Transparency Market Research has released a new market report titled
“Green & Bio-based Solvents Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2023.” According to
the report, the global green & bio-based solvents market was
valued at US$4.32 bn in 2014 and is anticipated to reach US$8.05 bn
by 2023, expanding at a CAGR of 7.2% between 2015 and 2023.
Green & bio-based solvents are bio-based solvents manufactured
using sugars, corn, beet root, and others. This makes these products
safe and effective replacements for the conventional solvents made
from crude oil. Green & bio-based solvents are employed in
various applications such as paints & coatings, printing inks,
commercial & domestic cleaning, adhesives & sealants,
pharmaceutical, and cosmetics. Growth in paints & coatings,
printing inks, and downstream industries is primarily estimated to
augment the global green & bio-based solvents market in the next
few years.
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Increasing research on various bio-based materials used as raw
materials is projected to boost the demand for green & bio-based
solvents in the next few years. However, high cost of raw materials
and complexity in manufacturing are anticipated to hamper market
growth during the forecast period. Rising demand for green &
bio-based solvents in the adhesives & sealants, cosmetics, and
pharmaceutical segments is anticipated to offer growth opportunities
to the market during the forecast period.
In terms of volume, bio-based ethanol was the largest product segment
of the global green & bio-based solvents market, accounting for
more than 45% share in 2014. Substantial commercialization and wide
application of bio-based ethanol are the key reasons for the
dominance of the segment. However, methyl soyate is likely to be the
fastest-growing segments during the forecast period, owing to the
commercialization of these bio-based solvents and their extensive
demand in end-user industries.
In terms of applications, paints & coatings was the largest
segment of the global green & bio-based solvents market,
constituting more than 40% share in 2014. Commercial & domestic
cleaning is projected to be another major application segment between
2015 and 2023. Adhesives & sealants is likely to be the
fastest-growing application segment during the forecast period, due
to the rising demand for these products in automotive and other
downstream industries.
Developed regions are expected to dominate the green & bio-based
solvents market in the next few years, owing to easy availability of
raw materials and considerable manufacturing expertise in these
regions. North America is estimated to be the largest market for
green & bio-based solvents, followed by Europe, during the
forecast period. The green & bio-based solvents market in Asia
Pacific is also projected to witness high growth, owing to the
substantial demand for solvents in various industries and increasing
awareness about benefits associated with bio-based solvents. The
global market for green & bio-based solvents is expescted to
expand significantly in the near future.
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Market Research Report with ToC & Analysis :
Key players in the green & bio-based solvents market 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.
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
- D-Limonene
- 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
- Pharmaceutical
- Cosmetics
- Others (Including Agrochemicals, etc.)
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company’s exclusive blend of quantitative forecasting and trend
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