Bio-Solvents Market

Bio-Solvents Market Segmentation by Type (Bio-Alcohols, Glycols, Esters, and Others); by Application (Paints & Coatings, Adhesives & Sealants, Printing Inks, and Others); by End-User (Automotive, Pharmaceuticals, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3359 | Published On: Apr 05, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • September 30, 2021: Cargill and Virent, Inc. to join hands to produce low-carbon bio-fuels, using Virent’s BioForming technology. This technology uses the sugar present in feedstock to form bio-fuel.


Global Bio-Solvents Market Highlights over 2022 – 2030

The global bio-solvents market is estimated to grow at a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of bio-fuels as alternative to petrochemicals amongst the various end-users, backed by rising environment awareness, depleting fossil fuels, and fluctuating costs of crude oil. Bio-solvents have various applications, including bio-plastics and bio-diesel, which is estimated to boost the market growth. The growing environmental concerns amongst the government as well as the public, is one of the primary growth drivers for the market, as petroleum-based solvents release Volatile organic compounds, which cause air pollution and ozone depletion. Use of bio-solvents is not just climate-friendly, but also economically feasible, which is also estimated to boost the market growth. According to recent study by the U.S. Environmental Protection Agency (EPA), the use of biodiesel reduces greenhouse gas emissions by 57% to 86%, as of 2019. Moreover, in 2019, the global consumption of bio-fuels was 2.8 billion gallons.

Bio-Solvents Market

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The bio-solvents market is segmented by type into bio-alcohols, glycols, esters, and others, out of which, the bio-alcohols segment is anticipated to hold the notable share in the market as it is replacing industrial solvent for many end-uses. Bio-alcohols are also prominently used as cleaners and disinfectants, which is estimated to boost the segment growth. On the basis of application, the market is segmented into paints & coatings, adhesive & sealants, printing ink, and others. Out of these, the paints & coatings segment is projected to gain notable market share over the forecast period, owing to the increasing demand for paints in the construction and automotive industry. 


Major Macro-Economic Indicators Impacting the Market Growth

Refinery

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.


Global Bio-Solvents Market Regional Synopsis

On the basis of geographical analysis, the global bio-solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of increasing environment awareness amongst the masses, along with adoption of bio-fuels and bio-solvents amongst the manufacturers of chemical, paints, inks, and others. According to the data by the U.S. EIA, the United States consumed 44.38 million barrels of biodiesel in 2020. Moreover, rising adoption of bio-solvents in the pharmaceutical industry, is also estimated to boost the market growth in the region.

The market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period, on the back of growing chemical industry and high acceptance for lighter bio-fuels over petroleum-based naphtha, along with fluctuating process of crude oil.

Global Bio-Solvents Market

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The global bio-solvents market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Bio-Solvents Market
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Market Segmentation

Our in-depth analysis of the global bio-solvents market includes the following segments:

By Type

  • Bio-Alcohols
  • Glycols
  • Esters
  • Others

By Application

  • Paints & Coatings
  • Adhesives & Sealants
  • Printing Inks
  • Others

By End-User

  • Automotive
  • Pharmaceutical
  • Others


Growth Drivers
  • Growing Adoption of Bio-fuels over Petrochemicals
  • Increasing Environmental Awareness Amongst People

Challenges

  • High Production Cost
  • Low Performance


Refinery
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Top Featured Companies Dominating the Market

    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Archer Daniels Midland Company
    • Vertec Biosolvents Inc
    • Stepan Company
    • Solvay S.A.
    • GF Biochemicals
    • The Dow Chemical Company
    • India Glycols Ltd.
    • Liberty Chemicals srl
    • DuPont de Nemours, Inc.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the bio-solvents market?

Ans: Growing adoption of bio-fuels over petrochemicals, and increasing environmental awareness amongst people are the major growth drivers for the market.

2) What would be the CAGR of bio-solvents market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the bio-solvents market growth?

Ans: High production costs and lower performance are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of bio-solvents market in future?

Ans: The market in the North America region is estimated to gain the largest share over the forecast period owing to increasing awareness among the major companies and the masses in the region.

5) Who are the major players dominating the bio-solvents market?

Ans: The major players in the market are Archer Daniels Midland Company, Stepan Company, Solvay S.A., GF Biochemicals, The Dow Chemical Company, India Glycols Ltd., Liberty Chemicals srl, DuPont de Nemours, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the bio-solvents market?

Ans: The market is segmented by type, application, end-user, and by region.

8) Which sub-segment captures the largest market size in application segment in the bio-solvents market?

Ans: The paints & coatings segment is anticipated to hold largest market size in value over the forecast period on the back of increasing demand for paints n construction industry.

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