Green & Bio-Solvents Market Size

Green & Bio-Solvents Market size was valued at USD 3.51 Trillion in 2023 and is expected to reach USD 7594.5 Billion by the end of 2036, registering around 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of green & bio-solvents is assessed at USD 3.7 Trillion. 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.