Global Green and Bio-Based Solvents Market to Reach Net Worth of US$8.05 bn by 2023 due to Growth of Multiple Industries
The global green and bio-based solvents market encapsulates a largely fragmented competitive landscape with the presence of several companies. The geographical reach of the companies depends on their size, and companies of varied sizes currently operate in the market. On one hand, small manufacturers of green and bio-based solvents are attracting demand from the local customers, whilst the large manufacturers aim to expand their geographical reach by acquiring the local players. It is projected that the established market players would adopt new technologies to manufacture bio-based products that are more effective and take lesser time for synthesis. Moreover, the extrinsic business strategies including key marketing hacks are also anticipated to be the watchword of the market players. It is highly probable that the competition in the market would intensify over the coming years, mostly due to strategic efforts of the market players. Besides this, the leading market vendors are expected to capitalize on the shift of focus from hydrocarbon-based solvents to bio-based and green solvents.
Transparency Market Research (TMR) finds that the global market for green and bio-based solvents is projected to register a sturdy CAGR of 7.20% over the forecast period from 2015 to 2023. The market value that once stood at US$4.32 bn in 2014 is foreseen to reach a figure of US$8.05 bn by 2023. Based on application, 40% of the market share was held by the paints and coatings segment in 2014. In terms of volume, the global market was reigned by the bio-based ethanol segment with a market share of 45% in 2014.
Natural Synthesis of Green Solvents Propels Demand
The advantages offered by green and bio-based solvents over the ones processed from crude oil has been an integral factor that has elevated demand within the market. The ill-effects of hydrocarbon-based solvents on the environment have come to light which has contributed to the growth of the market in recent times. Sugars, beet root, and corn are some of the sources used for producing bio-based solvent, thus, making them harmless for chemical and industrial processes. Paints and coatings are made from bio-based solvents, and the former are used for multiple industrial, commercial, and residential processes. Hence, the market for green and bio-based solvents would grow alongside the growth of multiple industries including chemical, iron and steel, and automobiles. Research and development initiatives that have offset to find other raw materials that could be used for the production of green and bio-based solvents. Once new products are added to the raw material portfolio, the market is expected to set on a spree of development.
High Cost of Raw Materials to Hamper Growth
Despite the presence of several factors that aid the growth of the market, the high price of raw materials used to process green and bio-based products is obstructing market demand. Moreover, petroleum-based products can substitute the bio-based products, and the relatively lower price of the former is a challenge for the market. Complicated manufacturing processes for bio-based solvents make the entire process lengthy and cumbersome, which further hampers market growth. Nevertheless, the voluminous demand for bio-based solvents from several industries such as cosmetics, pharmaceuticals, and sealants and adhesives is projected to keep bolstering demand within the market.
This review is based on a market research report by TMR titled, “Green & Bio-based Solvents (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”.
The market can be segmented based on the following parameters:
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
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