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Green and Bio-Solvents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A2567
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Market Overview:
The global green and bio-solvents market size reached US$ 12.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
Green and bio-solvents refer to environment-friendly chemical substances that are derived from agricultural sources. They are manufactured after processing of crops, such as corn, sugarcane, and lactic acid, refined glycerin, bio-succinic acid and soybean oil. Water- and hydrocarbon-based variants are two of the most commonly used green and bio-solvents. They exhibit various advantageous properties, such as high boiling point, minimal odor, convenient recyclability and low toxicity. In comparison to the traditionally used petrochemical-based solvents, they emit a lesser amount of volatile organic compounds (VOCs) while manufacturing and handling. As a result, they find extensive applications in the manufacturing of agrochemicals, paints, coatings, printing inks, adhesives, sealants, pharmaceuticals, cosmetics and domestic cleaning products.
Green and Bio-Solvents Market Trends:
The growing demand for environment-friendly solvents across industries is one of the key factors creating a positive outlook for the market. Green solvents are manufactured using lactate ester solvents, which are non-carcinogenic, noncorrosive and nonozone-depleting, and are rapidly replacing synthetic solvents, such as toluene, acetone and xylene. In line with this, these solvents are also used for drug discovery and development by extracting and separating compounds from mixtures. Additionally, various advancements in production technologies and numerous product innovations are acting as other growth-inducing factors. For instance, bio-solvents are used in the agriculture industry to increased yield, improved product quality and reduced cost of production. Other factors, including the growing demand for consumer products, such as perfumes, along with extensive research and development (R&D) activities and enhanced focus on sustainable development, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global green and bio-solvents market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
- Lactate Esters
- Methyl Soyate Solvents
- Bio-Alcohols, Bio-Diols and Bio-Glycols
- D-Limonene
- Others
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Cleaning Products
- Adhesives and Sealants
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, CREMER OLEO GmbH & Co. KG, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Huntsman Corporation, LyondellBasell Industries N.V. and Vertec Biosolvents Inc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Type, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, CREMER OLEO GmbH & Co. KG, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Huntsman Corporation, LyondellBasell Industries N.V. and Vertec Biosolvents Inc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global green and bio-solvents market was valued at US$ 12.0 Billion in 2022.
We expect the global green and bio-solvents market to exhibit a CAGR of 8.1% during 2023-2028.
The rising demand for eco-friendly solvents, such as green and bio-solvents, over conventional petrochemical-based solvents in the manufacturing of agrochemicals, paints, coatings, etc., is primarily driving the global green and bio-solvents market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for green and bio-solvents.
Based on the type, the global green and bio-solvents market can be segmented into lactate esters, methyl soyate solvents, bio-alcohols, bio-diols and bio-glycols, d-limonene, and others. Currently, bio-alcohols, bio-diols and bio-glycols hold the majority of the total market share.
Based on the application, the global green and bio-solvents market has been divided into paints and coatings, printing inks, cleaning products, adhesives and sealants, and others. Among these, paints and coatings currently exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global green and bio-solvents market include Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, CREMER OLEO GmbH & Co. KG, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Huntsman Corporation, LyondellBasell Industries N.V., and Vertec Biosolvents Inc.
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