IMARC Group, a leading market research company, has released a report titled “Green and Bio-Solvents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global green and bio-solvents market size reached US$ 12.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
Green and bio-solvents are eco-friendly alternatives to conventional petroleum-based solvents that are formulated with renewable resources. They are designed to deliver high performance in dissolving oils, inks, grease, adhesives, and other contaminants similar to their conventional counterparts, but with considerably less environmental impact. They are biodegradable, have a high boiling point and low toxicity, and contribute to lower emissions of volatile organic compounds (VOCs) into the environment. They are widely adopted in different industrial applications like cleaning, degreasing, painting, and coating operations. They support industries that are striving for sustainability, as green and bio-solvents assist in minimizing harmful effects on the environment while ensuring effective operations.
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Green and Bio-Solvents Market Trends and Drivers:
There is currently a rise in the demand for environment-friendly solvents around the world on account of stringent environmental regulations imposed by governments worldwide to mitigate climate change. These regulations are propelling industries to transition from petroleum-based solvents to green and bio-solvents. Apart from this, key players are continuously investing in research and development (RD) activities to introduce advanced bio-solvents with improved performance characteristics. Moreover, the rising utilization of green and bio-solvents in different industries, such as paint and coating, pharmaceuticals, cosmetics, printing inks, and adhesives on account of their low toxicity and high biodegradability is contributing to market growth. Furthermore, the rising public awareness and concern about the environment is compelling companies to adopt green and bio-solvents in their operations. This is offering lucrative growth opportunities to industry investors for expanding their overall sales and market share.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Lactate Esters
- Methyl Soyate Solvents
- Bio-Alcohols, Bio-Diols and Bio-Glycols
- D-Limonene
- Others
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Cleaning Products
- Adhesives and Sealants
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Archer Daniels Midland Company
- BASF SE
- Cargill
- Incorporated
- CREMER OLEO GmbH Co. KG
- Dow Inc.
- Elevance Renewable Sciences Inc.
- Florachem Corporation
- Huntsman Corporation
- LyondellBasell Industries N.V.
- Vertec Biosolvents Inc.
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