(MENAFN- America News Hour)
Research Nester released a report titled
“ green & bio-solvents market : Global Demand Analysis & Opportunity Outlook 2030”
which delivers detailed overview of the global green & bio-solvents market in terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
global green & bio-solvents market
is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, on account of the increasing market penetration of bio-based and green solvents owing to the growing environmental concerns worldwide. Several adverse impacts on the atmosphere arise from the use of dangerous solvents and the use of such toxic substances leads to significant health decline. The adoption of green & bio-solvents is rising, in order to avoid the hazardous effects of these substances, which is another major growth factor for the market.
Market is segmented on the basis of type, into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, d-limonene, and methyl soyate. Out of these, the methyl soyate segment is projected to hold the major share in the market owing to its high usage as an alternative green industrial solvent, as it is cheaper and easily biodegradable. Moreover, methyl soyate is a methyl ester derived from soybean oil, which makes it easily available. On the basis of application, the market is segmented into paints and coatings, industrial and domestic cleaning, printing inks, adhesives and sealants, pharmaceutical, cosmetics, agriculture, and others. The growing demand for eco-friendly solvent solutions and the increasing construction activities is estimated to boost the segment growth.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in the North America region is predicted to grow at the highest CAGR over the forecast period. This can be attributed to the stringent environmental regulations imposed by the U.S. EPA on industrial solvents for VOC emissions. Moreover, presence of major manufacturers of the bio solvents along with increasing awareness among the public for environment conservation are foreseen to boost the market growth in the region. The market in Europe is estimated to grab a notable market share in terms of consumption of green & bio-solvents. This can be attributed to the presence of a strong chemical industry, along with stringent regulations to protect the environment in the region.
The European Commission president Barroso, and the commissioner for Research and Science, Brussels announced the launch of a 3.7 billion euro, that is, USD 4.3 billion public-private partnership on bio-based industries.
Stringent Regulations on Chemical-Based Industrial Solvents to Drive Market Growth
Green & bio-solvents are obtained from the processing of bio-diesel, plant, or natural products, which provides a more environmentally-friendly alternative to petrochemical solvents. The environmentally friendly nature and less emission of VOCs by green solvents, and fluctuating crude oil prices are major factors driving the global market growth. The shifting focus of manufacturers and many end-users from traditional hydrocarbon solvents to green and bio-based solvents, is further expected to favor the global market growth.
However, requirement of high investment is expected to hamper the market growth over the years.
This report also provides the existing competitive scenario of some of the key players of the global green & bio-solvents market which includes company profiling of BASF SE, Archer Daniels Midland Co., BioAmber Inc., Dow Chemical Company, Cargill Inc, Cremer Oleo Gmbh & Co., Vertec Biosolvents Inc., Florida Chemical Company, Inc., Botaneco Inc., and Shenzen Esun Industrial Co Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global green & bio-solvents market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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