The green and bio based solvents market is expected to grow at CAGR of 11.3% to reach USD 13.83 billion by 2025.
Green and bio based solvents are made from biomass sources such as crops, forest residue, and aquatic waste materials. Rising demand for this solvent in the major application segments like pharmaceuticals, adhesives, paint, and coatings is driving the industry growth significantly. A booming real estate industry is also facilitating the high demand for paints & coatings and adhesives. Moreover, strong research and development activities by key players for breakthroughs in manufacturing technologies and additional feedstock are considered to be an important catalyst that is augmenting the industry demand. Raw materials such as soybean oil and corn scratch are experiencing a considerable rise in this product demand. On the flip side, high cost coupled with misconceptions related to the performance of of bio-based solvent will hamper the market growth to some extent.
• In terms of products, the green and bio based solvents market is viewed as bio-diols, lactate esters, methyl soyate, d-limonene, bio-glycols, and bi-alcohols. Of which, the lactate esters is accounting for the dominant share of the worldwide market
• Growth prospect of methyl soyate segment is quite impressive owing to the growing demand for this product as an industrial equipment, solvent for engine, and automotive applications.
• Application wise, the market is segmented into pharmaceuticals, cosmetics, adhesives, printing inks, domestic & industrial cleaners, coatings and paintings
• Among all, paint and coating segment is dominant application owing to the rising concerns related to the environment safety. In 2017, this segment recorded significant revenue share compared to other applications.
• Regionally, North America captured the highest share in the green and bio-based solvent industry. In this region, the end-user industries such as automotive, construction, and building are witnessing substantial growth, which leverages the market too.
• Asia Pacific countries such as Japan, China, and Brazil growing with promising growth rate. Low production cost, industrial development, and technological advancement will support the regional growth.
• Some of the stalwart players in the wordwide green and bio-based solvents are DuPont, Cremer Oleo GmbH, Flotek Industries, Inc., Solvay, Florida Chemical Company, AkzoNobel, Corbion, Vertec BioSolvents, Cargill Incorporated, Archer Daniels Midland Company, Huntsman Corporation, BioAmber, LyondellBasell Industries Holdings, The Dow Chemical Co., and BASF.
• With the ambition of sustaining and strengthening their position in the worldwide market, these companies are prioritizing the formation of strategic alliance, partnerships, and product development.
• For instance, Flotek Industries, a distributer and developer of down hole drilling, innovative speciality chemicals, and production equipment acquired Florida Chemical Company, Inc, whichspecialized in the production of fragnance-flavor compounds, and d-Limionene.
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The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
• Lactate Esters
• Methyl Soyate
MARKET, BY APPLICATION
• Industrial & Domestic Cleaners
• Printing Inks
• Paints & Coatings
MARKET, BY REGION
• North America
• Rest of Europe
• Asia Pacific
• Rest of APAC
• Rest of the World
• Middle East and Africa
• Latin America
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