Green & Bio-Solvents Market Trends

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

Green & Bio-Solvents Market Trends

Growth Drivers

  • Increasing Adoption of Bio-based Solvents in Various End-User Industries – The increasingly harmful effects of chemical solvents on plants and animals are estimated to rise market growth opportunities. The number of people willing to pay extra for biobased products to enhance health awareness and educate literate people is driving the market growth during the forecast period. The production of biobased chemicals and polymers worldwide as of 2020 was estimated to be 88 million tonnes.
  • Rising focus on Reduce Carbon Emissions across the World – The percentage of carbon emissions from fossil fuel consumption that is released into the environment in 2023 as per the reports was over 60% in the U.S.
  • Increasing Use of Household Cleaners, and Fragrances to Maintain a Hygiene Environment – The raise of cleaning products used in households globally during 2022 was USD 250 billion which is raised from the base of USD 230 billion in 2021.
  • Growing Use of Adhesives and Sealants in the Construction and Furniture Sector – The adhesives and sealants together generate revenue of more than USD 65 billion across the world in 2022.
  • Rising Agricultural Sector with Increasing Demand for Food Crop Lands – The agriculture, food, and other associated industries together made a contribution of USD 1 trillion to the U.S. gross domestic product in 2021 which was 5% of the share.

Challenges

  • Huge Investment Cost to Start Production
  • Uncertain and Unavailability of Raw Material Supply – The important factor in any business is raw materials and a continuous supply of quality products. The use of cheap products to compensate for the gap in the raw materials to increase profit is estimated to hamper the market growth. The use of fewer quality materials and cheap materials is hindering market growth in the coming years.
  • Huge Competition among Small and Medium Size Enterprises

Green & Bio-Solvents Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 3315 Billion

Forecast Year Market Size (2035)

~ USD 6672 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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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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