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