According to the latest report by IMARC Group, titled “Green and Bio-Solvents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global green and bio-solvents market size reached US$ 11 Billion in 2021. Green and bio-solvents are chemical substances derived from the processing of various crops, such as sugarcane, corn, and lactic acid, bio-succinic, refined glycerin, and soybean oil. They are eco-friendly and have a minimal odor, high boiling point, and lox miscibility. Consequently, they are widely used to manufacture cosmetics, pharmaceuticals, agrochemicals, and domestic cleaning products worldwide.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Green and Bio-Solvents Market Trends:
There is currently a rise in the utilization of green and bio-based solvents for drug discovery and development across the globe. This, along with a significant increase in the demand for environment-friendly solvents, represents one of the key factors strengthening the market growth. As green solvents are nonozone-depleting, noncorrosive, and non-carcinogenic, they are extensively used as an alternative to synthetic solvents, such as acetone, xylene, and toluene. Moreover, the growing adoption of consumer products like perfumes is catalyzing the demand for these solvents. Furthermore, there is a rise in the utilization of green and bio-solvents in the agriculture sector to increase the yield, improve product quality, and reduce the overall cost. Leading market players are investing in research and development (R&D) activities, which is also acting as a growth-inducing factor. Be sides this, the market is propelled by the expanding applications of these solvents in the manufacturing of paints and coatings. Looking forward, IMARC Group expects the market to expand at a CAGR of 8.3% during the forecast period (2022-2027).
- Based on the type, the market has been classified into lactate esters; methyl soyate solvents; bio-alcohols, bio-diols, and bio-glycols; d-limonene; and others.
- On the basis of the application, the market has been divided into paints and coatings, printing inks, cleaning products, adhesives and sealants, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (South Korea, India, China, Japan, Australia, Indonesia, and others); Europe (the United Kingdom, France, Germany, Italy, Spain, Russia, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, Cremer Oleo GmbH & Co. Kg, The Dow Chemical Company, Elevance Renewable Sciences, Inc., Florachem Corp., Huntsman International LLC, LyondellBasell Industries N.V., and Vertec BioSolvents Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal