Green & Bio-Based Solvents Market Size, Share & Industry Analysis, By Type (Alcohols, Glycols, Diols, Lactate Esters, D-Limonene, Methyl Soyate, Others), By Application (Industrial & Domestic Cleaners, Paints & Coatings, Adhesives, Printing Inks, Pharmaceuticals, Cosmetics, Others) and Regional Forecast, 2024-2032

Green & bio-based solvents are made from the vegetable oils, lactic acid, bio-succinic acid, beat, sugarcane, corn, and refined glycerin. These solvents are manufactured in a biorefinery that combines equipment and biomass conversion process, that further produces fuel and power. They are also used in the production of chemical products such as bio-glycols and bio-alcohols. Moreover, their properties includes eco-friendly, recyclable, non-carcinogenic, non-corrosive, and biodegradable. Additionally, green & bio-based solvents exhibit low miscibility, low toxicity, and high boiling point, hence, they are used as substitute products for crude oil based solvents. These solvents are majorly utilized in paints & coatings, printing inks, industrial & domestic cleaners, adhesives, pharmaceuticals, and cosmetics.

The rising use of green & bio-based solvents in various applications such as paints & coatings, pharmaceuticals, and cosmetics had led to the growth of the market. The properties such as low VOC emissions and eco-friendly nature make green & bio-based solvents the best substitute product than other chemical-based and crude oil-based solvents. These properties of the products were the prime reason for manufacturers to shift towards green solvents. Hence, increasing the growth in various applications will lead to the demand for green & bio-based solvents.

The high production cost of green & bio-based solvents is anticipated to restrain market growth.

Market Segmentation:

Based on type, the market for green & bio-based solvents is segmented into alcohols, glycols, diols, lactate esters, d-limonene, methyl soyate, and others. Based on application, the market is segmented into industrial & domestic cleaners, paints & coatings, adhesives, printing inks, pharmaceuticals, cosmetics, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Key Players Covered:

Some of the key players in the green & bio-based solvents includes, BASF SE, BioAmber Inc., Myriant Corporation, Dow Chemicals, Cargill Incorporated, Gevo Inc., Vertec Bio Solvents Inc., Florida Chemicals, Lyondellbasell, and DuPont, Solvay SA, and Huntsman Corporation.

Key Insights

• Key Emerging Trends – For Major Countries


• Key Developments: Mergers, Acquisition, Partnership, etc.


• Latest Technological Advancement


• Insights on Regulatory Scenarios


• Porters Five Forces Analysis

Regional Analysis:

The green & bio-based solvents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the highest revenue share during the forecast period, owing to the rising pharmaceuticals industry in the US and Canada. In Europe, Germany, UK, and Italy are the leading contributors, due to stringent regulations by the government to increase the use of green solvents. Asia Pacific in the third-largest contributor in the green & bio-based solvents market. The growth is attributed to the growing consumption of green solvents in paints & coatings, pharmaceuticals, cosmetics, construction, agrochemicals, and printing inks applications. The Middle East & Africa is anticipated to grow with sustainable growth, due to the growing construction industry.

Segmentation

Green & Bio-Based Solvents Market Developments

• In April 2019, Braskem introduced HE-70S, a partially renewable solvent produced from sugarcane ethanol. This new product will help the company to expand its chemical product portfolio.


• In April 2019, Merck launched Cyrene, a new sustainable dipolar aprotic solvent. The new bio-derived product is a nontoxic alternative for N-Methyl-2-pyrrolidone, and Dimethylformamide solvents.


• In August 2019, two partners of GREEN-CHEM namely, Circa Sustainable Chemicals UK and Green Chemistry Centre of Excellence (GCCE) developed Cyrene. The product is a safer bio-based solvent, non-toxic, and eco-friendly.