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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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.

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

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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. 

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

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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

Global Green & Bio-Solvents Market
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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


  • Huge Investment Cost to Start Production

Chemicals Value
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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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the green & bio-solvents market?

Ans: Increasing adoption of bio-based solvents and stringent regulations imposed on chemical-based industrial solvents are the key factors driving market growth.

2) What would be the CAGR of green & bio-solvents market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the green & bio-solvents market growth?

Ans: Huge investment cost to start production and slow reaction rate are estimated to hamper market growth.

4) Which region will provide more business opportunities for growth of green & bio-solvents market in future?

Ans: The market in North America region will provide ample growth opportunities owing to the high availability of raw materials and the presence of major manufacturers in the region.

5) Who are the major players dominating the green & bio-solvents market?

Ans: The major players dominating the automatic distillation analyzer market are BASF SE, Archer Daniels Midland Co., Dow Chemical Company, Cargill Inc, Cremer Oleo GmbH & Co, and Florida Chemical Company, Inc. among others.

6) How are the company profiles selected?

Ans: The company profiles are selected on the basis of 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.

7) What are the segments in the global green & bio-solvents market?

Ans: The market is segmented by type, application, and region.

8) Which segment under the type segment captures the largest market size in the global green & bio-solvents market?

Ans: With respect to type, the methyl soyate segment is anticipated to hold the largest market share accounting to its high usage as a viable green alternative industrial solvent.

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