Transparency Market Research has released a new market report titled “Green & Bio-based Solvents Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global green & bio-based solvents market was valued at US$4.32 bn in 2014 and is anticipated to reach US$8.05 bn by 2023, expanding at a CAGR of 7.2% between 2015 and 2023.
Green & bio-based solvents are bio-based solvents manufactured using sugars, corn, beet root, and others. This makes these products safe and effective replacements for the conventional solvents made from crude oil. Green & bio-based solvents are employed in various applications such as paints & coatings, printing inks, commercial & domestic cleaning, adhesives & sealants, pharmaceutical, and cosmetics. Growth in paints & coatings, printing inks, and downstream industries is primarily estimated to augment the global green & bio-based solvents market in the next few years. Increasing research on various bio-based materials used as raw materials is projected to boost the demand for green & bio-based solvents in the next few years. However, high cost of raw materials and complexity in manufacturing are anticipated to hamper market growth during the forecast period. Rising demand for green & bio-based solvents in the adhesives & sealants, cosmetics, and pharmaceutical segments is anticipated to offer growth opportunities to the market during the forecast period.
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In terms of volume, bio-based ethanol was the largest product segment of the global green & bio-based solvents market, accounting for more than 45% share in 2014. Substantial commercialization and wide application of bio-based ethanol are the key reasons for the dominance of the segment. However, methyl soyate is likely to be the fastest-growing segments during the forecast period, owing to the commercialization of these bio-based solvents and their extensive demand in end-user industries.
In terms of applications, paints & coatings was the largest segment of the global green & bio-based solvents market, constituting more than 40% share in 2014. Commercial & domestic cleaning is projected to be another major application segment between 2015 and 2023. Adhesives & sealants is likely to be the fastest-growing application segment during the forecast period, due to the rising demand for these products in automotive and other downstream industries.
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Developed regions are expected to dominate the green & bio-based solvents market in the next few years, owing to easy availability of raw materials and considerable manufacturing expertise in these regions. North America is estimated to be the largest market for green & bio-based solvents, followed by Europe, during the forecast period. The green & bio-based solvents market in Asia Pacific is also projected to witness high growth, owing to the substantial demand for solvents in various industries and increasing awareness about benefits associated with bio-based solvents. The global market for green & bio-based solvents is expescted to expand significantly in the near future.
Key players in the green & bio-based solvents market include Cargill Inc., Vertec Biosolvents Inc., BioAmber Inc., BioMCN, Corbion nv, Galactic, Archer Daniels Midland Company, Florida Chemical Company, Elevance Renewable Sciences, Inc., and Cobalt Technologies.