Green Solvents & Bio Solvents Market - Forecast(2021 - 2026)
Green Solvents & Bio Solvents Market is forecast to reach $6.3 billion by 2026, after growing at a CAGR of 9.2% during the forecast period from 2021-2026. In a wide variety of industries, such as paints & coatings, printing inks, adhesives & sealants, and industrial & domestic cleaning, green solvents are consumed. The application segment of paints and coatings will continue to dominate the global market for green solvents over the forecast timeframe. Increasing environmental issues, together with increasing market awareness about environmentally sustainable goods, are pushing green solvent adoption in the paints & coatings industry. In addition, during the forecast period, the level of uses of green solvents in the industrial and domestic cleaning industries would be the largest.
COVID-19 Impact on Market
The emergence of the current pandemic COVID-19 has had a huge influence on the growth of a variety of industrial sectors. In particular, the demand for green solvents & bio solvents from the end-use sectors is projected to decline in 2020. Companies operating in the new market of green solvents & bio solvents are required to revisit their future development strategies and focus on optimizing their development activities due to the COVID-19 pandemic.
Report Coverage
The report: “Green Solvents & Bio Solvents Market report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Green Solvents & Bio Solvents Market.
By Type: Alcohols, Glycols, Diols, Lactate Esters, D-Limonene, Methyl Soyate and Others
By Application: Paints and Coatings, Adhesives, Metal Cleaning/Industrial Cleaners, Printing Inks, Pharmaceuticals, and Others
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
- Green solvents and bio-solvents are environmentally friendly solvents, which are extracted from crop production. As a more organic alternative to petrochemical solvents, green solvents have been developed.
- Government funding and benefits can differ greatly, as it depends on the individual circumstances of each region. There are a variety of geographical variations in the dependence of the bio-solvent industry on government assistance, depending on the price of crude oil and the cost of bio-solvent production. In developed and emerging countries, the market is still dependent on U.S. and European Union bio-solvent initiatives, where aggressive goals can hardly be reached domestically.
Green Solvents & Bio Solvents Market Segment Analysis - By Application
Paints and Coatings sector held the largest share in green solvents & bio solvents market in 2020 and is growing at a CAGR of 5.6% during the forecast period 2021-2026. In the paints and coatings industry, lactate ester solvents are used which are derived from renewable carbohydrate raw materials such as cornstarch, and ethyl lactate in particular is an interesting solvent for the coatings industry since solvents such as NMP, toluene, acetone, and xylene are successfully substituted. In addition, the global demand for paints and coatings is rising at a healthy pace, primarily due to the increasing housing building activities in the region, including Asia-Pacific, North America, the Middle East and Africa. In addition, demand for paints and coatings is rising at a healthy pace with the increasing housing development, population, and income levels in countries such as India, China, Mexico, and Brazil. In the near future, substantially rising paints and coatings are instrumental in fueling the development of green and bio-based solvents.
Green Solvents & Bio Solvents Market Segment Analysis - By Geography
APAC dominated the green solvents & bio solvents market share with more than 40% in 2020, followed by Europe and North America. China is one of the fastest-growing economies worldwide, and due to the raising population, living conditions, and per capita income, almost all end-user industries are growing. It is the world's most populous nation, with high levels of skilled labor available. According to the International Trade Administration, China’s construction industry is estimated to reach $1,117.42 Million by the year 2021. Also, Government of India is taking initiative to boost up the construction sector. According to National Investment Promotion and Facilitation Agency, In India, the construction industry is expected to reach $738.5 billion by 2022 at a CAGR of 15.7%, which increases the demand for paints and coatings, therefore propelling the market growth during forecast period.
The geographical position of the nation allows convenient access to the markets for manufactured products, making it a big access point for producers and suppliers. Cassava, led by maize, is the primary feedstock used for the processing of bioethanol in China. Besides this, maize, sorghum, and rice are also used by China to manufacture bioethanol. China also has one of the major healthcare markets worldwide. The growing market for high-tech medical devices for formulating medicines for the treatment of chronic and age-related diseases and rising health policy funding are the main reasons for the investment.
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