Global Green & Bio-Solvents Market: Overview
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.
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Global Green & Bio-Solvents Market: Notable Developments
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.
Global Green & Bio-Solvents Market: Key Trends
Below-mentioned market trends and opportunities mark the global green & bio-solvents market:
High Prevalence of Smog and Expanding Bio-based Chemicals to Trigger Market Growth
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
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Global Green & Bio-Solvents Market: Geographical Analysis
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.