The demand for green and bio-based solvents over petroleum-based solvents stems from the fact that the latter emit alarming levels of volatile organic compounds during production, application, and handling. Compared to these, green and bio-based solvents are environment-friendly and are as a result, used in an array of applications such as printing inks, adhesives and sealants, cosmetics, paints and coatings, commercial and domestic cleaning, and pharmaceuticals.
Governments Step Up Support for Research of Green and Bio-based Solvents
The global green and bio-based solvents market has been gaining prominence in recent years, driven by a number of factors. The volatility of petroleum prices has compelled end users to switch to bio-based solvents. This rising adoption of green and bio-based solvents has greatly fueled the global market. In addition, the increase in environmental regulations pertaining to volatile organic compound (VOC) emissions has spurred the green and bio-based solvents market. Governments across the globe have increased their support for the research of green and bio-based solvents. This, coupled with the widening application scope of bio-solvents, is anticipated to serve as an opportunity for players within the global market.
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On the flip side, the disparity of raw material supply and the high cost of production are projected to hamper the growth of the green and bio-based solvents market.
Global Green and Bio-based Solvents Market Poised for Strong Growth by 2023
Globally, the market for green and bio-based solvents is anticipated to expand substantially over the next seven years. According to Transparency Market Research, this market is projected to rise from a value of US$4.3 bn in 2014 to just over US$8 bn by 2023 at a 7.20% CAGR from 2015 to 2023. The worldwide market is geographically divided into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
Here’s a look at how the key regional green and bio-based solvents markets have fared over the years and where they are headed in the near future:
Some of the leading players competing in the global green and bio-based solvents market are Vertec Biosolvents Inc., Archer Daniels Midland Company, BioMCN, Cargill Inc., Corbion NV, Florida Chemical Company, Cobalt Technologies, BioAmber Inc., Elevance Renewable Sciences, Inc., and Galactic.