Bio-Solvents Market 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:
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