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CHEMICALS AND ADVANCED MATERIALS

Green & Bio-Solvents Market Segmentation by Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, Ethyl Lactate, D-Limonene, and Methyl Soyate); and by Application (Paints and Coatings, Industrial and Domestic Cleaning, Printing Inks, Adhesives and Sealants, Pharmaceutical, Cosmetics, Agriculture, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Green & 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

  • March 2021: Corbion N.V. has launched a new bio-based product PURASOLV. The company is increasing its production capacity of lactic acid and lactic-acid derivatives.
  • September 2020: Cargill Inc. and Virent, Inc. are working together to produce low-carbon biofuels and bio-based product by evaluating the use of Cargill’s corn dextrose as a feedstock.

Global Green & Bio-Solvents Market Highlights 2022-2030

The global green & bio-solvents market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. Green and bio-based solvents are produced from the renewable resources and are biodegradable and non-corrosive. Stringent regulation on volatile organic commission (VOC) emissions and other hazardous air pollutants are expected to boost the demand for bio-based & green solvents. According to the National Emissions Inventory (NEI) data, estimated VOC emissions from anthropogenic sources decreased by 47% between from 23.0 million tons to 12.2 million tons since the past two decades. The majority of emission reductions were observed among the industrial processes. Such an overwhelming reductions in VOC emissions is expected to boost the demand for green & bio based solvent market.

The increasing adoption of green and bio-based solvents across the world, owing to their biodegradability, resistance to corrosion, and recyclability, are expected to offer various opportunities for the growth of the market. Eco-friendly nature and low volatile organic compound content emission than conventional petroleum-based solvent is estimated to be the major reasons for the manufacturers to shift towards green solvent over the years. Hazardous environmental effects of volatile organic compounds, volatility in the crude oil prices and rising adoption of green solvents and growing environmental concerns along with rising consumer awareness towards eco-friendly products are expected to fuel the adoption of green solvent.

The green & bio-solvents market has witnessed a significant raise in demand during COVID-19, from the hospitals and healthcare institutes worldwide for the manufacturing of various pharmaceutical products. Due to an explosive wave in the number of Covid-19 cases, the demand for penicillin, aspirin, and cough syrup, and a wide range of other pharmaceutical products increased, which generated a huge demand for bio-solvents. The market is anticipated to continue to grow post coronavirus outbreak as well.

Global Green & Bio-Solvents Market

On the basis of type, the market is segmented into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, d-limonene, and methyl soyate. Among all, the methyl soyate segment is estimated to hold the major share over the forecast period, owing to its increasing adoption and high usage as a viable green alternative industrial solvent, backed by its low cost and biodegradability. CLICK TO DOWNLOAD SAMPLE REPORT

On the basis of application, the market is segmented into industrial and domestic cleaning, paints and coatings, printing inks, adhesives and sealants, pharmaceutical, cosmetics, agriculture, and others. Out of these, the paints & coatings segment is anticipated to hold the highest share in the market during the forecast period. The growth of the segment can be attributed to the swiftly growing demand for eco-friendly solvent solutions from the construction and automotive industry. With the increasing housing construction, backed by growing population, and income levels in countries like China, India, Brazil, and Mexico, the demand for paints and coatings is expected to increase at a significant rate. This is estimated to boost the segment growth.

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals Value

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 Green & Bio-Solvents Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America is predicted to grow at the highest CAGR over the forecast period owing to the increased 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.

Green Bio Solvents Market

The global green & 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 green & bio-solvents market includes the following segments:

By Type

  • Bio-alcohols
  • Bio-glycols
  • Bio-diols
  • Ethyl Lactate
  • D-limonene
  • Methyl Soyate

By Application

  • Paints and Coatings
  • Industrial and Domestic Cleaning
  • Printing Inks
  • Adhesives and Sealants
  • Pharmaceutical
  • Cosmetics
  • Agriculture
  • Others

Growth Drivers

  • Increasing Adoption of Bio-based Solvents
  • Stringent Regulations Imposed on Chemical-Based Industrial Solvents

Challenges

  • Huge Investment Cost to Start Production

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 Co.
  • BioAmber Inc.
  • Dow Chemical Company
  • Cargill Inc.
  • Cremer Oleo GmbH & Co.
  • Vertec Biosolvents Inc.
  • Florida Chemical Company, Inc.
  • Botaneco Inc.
  • Shenzen Esun Industrial Co Ltd

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