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 :
A rampant need for solvents in myriad industries that involve cosmetics, printing inks, commercial and domestic cleaning, paints and coatings, pharmaceutical products, and adhesives and sealants, is primarily driving the global green and bio-based solvents market. With a rising awareness regarding the need for causing minimum harm to the environment, the demand for eco-friendly solvents is projected to increase at a rapid speed. Many companies are undertaking extensive research and product development by investing huge sums of money, consequently making the market expand impressively.
Statistically speaking, the global green & bio-based solvent market is prophesized to register revenue valued at US$8.05 bn by 2023, which is decent rise from initial revenue worth US$4.32 bn clocked in 2014. This growth is projected to occur at an impressive CAGR of 7.2% during the forecast period from 2015 – 2023.
The global green & bio-based solvent market is segregated into innumerable segments on the basis of three key criteria: product type, application, and regional spread. Under product type, bio-based propylene glycol, bio-based methanol, bio-based propanol, methyl soyate, bio-based butanol, bio-based ethanol, ethyl lactate, d-limonene, and others, are key segments present in this market. Whereas, from the perspective of applications, the market consists of segments such as paints & coatings, pharmaceutical, commercial & domestic cleaning, cosmetics, adhesives & sealants, printing inks, and others.
Widespread Use of Bio-Based Ethanol Makes It Hold Leading Position
Under product type, bio-based ethanol holds a dominant position in the global green & bio-based solvent market. This is mainly because of its high demand in numerous applications as well as high production rate through manufacturers. Coming as runners-up to this chemical are ethyl lactate and methyl soyate. However, during the next few years, the bio-based ethanol segment is envisaged to retain its dominant position as its use and production are projected to exist at a high level. In terms of growth rate, methyl soyate is expected to outpace all other types during the next few years thanks to its growing use as solvents in printing inks, paints and coatings, and cleaning applications.
Apart from these types, D-limonene is also prophesized to earn a lot of revenue by witnessing rampant demand due to its use as an industrial and domestic cleaning solvent. Moreover, ethyl lactate is envisaged to carry substantial demand in the near future as this segment is emerging as a key alternative for petroleum-based solvents.
From the perspective of applications, the paints and coatings segment held a winning spot in the global green and bio-based solvents market in 2014. In this year, this segment held about 40% of the total shares in terms of demand in the market. However, the near future is predicted to make the commercial and domestic cleaning segment witness an impressive growth. Even the segment of adhesives and sealants is prophesized to draw in notable growth in future owing to expanding automobile and construction industries.
North America Dominated the Market Thanks to Strong Industrial Infrastructure
Geography-wise, the global green and bio-based solvents market is spread across North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of these, North America holds a leading edge against other regions thanks to rapidly evolving industrial environment coupled with a rising demand for eco-efficient bio-based products.
Elevance Renewable Sciences, Inc., Cargill Inc., BioAmber Inc., BioMCN, Galactic, Corbion nv, Archer Daniels Midland Company, Florida Chemical Company, Vertec Biosolvents Inc., and Cobalt Technologies, are key players operating in the global green and bio-based solvents market.
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