Green & Bio-Solvents Market Size

  • Report ID: 3256
  • Published Date: Apr 25, 2023
  • Report Format: PDF, PPT

Green & Bio-Solvents Market Size

Green & Bio-Solvents Market size is poised to surpass USD 6672 Billion by the end of 2035, 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.

Green & Bio-Solvents Market
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Author Credits:  Rajrani Baghel

  • Report ID: 3256
  • Published Date: Apr 25, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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

The market size of green & bio-solvents is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

Huge investment costs to start production and slow reaction rate are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are BASF SE, Archer Daniels Midland Co., Dow Chemical Company, Cargill Inc, Cremer Oleo GmbH & Co, Florida Chemical Company, Inc., Vertec Biosolvents Inc., Botaneco Inc., Shenzen Esun Industrial Co Ltd, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, product, end user, and by region.

The D-limonene segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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