings
    • Adhesives
    • Printing Inks
    • Pharmaceuticals
    • Cosmetics
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Archer Daniels Midland Company
    • BASF SE
    • Solvay
    • Stepan Company
    • GF Biochemicals

The List of Companies
- Archer Daniels Midland Company
- BASF SE
- Solvay
- Stepan Company
- GF Biochemicals

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