Green Solvents & Bio Solvents Market is forecast to reach $6.3 billion by 2026, after growing at a CAGR of 9.2% during the forecast period from 2021-2026. In a wide variety of industries, such as paints & coatings, printing inks, adhesives & sealants, and industrial & domestic cleaning, green solvents are consumed. The application segment of paints and coatings will continue to dominate the global market for green solvents over the forecast timeframe. Increasing environmental issues, together with increasing market awareness about environmentally sustainable goods, are pushing green solvent adoption in the paints & coatings industry. In addition, during the forecast period, the level of uses of green solvents in the industrial and domestic cleaning industries would be the largest.
COVID-19 Impact on Market
The emergence of the current pandemic COVID-19 has had a huge influence on the growth of a variety of industrial sectors. In particular, the demand for green solvents & bio solvents from the end-use sectors is projected to decline in 2020. Companies operating in the new market of green solvents & bio solvents are required to revisit their future development strategies and focus on optimizing their development activities due to the COVID-19 pandemic.
Green Solvents & Bio Solvents Market Segment Analysis – By Application
Paints and Coatings sector held the largest share in green solvents & bio solvents market in 2020 and is growing at a CAGR of 5.6% during the forecast period 2021-2026. In the paints and coatings industry, lactate ester solvents are used which are derived from renewable carbohydrate raw materials such as cornstarch, and ethyl lactate in particular is an interesting solvent for the coatings industry since solvents such as NMP, toluene, acetone, and xylene are successfully substituted. In addition, the global demand for paints and coatings is rising at a healthy pace, primarily due to the increasing housing building activities in the region, including Asia-Pacific, North America, the Middle East and Africa. In addition, demand for paints and coatings is rising at a healthy pace with the increasing housing development, population, and income levels in countries such as India, China, Mexico, and Brazil. In the near future, substantially rising paints and coatings are instrumental in fueling the development of green and bio-based solvents.
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Green Solvents & Bio Solvents Market Segment Analysis – By Geography
APAC dominated the green solvents & bio solvents market share with more than 40% in 2020, followed by Europe and North America. China is one of the fastest-growing economies worldwide, and due to the raising population, living conditions, and per capita income, almost all end-user industries are growing. It is the world’s most populous nation, with high levels of skilled labor available. According to the International Trade Administration, China’s construction industry is estimated to reach $1,117.42 Million by the year 2021. Also, Government of India is taking initiative to boost up the construction sector. According to National Investment Promotion and Facilitation Agency, In India, the construction industry is expected to reach $738.5 billion by 2022 at a CAGR of 15.7%, which increases the demand for paints and coatings, therefore propelling the market growth during forecast period.
The geographical position of the nation allows convenient access to the markets for manufactured products, making it a big access point for producers and suppliers. Cassava, led by maize, is the primary feedstock used for the processing of bioethanol in China. Besides this, maize, sorghum, and rice are also used by China to manufacture bioethanol. China also has one of the major healthcare markets worldwide. The growing market for high-tech medical devices for formulating medicines for the treatment of chronic and age-related diseases and rising health policy funding are the main reasons for the investment.
Green Solvents & Bio Solvents Market Drivers
During the forecast timeframe, the global demand for bio-solvents is expected to see robust expansion. Significant progress has been made in the production of renewable bio-solvents that are productive and competitive relative to petroleum-based solvents in the recent past, and these advances are also projected to gain traction over the forecast period. This, combined with the growing acceptance and penetration of these bio-solvents through key end-use industries, is anticipated during the forecast period to fuel the growth of the global demand for bio-solvents. It is also anticipated that steady growth in key end-use industries such as paints & coatings, industrial cleaning, agrochemicals, textiles & printing inks, and adhesives & sealants, especially across emerging regions, will further fuel the bio-solvent market during the forecast period.
Stringent Regulation on VOC Emissions
Green solvents, such as maize, sugarcane, lactic acid, distilled glycerin, bio-succinic acid, soybean oil and the like are extracted from agricultural sources. The primary justification for producers to move to green solvent was the eco-friendly quality and low volatile organic compound (VOC) content emission than traditional petroleum-based solvent. Adverse impacts on the atmosphere arise from the use of dangerous materials and solvents. In the long term, the use of such toxic substances leads to significant health decline. The presence of such reactive organic compounds in industrial solvents is mostly the result of numerous illnesses such as cancer, tuberculosis, asthma, and others.
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Green Solvents & Bio Solvents Market Challenges
High cost and volatility of production with respect to feedstock supplies
Business limitations include confusion about the reliability and insufficient availability of feedstock products used to manufacture these solvents; the use of toxic chemicals and synthetic solvents that harm the environment; the shortage of R&D funds; and finally, the tremendous environmental and economic costs of organic solvents used in chemical processes are some of the obstacles facing the market.
Due to slower reaction, the market growth will hamper
However, enormous shale hydrocarbon production has driven oil and gas prices in North America to incredibly low levels due to slowdown in oil and gas prices has led to an increase in synthetic solvent production, resulting in higher profit margins. A shift trend towards traditional solvent processing is prompted which will hamper the market growth. Green solvents have a slower reaction rate compared to traditional solvents, thus requiring more operating time. Such technical challenges are likely to hinder the development sector.
Green Solvents & Bio Solvents Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Green Solvents & Bio Solvents Market. Major players in the Green Solvents & Bio Solvents Market are Dow Chemical Company, BASF SE, BioAmber Inc., Cargill, Stepan Company, Archer Daniels Midland Company, Corbion, Vertec Bio-solvents & Carbon Neutral, Shenzhen Esuns Industrial Co., Ltd, Huntsman International LLC., and Florida Chemical Company, among others.
In 2020, Corbion has launched a new product purasolv® solvents. It promotes the production of healthier, stronger crops in a sustainable way. Parasol® is a variety of lactate esters that increase solvency with an excellent safety in agrochemical formulations.
In 2019, Merck KGaA has launched a new product Cyrene™. It is a bio-derived alternative which was launched in response to need for solvents to meet stricter regulation requirements for both employee safety and environmental sustainability. This new product helps to reach the rising demand for greener alternatives to Dimethylformamide (DMF) and N-Methyl-2-pyrrolidone (NMP).
Green solvents and bio-solvents are environmentally friendly solvents, which are extracted from crop production. As a more organic alternative to petrochemical solvents, green solvents have been developed.
Government funding and benefits can differ greatly, as it depends on the individual circumstances of each region.
There are a variety of geographical variations in the dependence of the bio-solvent industry on government assistance, depending on the price of crude oil and the cost of bio-solvent production. In developed and emerging countries, the market is still dependent on U.S. and European Union bio-solvent initiatives, where aggressive goals can hardly be reached domestically.
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