New York, NY, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Green & Bio-Solvents Market Share, Size, Trends, Industry Analysis Report, By Product (Bio-Alcohols, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, and Others); By End-Use, By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research study, the global green & bio-solvents market size & share are expected to generate revenue of USD 3.96 Billion by 2032 and are estimated to be valued at USD 1.76 billion in 2022, at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2032”.
What are Green and Bio-Solvents? How Big is Green and Bio-Solvents Market Size & Share?
- Report Overview
Green and bio solvents refer to environment-friendly chemical substances derived from agricultural sources. They are manufactured after processing crops such as corn, sugarcane, lactic acid, refined glycerine, bio-succinic acid, and soybean oil. The rapidly rising demand for the green & bio-solvents market can be attributed to its increased usage in coatings, paints, printing inks, personal care products, cosmetics, sealants, and pharmaceuticals.
The market is primarily driven by rising demand from key application segments such as paints and coatings, adhesives, and pharmaceuticals. The growth of the paints and coatings and adhesive industries can be attributed to the increasing population and the resultant increase in industries such as real estate, public works, and building and construction.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- Industry drivers, restraints, and opportunities are covered in the study.
- A neutral perspective on market performance.
- Recent industry trends and developments.
- Competitive landscape and strategies of key players.
- Potential and niche segments and regions exhibiting promising growth are covered.
Some of the Top Market Players Are:
- Cargill Incorporated
- DuPont
- BASF SE
- LyondellBasell N.V.
- Gevo
- AkzoNobel
- Stepen Company
- GF Biochemicals
- Solvay
- Archer Daniel Midland Company
- Cremer Oleo
- Dow Inc.
- Elevance Renewable Sciences Inc.
- Florachem Corporation
- Vertec Biosolvents Inc.
- Huntsman Corporation
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/green-bio-solvents-market/request-for-sample
Key factors driving market growth
- Growing R&D capabilities of the manufacturers to push the market
These products find significant demand in applications such as paints and coatings, industrial and domestic cleaners, adhesives, printing inks, pharmaceuticals, and cosmetics. The Green & bio-solvents market size is expanding due to the growing R&D capabilities of the manufacturers for the development of additional feedstock and manufacturing technologies to facilitate large-scale production.
The growing need for environment-friendly solvents across various sectors drives the market's growth. Green & bio-solvents market sales are soaring due to lactate ester solvents such as non-carcinogenic, non-corrosive, and non-ozone-depleting replacing synthetic solvents such as toluene, acetone, and xylene in the preparation of green solvents. This is expected to drive the market's growth over the forecast period.
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Recent trends influencing the market
- Use of green solvents as by-products to drive the market
The use of green solvents as by-products in the manufacturing of several products in sectors such as inks, detergents, paints & coatings, cosmetics, adhesives, pharmaceuticals, and others, as well as the presence of rules and regulations set forth by the European Commission's Eco Product Certification Scheme for eco-friendly paints and coatings, is expected to boost the global market.
Bio-solvents are used in agriculture to enhance product quality, boost output, and lower production costs. The rising demand for consumer goods such as perfumes, intensive research and development efforts, and a greater focus on sustainable development are anticipated to create lucrative opportunities for the market over the forecast period.
Segmentation assessment
- Lactate esters accounted for the largest market share
Based on product, lactate esters accounted for the largest market share. The market's growth is mainly driven by increased demand and consumption of the product in several end-use industries, such as personal care, industrial solvent applications, and pharmaceuticals. Green & bio-solvents market demand is on the rise as lactate esters are highly utilized as an alternative to conventional petroleum-based solvents and consist of a wide range of beneficial features such as non-corrosive, biodegradable, ozone depletion free, and easily recyclable positively influencing the market growth.
- The paints and coatings segment dominated the market
Based on end use, the paints and coatings segment dominated the market with a holding of healthy market revenue share, mainly attributed to a rapid surge in the number of construction and infrastructure development activities, particularly in emerging economies such as India, China, and Indonesia. Green & bio-solvents market trends include the introduction of several bio-based environment-friendly paints and coatings formed by green solvents, which provide a glossy, durable, and decorative look for outdoor and indoor paints.
Green and Bio-Solvents Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 3.96 Billion |
| Market size value in 2023 | USD 1.91 Billion |
| Expected CAGR Growth | 8.4% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 - 2032 |
| Top Market Players | Cargill Incorporated, DuPont, BASF SE, LyondellBasell N.V., Gevo, AkzoNobel, Stepen Company, GF Biochemicals, Solvay, Archer Daniel Midland Company, Cremer Oleo, Dow Inc., Elevance Renewable Sciences Inc., Florachem Corporation, Vertec Biosolvents Inc., and Huntsman Corporation. |
| Segments Covered | By Product, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Growing industrialization to propel the Asia Pacific market
Asia Pacific held the largest green & bio-solvents market share due to growing industrialization and developments in cosmetics, industrial, paints, and coatings, among others, along with the increasing consumer awareness towards the advantages of using green solvents. The continuously rising sales and demand for several types of drugs to diagnose many diseases, including cancer, asthma, diabetes, and many others, where green solvents are widely used as intermediates, propels the market growth.
North America accounted for most of the market share due to increased penetration and surge in demand for green solvents that have significantly forced policymakers and governments to replace traditional solvents with new and eco-friendly alternatives.
Browse the Detail Report “Green & Bio-Solvents Market Share, Size, Trends, Industry Analysis Report, By Product (Bio-Alcohols, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, and Others); By End-Use, By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/green-bio-solvents-market
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Polaris Market Research has segmented the Green & Bio-Solvents market report based on product, end-use, and region:
By Product Outlook
- Bio-Alcohols
- Bio-Methanol
- Bio-Ethanol
- Other Bio-Alcohols
- Bio-Diols
- Bio-Glycols
- Lactate Esters
- D-Limonene
- Methyl Soyate
- Others
By End Use Outlook
- Chemical Intermediate
- Pharmaceuticals
- Printing Inks
- Paints & Coatings
- Cosmetics & Personal Care
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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