Global Green Solvents & Bio Solvents Market at a CAGR of 7.51% by 2027
KEY FINDINGS
The global greensolvents market is poised to grow from 2019 to 2027 approximately at a CAGR of 7.51%
during 2019-2027. Some of the reasons for the growth of the green solvents
market are their eco-friendly nature, low volatile organic compound emission rate
and high adoption rate and demand from end-use industries and strict
environmental regulations. Green solvents are
solvents made from naturally occurring resources like plants, fruits, seeds and
other. These are non-emitting VOCs (Volatile Organic Compounds), and their
characteristics are no or low toxicity, low miscibility, easily biodegradable
under environmental conditions. They are being used more than conventional
solvents, as they are less toxic, easy to recycle and have a high boiling
point. Environmental concerns have led to industrial participants investing to
developer cheaper and superior green solvents.
MARKET INSIGHTS
Stringent environmental
regulations, low volatile organic compound emission, eco-friendliness,
improving the global economy that will lead to higher demand and favorable
government regulations are some of the drivers for green solvents market growth.
Ester solvents have the highest market share due to the low price, good quality and
easy availability. An increase in demand and more availability will lead to the
good growth of methyl solvents in the forecast period. Lactate esters and
D-limonene are also expected to report good CAGR during the forecast period. Paint
and coatings application segment has the highest market share for green
solvents and it is expected to be the fastest growing segment in the forecast
period as well. Factors that will restrain market growth are: huge investment
cost to start production, decreasing the price of oil and gas and slow reaction
rate compared to chemical solvents.
REGIONAL INSIGHTS
Market regions that are
covered in the report are North America, Europe, Asia-Pacific and Rest of World.
North America has the largest market share of green solvents market followed by
Europe. A very high level of awareness about the environment, stringent
environmental regulations and improving the economic situation and construction
industry in US and Mexico will lead to higher market share in the forecast
period. The Asia-Pacific market is expected to report the highest growth in the
years 2019-2027. Emerging economies like China, India, Malaysia, and Thailand
are expected to report brisk growth in this market. The reason for this is
increasing disposable income, more consumer goods consumption, government
initiatives and growing construction activities.
COMPETITIVE INSIGHTS
The major market
players for green solvents are BASF SE, DowDuPont, Koninklijke DSM N.V.,
AkzoNobel, Huntsman Corporation, Merck & Co., Inc., Sasol Limited, Ashland
Inc., Cargill Incorporated, PPG Industries Inc., Solvay S.A. and Bayer AG
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