Bio-Solvents Market Size & Share, by Type (Bio-Alcohols, Glycols, Esters); Application (Paints & Coatings, Adhesives & Sealants, Printing Inks); End-user (Automotive, Pharmaceuticals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3359
  • Published Date: Apr 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Bio-Solvents Market size is expected to cross USD 4 billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of bio-solvents was over USD 2 billion. The growth of the market is anticipated to be backed by the surge in the development of products that are alternative to petroleum-based solvents owing to the fluctuating prices of petrochemical as well as the raising health concerns due to their utilization. The Digest in December 2018 report stated that Circa Group received authorization from the European Chemicals Agency (ECHA) to manufacture or import up to 100 metric tons/year of its bio-based solvent Cyrene in the European Union, after receiving REACH Annex VIII approval.

Bio-solvents or green solvents are an environmentally friendly alternative to traditional and conventional solvents. These are chemical compounds derived from crops. Hence, as they come from agricultural sources and are produced by processing crops such as sugarcane, corn, bio-succinic acid, lactic acid, refined glycerin, and soybean oil, they have a low environmental impact. Bio solvents examples include water, ethanol, methanol, tetrachloroethylene, toluene, acetone, methyl acetate, and ethyl acetate. Today, bio-solvents are rapidly replacing the organic solvents derived from fossil raw materials and are considered a promising and important strategy to move towards sustainable chemical processing. Green solvents serve many purposes including making workplaces safer and limiting worker exposure to harmful chemicals. These natural resources work well as a coating for wood, metals, and other substances, replacing lactate ester and making an effective paint stripper and cleaner for metal surfaces. Moreover, the increasing demand for biofuels globally is also expected to boost the market growth as a successful conversion of biomass into a better biofuel, requires a carefully chosen solvent.

The augment of green chemistry as well as the persistent development of novel industrial processes along with a move towards less toxic, sustainable, biodegradable, carbon neutral, and greener materials is anticipated to boost the market of bio solvents in the upcoming years. Bio-based feedstocks such as carbohydrates, carbohydrate polymers, proteins, alkaloids, plant oils, and animal fats have been used to produce bio-based solvents. Therefore, the expanding research & development by key market players to develop sustainable solvents is estimated to expand the bio-solvents market growth. For instance, Japan, which uses acetone, a volatile solvent for everything from removing nail polish and manufacturing plastics to cleaning textiles, in a recent development of 2021, propelled the production of bio-acetone with a new bacteria strain called Moorella thermoacetica.


Bio-Solvents Market
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Bio-Solvents Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable and Sustainable Products – the depletion of fossil fuel resources globally is leading to the increasing customers’ demand for renewable, sustainable, environmentally friendly, biodegradable products, such as green solvents. It is estimated that if the rate of burning fossil fuels worldwide continues to remain the same as of today, it will generally be depleted by 2060. Moreover, the rising legislative push for utilizing more sustainable products from carbon-neutral resources to reduce global carbon footprint and their environmental impact is further expected to augment the bio-solvent market growth.
  • Rising Concern About Greenhouse Gas (GHG) Emission - the increasing need to reduce the level of greenhouse gases and the release of volatile organic compounds (VOC) released from various industrial processes is responsible for the fast-paced penetration of bio solvents in many end-use industries, which is expected to boost the market growth. The global greenhouse gas emissions are projected to be around 50 Gt per year, making it ~6.6t per person and for 2019 it was observed to reach 57 Gt CO2 eq including 5 Gt.
  • Rising Demand for Bio-Ethanol from Transport Industry – The rising demand for bio-based ethanol as a transport fuel to replace gasoline is the consequence of the rapid growth of the transport sector which is a major contributor to emissions globally. Bio-based ethanol is produced through the biological transformation of sugars and is currently the most produced of all bio-solvents. It is a renewable source of fuel and also has low toxicity. Furthermore, it reduces GHG emissions, by over 71% compared to fossil fuels besides the reduction of other pollutants emissions, leading to improved air quality.
  • Expansion of End-Use Industries – the rapid expansion of many end-use industries as well as increasing demand for consumer & industrial products such as flavors, cosmetics, fragrances, cleaning agents, paints, adhesives, and inks, is anticipated to boost the market growth over the forecast period. For instance, the global cosmetics industry experienced growth of about 16% in 2022, in comparison to the year 2021.
  • Growing Pharmaceutical Industry – which heavily relies on solvents for drug discovery, process development, and drug manufacturing processes is expected to propel the product demand. Solvents in pharma companies are also used to extract and separate compounds from mixtures or natural products.

