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IN THE NEWSThe 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.
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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.
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.
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.
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The global green & bio-solvents market is further classified on the basis of region as follows:
Our in-depth analysis of the global green & bio-solvents market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing adoption of bio-based solvents and stringent regulations imposed on chemical-based industrial solvents are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Huge investment cost to start production and slow reaction rate are estimated to hamper market growth.
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.
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.
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.
The market is segmented by type, application, and region.
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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