Transparency Market Research (TMR) has announced the addition of a new study on the global green and bio-based solvents market. The report analyzes the drivers, trends, opportunities, and restraints of the market. The report is titled “Green & Bio-based Solvents - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The report states that the global green and bio-based solvents market is expected to expand at a 7.2% CAGR between 2015 and 2023. The market, which was valued at US$4.32 bn in 2014, is expected to rise to US$8.05 bn by 2023. The growth in the paints and coatings industry is one of the major reasons behind the growth of the global green and bio-based solvents market.
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Green and bio-based solvents are safe and effective replacements for the conventional solvents, which are made from crude oil. These solvents are made using corn, sugar, beet root, and other such ingredients. They are used in various industries such as printing inks, commercial and domestic cleaning, paints and coatings, adhesives and sealants, and cosmetics.
The global green and bio-based solvents market is boosted by the volatile prices of petroleum and thus the rising adoption of bio-based solvents. The rising concerns over an increase in the volatile organic compound (VOC) emissions and their impact on the environment are expected to propel the market in the coming years. Many environmental regulations over VOC will help the green and bio-based solvents market to flourish in the coming years.
The high cost of manufacturing green and bio-based solvents will act as a challenge for the market. The availability of low cost petroleum-based substitutes can threaten the market’s growth. The disparity over raw material supply will also hamper the growth of the green and bio-based solvents market. Nevertheless, the support from various governments for R&D on green and bio-based solvents will widen the application of these solvents, thus having a positive impact on the market.
The global green and bio-based solvents market is segmented on the basis of product, application, and region. On the basis of product, bio-based ethanol was the largest segment, accounting for 45% of the market in 2014. Methyl soyate is expected to be the fastest growing segment in the coming years due to its heightened demand from end user industries.
By application, the paints and coatings segment was the largest in 2014, accounting for 40% of the global green and bio-based solvents market. Adhesives and sealants will be the fastest growing segment between 2015 and 2023 due to their high demand from the automotive industry. By region, North America is expected to be the largest market for green and bio-based solvents market from 2015 to 2023.
The report profiles leading players operating in the global green and bio-based solvents market such as: BioAmber Inc., Archer Daniels Midland Company, Elevance Renewable Sciences, Inc., Florida Chemical Company, Cobalt Technologies, Vertec Biosolvents Inc., BioMCN, Corbion nv, and Galactic.
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