Rising awareness, Increased inclination towards bio-based solvents, and Stringent Rules and Regulations laid by the government are expected to drive the demand for Global Green & Bio-Based Solvents in the forecast period, 2024-2028. According to TechSci Research report, “Green & Bio-Based Solvents Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Green & Bio-Solvents Market is projected to increase at an impressive rate in the forecast period, 2024-2028 in order to reduce the dependence on fossil fuels in other downstream industries. Furthermore, volatile organic compounds (VOC) contribute to smog development by rapidly evaporating in the air. More people are becoming aware of the need to safeguard the environment, and consumers are changing their preferences towards eco-friendly alternatives regardless of price or availability, consequently, creating demand for green & bio-based solvents.
However, uncertainty about the reliability and adequate supply of feedstocks can slow down the market growth in the coming years. Raw material availability and continuous supply are critical to secure the undisturbed production of green & bio-based solvents. Besides, the availability of cheaper alternatives can slow down market growth, especially in emerging economies.
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The global Green & Bio-Based Solvents market is segmented based on Type, and Applications.
The Global Green & Bio-Based Solvents Market is segmented based on Type, and Application. Based on type, the global Green & Bio-Solvents Market can be divided into Bio-Alcohols, Bio-Diols, Bio-Glycols, Methyl Soyate Solvents, Lactate Esters, and Others. The bio-Alcohols segment is expected to dominate the market in the coming years owing to the growing demand for different alcohols such as bioethanol, bioethanol, and biobutanol, among others. Based on Application, the market is divided into Paints and Coatings, Adhesives and Sealants, Cleaning Products, Printing Inks, and Others. Paints and Coatings dominated the market in 2022 and will continue maintaining its dominance through 2028 on account of the fact that bio-solvents dissolve or disperse different compounds used in the paint formulation making the paint of the desired consistency for use.
Major companies operating in Global Green & Bio-Based market are:
- 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.
- Vertec Biosolvents Inc.
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“Solvents made from crops called Green & Bio-Solvents are a better option for the environment than traditional solvents. These organic solvents can be used for a variety of things, such as lowering worker exposure to harmful compounds and safeguarding work areas. Furthermore, the use of synthetic solvents in the production of paints poses serious risks to factory workers.
These solvents pose health hazards, including irritation of the skin, nose, and eyes. As a result of the widespread use of these solvents in different industries, governments have been forced to implement numerous regulations on the technology used to make paints and coatings. Government regulations are encouraging the use of green and bio-solvents due to the serious concerns posed by synthetic solvents. These factors are creating favorable conditions to boost the global demand for Green & Bio-Based Solvents market till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Green & Bio-Based Solvents Market, 2028- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Bio-Alcohols, Bio-Diols, Bio-Glycols, Methyl Soyate Solvents, Lactate Esters, and Others), By Application (Paints and Coatings, Adhesives and Sealants, Cleaning Products, Printing Inks and Others), Region, and Competition, has evaluated the future growth potential of global Green & Bio-Based Solvents market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Green & Bio-Based Solvents market”
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