Challenges

  • Supply Chain Disruption– is the main challenge in the application of bio-based solvents in various chemical, pharmaceutical, and other research and processing industries. Though bio solvents are considered low-cost and energy-efficient alternatives to traditional solvents their availability heavily depends on the supply of their raw material whose production, price, and distribution are highly unstable worldwide. The fluctuations in the farm product prices & availability to those of manufactured products are anticipated to hamper the market growth.
  • Lack of Data Availability Regarding the Physical Properties and Toxicity
  • Stringent Regulatory Standards for Solvents Manufacturing

Bio-Solvents Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2035)

~ USD 4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Bio-Solvents Segmentation

Type (Bio-Alcohols, Glycols, Esters)

The global bio-solvents market is segmented and analyzed for demand and supply by type into bio-alcohols, glycols, esters, and others. Out of these segments, the bio-alcohol segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the rising demand for these products as a rapid replacement of industrial solvents in many end-use industries as well as the rising adoption of bio-alcohols as cleaners and disinfectants post-COVID-19. The total disinfectant sales in the state of Washington, soared by almost 1,325% in March 2020 and in Florida, the purchase of cleaning wipes rose by ~1,200% during the pandemic in 2020.   Moreover, the augment of the bio-jet fuel production technology using bio-alcohol such as bio-butanol and bio-ethanol for reducing carbon emissions as a solution to global warming, is further anticipated to accelerate the segment's growth. It was found that around 12% of transportation fuel is accounted for by the aviation industry. Also, it contributes ~2% of greenhouse gas to environmental pollution and global warming.

Application (Paints & Coatings, Adhesives & Sealants, Printing Inks)

The global bio-solvents market is also segmented and analyzed for demand and supply by application into paints & coatings, adhesives & sealants, printing inks, and others. Amongst these given segments, the paints & coatings segment is expected to garner a significant share in the year 2035. The growth of the segment is anticipated on the back of the rapid growth of the paints & coating industries with growing demand for these products in the many end-use industries such as construction, wood, aerospace, automotive, general industrial, coil, railing, and packaging coating, and others. As per a report, the total valuation of the global paint and coatings industry reached around USD 160 billion in 2021. Moreover, the growing construction sector with the rising demand for residential and commercial buildings is leading to the increase in demand for paints & coatings in the building and construction sector, as paints & coatings are used to protect constructed structures from any external damage. This, as result, is further expected to boost the segment growth.

Our in-depth analysis of the global 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

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Bio-Solvents Industry - Regional Synopsis

North American Market Forecast

The North American bio-solvents market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the growing investment in green chemistry as well as the rising development of renewable organic material along with the increasing consumption of biomass. As per research, the United States consumed around 4,835 trillion Btu (British thermal units) of energy derived from biomass in 2021. Further, the increasing demand for biofuels such as bioethanol and biodiesel as transportation fuels, and for heating and electricity generation is further assessed to boost the market growth. Biodiesel production in the United States accounted for 1.8 billion gallons in the year 2020, as per the United States Energy Information Administration.

APAC Market Statistics

The Asia Pacific bio-solvents market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the prospering chemical paints & coatings, printing inks, pharmaceuticals, adhesives, cosmetics, and household care and other industries in the region as well as the increasing demand for green solvents from these end-use industries is projected to propel the demand for bio solvents in the region. The industrial growth in the region can be attributed to the economic growth in Asia and the Pacific region which bounced to ~4.0% in 2022 and is expected to touch ~4.3% in 2023.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising societal as well as legislative initiatives for promoting the use of bio-based, biodegradable, products for eco-efficient processes in the region with the high acceptance for lighter bio-fuels, owing to the commitment to a greener economy is expected to boost the regional market growth.

Research Nester
Bio-Solvents Market Size
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Companies Dominating the Bio-Solvents Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Marathon Petroleum Corporation
    • 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.

In-the-news

In The News

  • BTC Europe GmbH a European distribution organization of BASF signed an agreement on the distribution of biobased and biodegradable solvents derived from levulinic acid for the European market with NXTLEVVEL Biochem BV, a commercial scale manufacturer of next-generation biomass-derived chemicals. Levulinic acid serves as a versatile building block for chemicals and materials derived directly from biomass.

  • Cargill Corporation a privately held American global food corporation join hands with Virent, Inc. provider of petroleum refining products (Marathon Petroleum Corporation). They will together produce low-carbon biofuels, using Virent’s BioForming technology, which uses the sugar present in the feedstock to form biofuel.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3359
  • Published Date: Apr 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for petrochemical replacement as well as the rising development of sustainable alternatives along with the rising concern about GHG emissions are some major factors driving the growth of the bio-solvents market.

The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2035.

The high cost of production as well as the stringent regulatory standards for manufacturing bio-based solvents estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are BASF SE, Marathon Petroleum Corporation, Archer Daniels Midland Company, Vertec Biosolvents Inc., Stepan Company, Solvay S.A., GF Biochemicals, The Dow Chemical Company, India Glycols Ltd., and others.

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.

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

The bio-alcohol segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Bio-Solvents Market Report Scope
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