Published On:May 19, 2017, 4:59 pm
Solvents are usually any liquid, gas or solid, that has the ability to dissolve any given substance in it leading to the formation of a solution. Green solvents and bio solvents are deduced from various agricultural sources such as sugar cane, soybean oil, corn, lactic acid, refined glycerin, bio-succinic, and similar other products. Such green solvents are known to emit reduced volatile organic compound (VOCs), reduced toxic relatively to petroleum-based traditional solvents, and are eco-friendly in nature. Therefore, these are the key reasons for market players to channel their preference towards adopting bio and green solvents. The global solvent market has witnessed an escalation in the past few years that has resulted in greater levels of toxic emission in the surrounding environment. Conventional solvents emit volatile organic compounds (VOC) and are widely used in aerosol, paints, etc.
The global green solvent and bio solvents market was valued at USD 5640.0 million in 2015 and is predicted to reach USD 9705.4 million by the end of 2022, while registering at a positive CAGR of 8% during the forecast period. The key factor accountable for the growth of this industry’s market is escalated demand for its end user applications such as printing inks and paints and coatings. Elevated environmental awareness is channeling customer preference towards greener and bio-based products. The customers are not at any danger of being exposed to hazardous chemicals as these bio-solvents are volatile organic compound (VOC) free, and this is a crucial factor for the market’s growth. Besides, factors like governmental regulatory pressure made to lessen the overall emissions of VOCs, ODS, and HAPs and favorable environment, volatility in crude oil prices and enhanced competitiveness in petrochemical solvents, are together fuelling the global growth of this market industry. Properties such as easy reprocessing of bio and green solvents and lox toxicity have let their use in several applications such as pharmaceuticals, paints and coatings, printing inks, domestic and commercial cleaning, cosmetics and adhesives and sealants. Such vast and escalated applications of bio and green solvents in many end user industries are expected to promote the market growth of this industry. But, the production cost for using bio and green solvents are much higher and this might restrain the growth of this market industry. Moreover, another factor which might hinder this market is the lack of supply chain model in feedstock and therefore doubts pertaining to sufficient supply of feedstock.
The major market manufacturers of the global green solvents and bio solvents market are Akzo Nobel NV, Bioamber Inc., Archer Daniels Midland Company, Cremer Oleo Gmbh & Co. KG, BASF SE, E.I. du Pont de Nemours & Co., Stepan Company, Vertec Biosolvents Inc., The DOW Chemical Company, Florida Chemicals Company Inc., Cargill, and Huntsman Corporation. Based on the product type, the global market of this industry is categorized into alcohols – bio-butanol, bio-propanol, bio-methanol, and bio-ethanol; diols – bio-based butanediol; glycols – bio-based ethylene glycols and bio-based polypropylene glycols; D-limonene; lactate esters; methyl soyate and others like hydrogen peroxide and 2-methyltetrahydrofuran. The end user application segments of this market are paints & coatings, printing inks, cosmetics, industrial & domestic cleaners, adhesives, pharmaceuticals, and other like agrochemicals, polymer manufacturing and extraction of food products. Geographically, the global market of this industry has been sectioned into regions such as North America, Japan, China, Europe, Southeast Asia, and India.
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