Green & Bio-based Solvents Market
Green & Bio-based Solvents Market (Bio-based Methanol, Bio-based Ethanol, Bio-based Propanol, Bio-based Butanol, Bio-based Propylene Glycol, Ethyl Lactate, D-Limonene, Methyl Soyate, and Others) Market for Paints & Coatings, Printing Inks, Commercial & Domestic Cleaning, Adhesives & Sealants, Pharmaceutical, Cosmetics, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Press Release :
The global green and bio-based solvents market is expected to grow with advancements in organic manufacturing. The past decade has witnessed an uptick in the use of green and organic products. Several industries have shifted from the use of toxic chemicals and solvents to embrace biologically synthesised substances. Moreover, the performance of organic substances and materials is much better than any of their chemical counterparts. Leading industries have several reasons to believe that green and bio-based solvents are the most viable ingredient in manufacturing. In addition to this, the importance of these solvents in chemical analysis and research has also created ripples across the global green and bio-based solvents market.
The total volume of revenues within the global green and bio-based solvents market is set to increase by a noticeable chase. As this trend magnifies, vendors in the market are projected to focus on banking on their research skills and analytic abilities. The ability to offer new and improved products can fetch formidable revenues to the market players. Use of green and bio-based solvents spans into a multitude of industries, and this is an important dynamic of market growth. The vendors in this market can capitalise on multiple industries, creating fresh avenues for market growth and maturity. There is unprecedented need for organic solvents in leading industries, and this factor shall help manufacturers in making a strong footfall in the market.
Transparency Market Research (TMR), in this report preview, looks into several factors that have aided the growth of the global green and bio-based solvents market. The need for bio-based ethanol in several industries such as cosmetics and personal care products has given a thrust to market growth. Worldwide outrage against the use of chemical substances in leading industries has led industrial leaders to explore the potential of organic alternatives. Therefore, the global green and bio-based solvents market is under the radar of scrutiny from several global leaders.
Domestic Use of Organic Products to Gain Prominence
The industrial, commercial, and residential sectors are at the brink of advancement, and this is an important consideration for market growth and maturity. On the basis of application, the global green and bio-based solvents market can be segmented into paints and coatings, commercial and domestic cleaning, printing inks, pharmaceuticals, adhesives and sealants, and cosmetics. The pharmaceutical industry has emerged as a prominent consumer of bio-based solvents, and this is an important dynamic of market growth. Furthermore, the use of green solvents in the cosmetics industry has also given a thrust to market growth. Several cosmetic manufacturers have endorsed green manufacturing standards to make a statement about their corporate social responsibility. The sellers of green and bio-based solvents are set to attract fresh revenues in the times to follow.
North America to Witness Paced Growth in Recent Times
On the basis of geography, the global green and bio-based solvents market can be segmented into North America, Europe, South America, Middle East, and Asia Pacific. The growth of the pharmaceutical industry in the US and Canada has created ripples across the North America green and bio-based solvents market. Furthermore, use of adhesives, sealants, and cleaning agents made from biological products has also increase in the region. Europe is also a key regional segment that has contributed to the growth of the global green and bio-based solvents market. Advancements in printing technologies in the region has aided market maturity in recent times.
Some of the leading players operating in the global green and bio-based solvents market are BioAmber Inc., Galactic, Elevance Renewable Sciences, Inc., BioMCN, Corbion nv, Florida Chemical Company, Vertec Biosolvents Inc., and Archer Daniels Midland Company.
Solvents are liquids with the capability to dissolve other materials without any chemical change in the solvent or the material. Based on the type or source of raw material, solvents can be classified into bio-based or petroleum-based. Petroleum-based solvents emit high amount of volatile organic compounds during their manufacturing process. This makes them environmentally unsafe. Additionally, these solvents are typically dependent on the prices of crude oil, leading to constant fluctuations in the prices of final products. On the other hand, green & bio-based solvents are characterized by low toxicity, low miscibility, higher boiling point, less odor, and easy recycling process. Thus, green & bio-based solvents are eco-friendly. These properties or inherent advantages makes them suitable for usage in various applications such as paints & coatings, printing inks, commercial & domestic cleaning, adhesives & sealants, pharmaceutical, and cosmetics. Rising demand for these solvents in paints & coatings, printing inks, and industrial cleaning applications has increased their usage in various end-user industries. This is likely to drive the green & bio-based solvents market in the next few years. However, availability of various low-cost petroleum-based substitutes and high costs associated with the production of green & bio-based solvents are projected to hamper market growth during the forecast period. High demand for these solvents in adhesives & sealants, pharmaceutical, and personal care industries is estimated to act as a major opportunity in the near future.
This report analyzes and forecasts the market for green & bio-based solvents at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2015 to 2023, considering 2014 as the base year. The study includes drivers and restraints of the global green & bio-based solvents market. It also covers impact of these drivers and restraints on demand for green & bio-based solvents during the forecast period. The report highlights opportunities in the green & bio-based solvents market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global green & bio-based solvents market. Porter’s Five Forces model for the green & bio-based solvents market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global green & bio-based solvents market by segmenting it in terms of products such as bio-based methanol, bio-based ethanol, bio-based propanol, bio-based butanol, bio-based propylene glycol, ethyl lactate, d-limonene, methyl soyate, and others. These segments have been analyzed based on the present and future trends. Regional segmentation includes current and forecast demand for green & bio-based solvents in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual products and applications in all the regions.
The report provides the estimated market size of green & bio-based solvents for 2015 and forecast for the next eight years. The global market size of green & bio-based solvents has been provided in terms of volume and revenue. Market volume has been defined in kilo tons, while market revenue is in US$ Mn. Market numbers have been estimated based on key products and applications of green & bio-based solvents. Market size and forecast for products and applications have been provided in terms of global, regional, and country level markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
The report comprises profiles of major companies operating in the global green & bio-based solvents market. Key players profiled in the report include Cargill Inc., Vertec Biosolvents Inc., BioAmber Inc., BioMCN, Corbion nv, Galactic, Archer Daniels Midland Company, Florida Chemical Company, Elevance Renewable Sciences, Inc. and Cobalt Technologies. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report segments the global green & bio-based solvents market as follows:
Green & Bio-based Solvents Market - Product Analysis
- Bio-based Methanol
- Bio-based Ethanol
- Bio-based Propanol
- Bio-based Butanol
- Bio-based Propylene Glycol
- Ethyl Lactate
- Methyl Soyate
- Others (Including hydrogen peroxide, bio-based butanediol, etc.)
Green & Bio-based Solvents Market - Application Analysis
- Paints & Coatings
- Printing Inks
- Commercial & Domestic Cleaning
- Adhesives & Sealants
- Others (Including Agrochemicals, etc.)
Green & Bio-based Solvents Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA