According to Fortune Business Insights™, the global green & bio-based solvents market is anticipated to gain impetus from their increasing usage in the production of chemical products, such as bio-alcohols and bio-glycols. This information is given by Fortune Business Insights™ The report further states that green & bio-based solvents are made from refined glycerin, corn, sugarcane, beat, bio-succinic acid, lactic acid, and vegetable oils.
A list of the renowned green & bio-based solvents manufacturers operating in the market:
- BASF SE
- BioAmber Inc.
- Myriant Corporation
- Dow Chemicals
- Cargill Incorporated
- Gevo Inc.
- Vertec Bio Solvents Inc.
- Florida Chemicals
- Lyondellbasell
- DuPont
- Solvay SA
- Huntsman Corporation
- Other prominent companies
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Drivers & Restraints-
Rising Usage as a Substitute to Crude Oil-based Solvents will Favor Growth
Green & bio-based solvents have several beneficial properties, such as biodegradable, non-corrosive, non-carcinogenic, recyclable, and eco-friendly nature. Besides, they have high boiling point, as well as exhibit low toxicity and miscibility. Thus, they are mainly utilized as a substitute material for crude oil-based solvents. At the same time, green & bio-based solvents are used in a wide range of industries, namely, cosmetics, pharmaceuticals, paints & coatings, adhesives, industrial & domestic cleaners, and printing inks. Also, these solvents are experiencing high demand from manufacturers as they are rapidly shifting towards eco-friendly products. However, the high production cost is set to decline the green & bio-based solvents market growth in the near future.
Regional Analysis-
Expansion of Pharmaceuticals Industry to Boost Growth in North America
Geographically, North America is expected to generate the largest green & bio-based solvents market share in the near future. This growth is attributable to the expansion of the pharmaceuticals industry in Canada and the U.S. In Europe, developed countries, such as Italy, the U.K., and Germany are considered to be the major contributors to growth on account of the presence of strict government rules on the usage of green solvents.
Asia Pacific is set to retain its third-largest position in the coming years because of the rising usage of green & bio-based solvents in printing inks, agrochemicals, construction, cosmetics, pharmaceuticals, and paints & coatings applications. Owing to the increasing development of the construction industry, the Middle East & Africa is set to exhibit sustainable growth.
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Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Competitive Landscape-
Key Players Focus on Developing Novel Green & Bio-based Solvents
The market for green & bio-based solvents is fragmented with the presence of several manufacturers. Most of them are striving to gain a competitive edge by developing innovative products to cater to the demand from consumers. Below are two recent industry developments:
- April 2019: Braskem unveiled a partially renewable solvent named HE-70S. It is produced from sugarcane ethanol. It will aid the company to broaden its portfolio of chemical products.
- April 2019: Merck introduced a unique sustainable dipolar aprotic solvent named Cyrene. It is a bio-derived product that is a non-toxic alternative to dimethylformamide and N-Methyl-2-pyrrolidone solvents.
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