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The green and bio based solvents market is expected to grow at CAGR of 11.3% to reach USD 13.83 billion by 2025.
Green and bio based solvents are made from biomass sources such as crops, forest residue, and aquatic waste materials. Rising demand for this solvent in the major application segments like pharmaceuticals, adhesives, paint, and coatings is driving the industry growth significantly. A booming real estate industry is also facilitating the high demand for paints & coatings and adhesives. Moreover, strong research and development activities by key players for breakthroughs in manufacturing technologies and additional feedstock is considered to be an important catalyst that is augmenting the industry demand. Raw materials such as soybean oil and corn scratch are experiencing a considerable rise in this product demand. On the flip side, high cost coupled with misconceptions related to the performance of of bio-based solvent will hamper the market growth to some extent.
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