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CHEMICALS AND ADVANCED MATERIALS

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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Extensive insights into the Growth of Bio-Solvents Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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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

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. CLICK TO DOWNLOAD SAMPLE REPORT

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

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

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

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.

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