The global green and bio-based solvents market has been estimated at USD 6.07 billion in 2016 and is projected to reach USD 8.73 billion by 2021, growing at a CAGR of 7.55% during the forecast period, 2016 to 2021.
Green and bio-based solvents serve as an alternative to the conventional solvents in the market as they help in reducing the negative environmental impact caused from the use of solvents in chemical production. Green and bio-based solvents are produced from renewable resources; they are biodegradable, non-corrosive & non-carcinogenic in nature, recyclable and help prevent ozone depletion; thus, accelerating the demand for various paints and coating applications. However, the market faces certain drawbacks, such as the cost and availability of new technologies used in the production process of green and bio-based solvents, and the ambiguity relating to the supply of raw material feedstock, both, regarding cost and availability. These factors may act as a roadblock to the growth of the market.
The global green and bio-based solvents market has been segmented by application into paints & coatings, industrial & domestic cleaning, printing inks, adhesives & sealants, pharmaceutical, cosmetics, agriculture, and other applications. In 2015, the paints & coatings application accounted for more than 40% of the global green and bio-based solvents market.
The global green and bio-based solvents market, by type, is broadly segmented into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, D-limonene, methyl soyate and others. Bio-alcohols is further divided into bio-ethanol, bio-methanol, bio-propanol, and bio-butanol; and bio-glycols is segmented into bio-based propylene glycol and bio-based ethylene glycol. The increasing government support for research of green and bio-based solvents, coupled with the stringent rules and regulations imposed by the government on VOC emissions and other hazardous air pollutants is opening a gateway to opportunities for the global green and bio-based solvents market.
The market has been geographically segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America has the highest share in the market, accounting for more than 35% of the global market share. Asia-Pacific is the fastest-growing market, averaging a CAGR of more than 6% through the forecast period.
Opportunities and Major Players
The increasing adoption of green and bio-based solvents, due to their biodegradability, recyclability, resistance to corrosion, and the accelerating growth in the paints and coatings market across the world, are expected to offer numerous opportunities for the growth of the global green and bio-based solvents market. Globally, there are around XX suppliers competing in the sector, with the top 10 suppliers accounting for almost XX% of the overall market.
Some of the major companies dominating this market for its products, services, and continuous product development, include:
- Cargill Inc.
- Corbion NV
- E.I. Dupont De Nemours & Co.
- Huntsman Corp
- Solvay S.A.
- The DOW Chemical Co.
Key Deliverables in the Study
- Market analysis for the global green and bio-based solvents market, with region-specific assessments and competition analysis on a global and regional scale.
- Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.
- Identification and analysis of the macro and micro factors that affect the global green and bio-based solvents market on both, global and regional scales.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
- Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped.