According to the new market research report “Green & Bio-Solvents Market by Type (bio-alcohols, bio-diols,bio-glycols, lactate esters), End-Use Industry (industrial & domestic cleaners, paints & coatings, adhesives, printing inks, pharmaceuticals) and Region – Global Forecast to 2026“, The green & bio-solvents market size is estimated to be USD 1.2 billion in 2021 and is projected reach USD 1.5 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.
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Solvents derived from biomass are referred to as green & bio-solvent. Green & bio-solvents are derived from the processing of bio-diesel, plant, or natural products as a more environmentally-friendly alternative to petrochemical solvents. Solvents are liquids that possess the ability to dissolve, dilute or extract other substances without modifying the chemical composition of the extracted substances or of the solvent itself.
Industrial & Domestic Cleaners is the largest application of the green & bio-solvents market. North America was the largest market for green & bio-solvents in 2020, in terms of both volume and value. Factors such as growing demand from pharmaceuticals industry, rapid industrialization in growing economies like China, India & Thailand and increasing stringent regulations will drive the green & bio-solvents market.
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The green & bio-solvents market size is estimated to be USD 1.2 billion in 2021 and is projected reach USD 1.5 billion by 2026, at a CAGR of 4.5% between 2021 and 2026. The growing bio-based chemicals industry is expected to generate a number of intermediate chemicals that are expected to mostly be the basis for the production of bioplastics. These platform chemicals are also expected to be used in the production of solvents as their petrochemical counterparts. Greater volumes of biofuels have also created an opportunity for bio-based solvents, such as bio-ethanol & its derivatives, and vegetable oil products such as bio-diesel and glycerol. The potential of these feedstocks to be converted into bio-based solvents depends upon market demand and environmental, regulatory, and legal restrictions on the use of high VOC emitting conventional petrochemical solvents.
The key market players profiled in the report include BASF SE (Germany), Archer Daniels Midland Company (US), Vertec Biosolvents Inc. (US), Stepan Company (US), Solvay (Belgium), GFBiochemicals (Netherlands), Cargill Inc. (US), Astrobio (Italy), The Dow Chemical Company (US), and India Glycols Limited (India). They are continuously undertaking developmental strategies such as expansions, acquisitions, and contracts & agreements to strengthen their position in the green & bio-solvents market.
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Archer Daniels Midland Company is one of the leading green and bio-solvents manufacturers globally. It has a customer base in more than 140 countries in North America, Latin America, Europe, the Middle East, Africa, and Asia Pacific. The company is engaged in the manufacture of industrial-grade, high-performing green & bio-solvents, such as ethyl lactate, ethanol, and propylene. The company has been expanding its technology and has made an agreement with DuPont to develop and produce cellulase enzymes for operators of grain-based ethanol plants.
BASF SE is one of the largest manufacturers of green and bio-solvents across the globe. The company caters to the domestic demand as well exports its products worldwide. It has a strong product portfolio and serves various industries across various regions. The company is engaged in the expansion of its business in various regions. In November 2019, the company officially launched its smart Verbund project (a concept that adds value through the efficient use of resources) in Zhanjiang, Guangdong province, China and started building its first plants. This expansion has accelerated the production of green and bio-solvents in the Asia Pacific region. In May 2019, BASF-YPC Co., Ltd. starts a second production plant for propionic acid in Nanjing, China. Propionic acid is basically used in the production of solvents, crop protection chemicals, thermoplastics, and pharmaceuticals.
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