Solvents are fluids that hold the capability to dissolve some other materials without any type of chemical alteration in the solvent itself or in the material. Solvents are widely consumed in huge quantities in several chemical syntheses and are also used for degreasing and cleaning. The traditional solvents are mostly toxic; whereas the newer generation of green solvents is usually derived from renewable resources.
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In 2014, the global market for green and bio-based solvents was worth US$4.32 bn and is estimated to reach a value of US$8.05 bn by the end of 2023, exhibiting a 7.20% CAGR between 2015 and 2023.
On the basis of source of raw material, solvents can be broadly divided into:
Among these types, petroleum-based solvents release a high quantity of volatile organic compounds throughout their production process, which makes them ecologically unsafe. In addition, petroleum-based solvents are characteristically dependent on crude oil prices, resulting in constant variations in the cost of final products. On the contrary, green and bio-based solvents are considered less toxic, and have a milder odor, a higher boiling point, easy recycling procedure, and low miscibility. Thus, the green and bio-based solvents are characterized as eco-friendly.
Growing Applications in Diverse Industries to Propel Green and Bio-based Solvents Market
The characteristic advantages and properties of green and bio-based solvents makes it appropriate for use in diverse applications such as printing inks, agrochemicals, paints and coatings, adhesives and sealants, cosmetics, commercial and domestic cleaning, pharmaceutical, and others. The rising adoption of green and bio-based solvents in printing inks, paints and coatings, and industrial cleaning applications has further boosted the demand for green and bio-based solvents in diverse end-use industries across the globe. This is anticipated to fuel the growth of the global market for green and bio-based solvents in the near future.
Furthermore, the growing stringent environmental regulations over volatile organic compounds (VOC) emissions and volatile petroleum prices are expected to fuel the growth of the overall green and bio-based solvents market. In addition, the rising support from governments for research on green and bio-based solvents is further driving the global green and bio-based solvents market. On the flip side, the availability of numerous low-cost petroleum-based alternatives and high costs of production of green and bio-based solvents are the major factors anticipated to curb the growth of the market in the near future.
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Growing Awareness Regarding Advantages of Green and Bio-based Solvents to Drive Global Market
Studying the benefits of green and bio-based solvents, the developed nations are encouraging their usage across different industries. In addition, the easy availability of raw materials and substantial manufacturing expertise in developed countries, such as North America and Europe, are further expected to augment the growth of the market. Moreover, the growing awareness regarding the advantages associated with green and bio-based solvents are further expected to fuel the growth of the green and bio-based market in several emerging nations. The growing adoption of green and bio-based solvents in diverse sectors has attracted numerous players to participate in the global market and create a brand name.