Global Bio-based Solvent Market 2017-2021
About Bio-based Solvent
Bio-based solvents are environment-friendly and emit less volatile organic compounds (VOCs). These solvents are derived from agricultural sources such as sugarcane, corn, refined glycerine, lactic acid, soybean oil, bio-succinic acid, and other similar products. Compared with petroleum-based conventional solvents, bio-based solvents are less toxic and are thus increasingly preferred by end-users. The consumption rate of green and bio-based solvents in the domestic and industrial fields is likely to increase significantly during the forecast period. Paints and coatings, printing inks, adhesives and sealants, cleaning products, and other industries use green and bio-based solvents on a large scale. Rising environmental awareness and increasing emphasis on human health and hygiene have propelled the use of environment-friendly bio-based solvents.
Technavio’s analysts forecast the global bio-based solvent market to grow at a CAGR of 8.41% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global bio-based solvent market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of bio-based solvent.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bio-based Solvent Market 2017-2021
Technavio recognizes the following companies as the key players in the global bio-based solvent market: Archer Daniels Midland Company, BASF, Cargill, The Dow Chemical Company, and Huntsman
Other Prominent Vendors in the market are: CREMER OLEO, Gevo, Liberty Chemicals, Myriant Corporation, and Solvay.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising environmental awareness. A majority of the chemical producers are shifting from conventional solvents to bio-based solvents owing to factors such as increasing demand for sustainable products and volatility of petroleum-based solvents. Rising environmental awareness has increased the preference for bio-based or green solvents over conventional solvents. As these solvents are VOC-free, consumers are not exposed to harmful chemicals.”
According to the report, one of the major drivers for this market is Increasing acceptance of bio-based solvents in various end-user industries. Growing focus on achieving sustainability through environment-friendly chemicals has increased the number of R&D activities on renewable resources. Bio-based solvents are increasingly preferred over conventional solvents as they use renewable raw materials and emit less VOC, thereby protecting the environment and adhering to the government regulations. They help reduce ozone depletion and cause less damage to the environment compared to conventional solvents.
Further, the report states that one of the major factors hindering the growth of this market is High costs associated with the adoption of new technologies. Constraints in technological expansion for producing bio-based solvents increases the cost of production. Substantial investments are required for R&D activities for developing technologies or cost-effective production processes. End-users must consider factors such as changes in operating costs, the safety of workers, process compatibility, and regulations associated with the use of substitutes.
Archer Daniels Midland Company, BASF, Cargill, The Dow Chemical Company, Huntsman, CREMER OLEO, Gevo, Liberty Chemicals, Myriant Corporation, and Solvay.