Green & Bio-Solvents Market size is poised to surpass USD 6672 Billion by the end of 2035 by growing at a CAGR of 6% during the forecast period i.e., 2023-2035. . In the year 2022, the industry size of green & bio-solvents was over USD 3315 Billion. The growth of the market can be attributed to the increasing preference of people for green solvents as they are eco-friendly and produced from agricultural crop processing. Some of the green solvents include methanol, acetone, 2-propanol, ethyl acetate, and ethanol which have less toxicity. Additionally, the increasing pharmaceutical industry is also estimated to propel market growth. The solvents are used in the pharmaceutical sector to improve the solubility of the chemical compounds in the formulation. The revenue from the pharmaceutical sector across the world in total was estimated to reach USD 1.5 trillion by the end of 2021 in the U.S.
Furthermore, the growing healthcare industry and concerns associated with the environment are estimated to drive market growth. The rising economic growth and population increase are estimated to propel market growth in the coming years. The growing construction and automotive sector which increases the use of coatings and paints in the region is driving the market growth. The value of the U.S. construction sector in the year 2021 was estimated to be USD 1.5 trillion. Also, the number of vehicles in the U.S. produced during 2021 was more than 9 million as per the estimations.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 3315 Billion |
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Forecast Year Market Size (2035) |
~ USD 6672 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, Ethyl Lactate, D-Limonene, Methyl Soyate)
The global green & bio-solvent industry is segmented and analyzed for demand and supply by type into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, D-limonene, and methyl soyate. Out of these, the D-limonene segment is estimated to gain the largest market share of about ~28% in the year 2035. The growth of the segment can be attributed to the increasing use of flavoring agents in all types of drinks and foods. The rising food and beverages industry across the world is driving the market segment growth. The growing use in the health industry is estimated to propel the market segment growth. D-limonene reduces cholesterol, and gastric issues, and acts as an antioxidant for skin irritation and sensitivity. Upsurging preference for eco-friendly products is driving the growth of the market segment. Additionally, increasing fungal disorders and the number of people suffering from cholesterol are propelling the market segment’s growth. The global value of D-limonene in 2021 was estimated to be worth USD 480 million and was projected to reach more than USD 700 million by the end of 2029.
Application (Paints, Coatings, Industrial, Domestic Cleaning, Printing Inks, Adhesives, Sealants, Pharmaceuticals, Cosmetics, Agriculture)
The global green & bio-solvents market is also segmented and analyzed for demand and supply by application into paints and coatings, industrial and domestic cleaning, printing inks, adhesives and sealants, pharmaceuticals, cosmetics, agriculture, and others. Amongst these segments, the paints and coatings segment is expected to garner a significant share of around ~26% in the year 2035. The rising use of the construction sector across the world with high infrastructure developments and government initiatives is estimated to propel the market growth. The increasing utilization of bio-solvents in the paints to dissolve various components in the formulation of paint is estimated to give the desired consistency which is propelling the market segment growth in the coming years. The growing use of paints and coatings in the automotive sector to enhance the glossy look of vehicles is driving the market segment growth. The increasing production of indoor and outdoor paints with growing infrastructure development is estimated to hike the market segment growth.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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North American Market Forecast
The market share of green & bio-solvents in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~33% by the end of 2035. The growth of the market can be attributed majorly to the increasing availability of raw materials and the presence of major manufacturers in the region. The growth of the regional market can also be attributed to the growing demand for bio solvents in North America, backed by increasing public awareness, and constant product innovation in terms of quality and application development. As shale gas production increases, North American ethylene producers are shifting from petroleum-derived naphtha to natural gas-based feedstock. Sugars, glycerol, and other plant-based products are emerging as competitive starting materials for a variety of commodity chemicals. This is estimated to boost the market growth in the region. The increasing printing inks and packaging sector is driving market growth in the region. The growing bio-based solvents in the region with rising awareness of people is propelling the market growth. The U.S. printing ink value in 2021 was nearly 980 kilotons as per the estimations.
APAC Market Statistics
The Asia Pacific green & bio-solvents market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the increasing bio-based cosmetics and rising usage of cosmetics among people. The growing food and beverage sector with an increasing population is propelling market growth in the region. As per the market analysis, the increasing pharmaceutical sector in the region is driving the market growth. The easy availability, less cost, and rising investment by manufacturers in the region are estimated to hike the market growth. The increasing use of sanitizers made of ethanol to improve personal hygiene post-pandemic is expected to rise the growth opportunities of the market in the region. Rising laboratories and diagnostic clinics in the region are anticipated to hike market growth. The increasing risk of infections across the region is also driving the market growth.
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 increasing demand for bio-solvents and green solvents to reduce the negative effects on the environment. The growing industries of detergents, paper, pulp, and textiles in the region are estimated to have a positive impact on market growth. The rising use of bio-catalysts in the chemical synthesis process with increasing research labs in the region is estimated to rise the demand for market expansion during the forecast period. The government regulations to reduce the use of products made of petrochemical in the manufacturing sector of the region are driving the market growth. The growing use of natural solvents in biofuels and biomass production is also estimated to hike the growth of the market.
Author Credits: Smruti Ranjan, Rajrani Baghel
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