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Green and Bio-Based Solvents Market Overview
The Green and Bio-Based Solvents Market Size was valued at USD 4.68 Billion in 2023. The green and bio-based solvents industry is projected to grow from USD 5.03 Billion in 2024 to USD 8.97 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2024 - 2032). The global green and bio-based solvents market growth is projected to drive because of the fluctuating crude oil prices and fewer emissions, and the environmentally-friendly nature of VOCs. Moreover, the global market for Green and Bio-Based Solvents has significant opportunities due to the rising adoption of Bio-Based Solvents in various industries like printing inks, paints and coatings, and consumer goods.
Further, the application segment is segmented into industrial and domestic cleaning, paints and coatings, adhesives and sealants, printing inks, cosmetics, pharmaceuticals, agriculture, and others. The type segment has been categorized into bio-glycols, bio-alcohols, ethyl lactate, bio-diols, methyl soyate, D-limonene, and others (bio-based butanediol, hydrogen peroxide, and 2-methyl tetrahydrofuran).
Geographically, the global Green and Bio-Based Solvents Market has been divided across various locations like Asia-Pacific, Latin America, North America, Europe, the Middle East & Africa, and the rest of the world. Of these, the North American market is projected to dominate the global market for Green and Bio-Based Solvents during the forecast period due to the presence of various market players like Archer Daniels Midland Company (US), DowDuPont (US), Vertec BioSolvents (US), and others.
Global Green and Bio-Based Solvents Market Share, By Application, 2017 (%):
Regional Analysis
The Global Green and Bio-Based Solvents Market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The North American market held the largest market share in 2020 and is projected to maintain its dominance in the coming years with a significant CAGR owing to the strict environmental regulations pertaining to the adoption of Bio-Solvents. The US is the major contributor in the region owing to the increasing government support and growing adoption of advanced technologies for product development. The Asia-Pacific market is estimated to exhibit the highest CAGR during the forecast period owing to the growing concern of governments to replace hydrocarbon solvents and shifting focus towards Bio-Based Solvents by various industries. China is the major contributor in the region on account of increasing awareness among consumers regarding eco-friendly and non-toxic nature of green solvents and easy availability of raw materials. Other countries contributing to the regional market growth are India, Thailand, Malaysia, and Australia & New Zealand. The European market accounted for the second-largest market share in 2017 due to favorable environmental regulations and growing R&D focus. Germany is expected to be the leading market in the region owing to the surging demand for Bio-Based Solvents in the cosmetics and automotive end-use industries. The Latin American market is projected to register a substantial CAGR during the review period owing to favorable climate and abundant land for raw material cultivation. The Middle East & African market is estimated to exhibit a moderate CAGR during the review period due to the limited availability of raw materials and dry climate.
Segmentation Analysis
The Global Green and Bio-Based Solvents Market has been segmented based on Type, Application, and Region.
On the Basis of Type, the Global Green and Bio-Based Solvents Market has been categorized into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, D-limonene, methyl soyate, and others (including hydrogen peroxide, bio-based butanediol, 2-methyltetrahydrofuran, etc.).
Based on Application, the Global Green and Bio-Based Solvents Market has been classified into paints and coatings, industrial and domestic cleaning, printing inks, adhesives and sealants, pharmaceutical, cosmetics, agriculture, and others.
By Region, The Global Green and Bio-Based Solvents Market, has been studied for five key regions—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
Key Players
Some of the Key Players operating in the Global Green and Bio-Based Solvents Market are Solvay (Belgium), Archer Daniels Midland Company (US), BASF SE (Germany), DowDuPont (US), Vertec BioSolvents (US), CREMER OLEO GmbH & Co. KG (Germany), Cargill, Incorporated (US), Corbion (The Netherlands), Merck KGaA (Germany), LyondellBasell Industries Holdings B.V. (US), Galactic (Belgium), and Arkema Group (France).
Recent Development
In October 2021
The prominent player Tork launched the biobased cleaning cloth for different companies. It has aimed to cater to the sustainability goals for keeping the company’s performance intact. Here, the company has used 99% biobased, plant-based, and sustainable fibers in the Biobased Heavy-Duty Cleaning Cloth, which is useful for the customers to leverage improved solvent, durability, absorption, and linting consumption to bring down the negative impact on the environment.
Target Audience
- Green and Bio-Based Solvent Manufacturers
- Raw Material Suppliers
- Distributors and Suppliers of Green Solvents
- Potential Investors
- Research Institutes
- Government Bodies
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