Because of the strict rules placed on chemical-based industrial solvents with regard to VOC emissions, the global green & bio-solvents market is projected to expand significantly during the forecast period, from 2021 to 2031. In the near future, growing demand from major application sectors such as adhesives and paints and coatings is likely to boost market demand. The expanding application scope of green & bio-based solvents in those categories is likely to be ascribed to the products' reduced environmental consequences, due to their renewable and organic origins. The global green & bio-solvents market is estimated to be dominated by paints and coatings industry. Printing inks, adhesives, medicines, and industrial and home cleaning agents are amongst the other important uses.
This study from Transparency Market Research (TMR) provides a complete insight of the global green & bio-solvents market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
The market is expected to witness significant growth over the forecast period owing to the stringent regulations imposed on chemical-based industrial solvents in relation to VOC emissions. The rising demand from key application segments such as paints & coatings and adhesives is also expected to propel the market demand over the forecast period. The growing application scope of green & bio-based solvents in the afore-mentioned segments can be attributed to the minimal environmental impacts caused by the products, mainly as they are derived from organic and renewable sources. Paints & coatings dominated the market for green & bio-based solvents globally. The other key applications include adhesives, pharmaceuticals, printing inks, and industrial & domestic cleaners.
Transparency market research offers a comprehensive understanding of the global Green & Bio-Solvents Market through this report. It offers well-researched data on various facets of the market to offer valuable business input for profit generation.
In the presence of stiff competition amongst manufacturers and suppliers in the Asia Pacific region, these companies are focused on development of innovative products. Partnerships are an important strategy for companies in enhancing and maintaining their presence in the global market.
These players are focusing on new product developments and partnerships as key strategies for strengthening and sustaining their positions in the global market, amidst the intense competition from suppliers and manufacturers in Asia Pacific.
The noted players that are operational in the global green & bio-solvents market are LyondellBasell Industries Holdings B.V., Total Corbion PLA bv, The Dow Chemical Company, Archer Daniels Midland Co., DuPont de Nemours, Inc., and BASF SE.
Below-mentioned market trends and opportunities mark the global green & bio-solvents market:
Volatile organic compounds (VOC) refer to those organic compounds that come with one or more carbon atoms with high vapor pressures and hence evaporate quickly in the air. These are the primary components in smog because they create ground-level particle matter and ozone. Smog has also been shown to negative effects on the environment and human health. It causes reduced tree seedling development and survival, decreased agricultural crop as well as commercial forest production. Smog also causes increased plant vulnerability to harsh weather conditions, pests, and diseases. Varnishes, printing inks, sealants, paints and coatings, and adhesives all employ conventional solvents, which have a high VOC concentration.
The expanding bio-based chemicals sector is projected to produce a variety of intermediate chemicals, which is likely to be used to make bioplastics. As with their petrochemical equivalents, these platform chemicals are intended to be employed in the development of solvents. Bio-based solvents like bio-ethanol and its derivatives, as well as vegetable oil products like glycerol and bio-diesel, have benefited from increased quantities of biofuels. The ability of these feedstock to be transformed into bio-based solvents is contingent on market demand as well as legal, regulatory, and environmental constraints on the use of traditional petrochemical solvents with significant VOC emissions. Most of those solvents that are now utilized in significant quantities can be derived from either recognized bio-refinery processes or viable chemical transformations of biomass that have been tested on a pilot plant scale or in the lab. All these factors are likely to foster growth of the global green & bio-solvents market in the years to come.
Volatile organic compounds (VOC) contain one or more carbon atoms that have high vapor pressures and, therefore, evaporate rapidly in the air. These are compounds that form ground-level ozone and particulate matter and, thus, are the main ingredients of smog. Smog is known to have an adverse effect on human health and also on the environment, including reductions in agricultural crops and commercial forest yields, reduced growth & survivability of tree seedlings, and increased plant susceptibility to diseases, pests, and harsh weather conditions. Conventional solvents are high on VOC content, and they are used in paints & coatings, adhesives, sealants, printing inks, and varnishes.
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. Many of the solvents currently used in large volumes today can be obtained from either established bio-refinery processes or from feasible chemical transformations of biomass proven at laboratory or pilot plant scale.
Asia Pacific and Latin America are likely to offer significant growth potential for the market over the coming years. The growth is attributed to technological advancements, industrial and economic growth, and low production cost in countries such as Brazil, China, and Japan. Moreover, in recent years, end-use industries such as building and construction as well as automotive have been witnessing significant growth in these countries. Asia Pacific is expected to witness the highest growth during the forecast period primarily due to rapidly growing construction and automotive industries in the region.
The industry in Europe is currently witnessing moderate growth, mainly driven by changing political and economic dynamics of major countries such as U.K. and Germany. The recovery of the automotive and construction sectors in these countries will enable market growth in Europe.
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