Global Green and Bio-Based Solvents Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for green and bio-based solvents is expected to register a significant growth during the forecast period, 2018 to 2023.The market growth is significantly driven by the shifting focus from conventional solvents to use green and bio-based solvents by the solvent manufacturers and end-user industries to use green and bio-based solvents in order to comply with the stringent regulation on VOC emissions and other hazardous air pollutants.
Stringent Regulation on VOC Emissions and Other Hazardous Air Pollutants
Lower environmental impact resulted from low toxicity, high biodegradability and lower volatile organic compounds (VOCs) is generated during the manufacture of the green and bio-based solvent than a petro chemically based counterpart. Green and bio-based solvents are gaining an increasing share of the industrial solvents market with the help of environmental standards, which are being proposed globally. These solvents are valid replacements for petrochemicals in a number of applications, including removal of metal working fluids, ink & paint removal, adhesive removal, household cleaners, and in the production of semiconductors, where there are stringent environmental regulations.
Paints & Coatings Segment to Dominate the Market
Paints & coatings segment holds the largest share of the global green and bio-based solvents market in 2017. More than 40 percent of the global green and bio-based solvents market is fuelled through the demand from paints and coatings industry. Lactate esters solvents are commonly used green solvents in the paints and coatings industry and particularly ethyl lactate is a fascinating solvent for the coatings industry as it is successfully replaced solvents, like NMP, toluene, acetone, and xylene. The significantly growing paints and coatings industry is instrumental in fuelling the growth of green and bio-based solvents in the coming future.
Asia-Pacific to Dominate the Market Growth
Though North America is the major regional shareholder of the global green and bio-based solvents market, Asia-Pacific represents the market with highest growth owing to the immense demand from the paints & coatings, agrochemical solutions, pharmaceuticals, cosmetics and other applications in the countries, like China, Malaysia, India, and Thailand. The huge market size with the highest growth rate is expected to further concrete the position of Asia-Pacific in the global green and bio-based solvents market in the coming years.
Key Developments in the Market
Nov 2017: The first product standard for bio-based solvents was published on 1 November 2017
Apr 2017: Solvay exhibited bio-based solvents from glycerol in Plant Based Summit 2017, attesting to its focus on innovation and commitment to more sustainable chemistry
Major Players: DowDuPont, Huntsman International LLC, Solvay, Gemtek Products, Cargill, Incorporated, Florachem Corporation and Corbion, amongst others.
Reasons to Purchase this Report
Analyze the current and future prospects of the global green and bio-based solvents market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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