Green Solvents Market Poised For USD 3.9 Billion By 2032, Driven By Sustainable Chemical Innovations | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The Green Solvent Market is driven by increasing environmental regulations and growing consumer demand for sustainable, non-toxic alternatives in various industries.

Austin, March 03, 2025 (GLOBE NEWSWIRE) -- The Green Solvent Market Size was valued at 1.9 Billion in 2023 and is expected to reach USD 3.9 Billion by 2032, growing at a CAGR of 8.7% over the forecast period of 2024-2032.

Rapid Growth of Green Solvent Market Driven by Sustainability and Eco-friendly Manufacturing Practices

The Green Solvent Market is rapidly expanding due to increasing environmental regulations and a shift toward sustainable manufacturing. Industries are adopting green solvents for their biodegradable and non-toxic properties as they aim to reduce their ecological footprints. The demand for eco-friendly solutions is growing, driven by consumer awareness and regulatory support for sustainable materials. The U.S. Environmental Protection Agency anticipates a significant rise in green solvent use, especially in sectors like paints and coatings, where traditional solvents are being phased out.

In 2023, the U.S. Department of Agriculture reported that over 60% of manufacturers incorporated green solvents into their products, indicating a strong move toward sustainability. Major companies, including BASF and Dow Chemical, have also invested in developing bio-based solvents, boosting market growth. Projections show a robust CAGR of 8.7% from 2024 to 2032, positioning the market for significant expansion. This growth is supported by advancements in green chemistry and the rising consumer demand for safer, environmentally friendly products, reinforcing the trend toward sustainable practices across various industries.

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Key Players:

• BASF SE (Propylene Carbonate, Ethyl Lactate)
• Dow Chemical (D-limonene, Soy Methyl Ester)
• Solvay (Dimethyl Sulfoxide, Ethyl Acetate)
• Cargill (Bio-based Propylene Glycol, Bio-based Polyols)
• Eastman Chemical Company (Acetic Acid, Methyl Acetate)
• Akzo Nobel N.V. (Ethylene Glycol, Butyl Acetate)
• Arkema (Methyl Ethyl Ketone, Bio-Based Acrylics)
• Huntsman Corporation (Propylene Glycol, Ethylene Carbonate)
• LyondellBasell (Bio-based Butanediol, Bio-based Polyethylene)
• Corbion (Lactic Acid, PLA Resin)
• Evonik Industries (Bio-based Surfactants, Isopropyl Alcohol)
• Vertec Biosolvents (Ethyl Lactate, Methyl Soyate)
• NatureWorks LLC (Ingeo Biopolymer, Bio-based Polylactic Acid)
• GFBiochemicals (Levulinic Acid, Gamma-Valerolactone)
• Archer Daniels Midland (ADM) (Ethanol, Biobutanol)
• Genomatica (1,4-Butanediol, Bio-based Acetone)
• BioAmber (Succinic Acid, 1,4-Butanediol)
• Mitsubishi Chemical (Bio-based Polymers, Polylactic Acid)
• Novozymes (Bioethanol, Bio-based Enzymes)
• PTT Global Chemical (Bio-based Propylene Glycol, Bio-based Polyols

Green Solvents Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 1.9 Billion
Market Size by 2032	USD 3.9 Billion
CAGR	CAGR of 8.7% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Product Type (Bio-Alcohols, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, Others) . By End-User Industry (Paints & Coatings, Chemical Intermediate, Printing Inks, Cosmetics & Personal Care, Pharmaceuticals, Others)
Key Drivers	. Technological advancements in green solvent production drives the market growth.

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Government Regulations Fueling Green Solvent Adoption in the Market

• Governments enforce VOC standards, encouraging green solvent use to meet environmental regulations.
• Financial incentives like tax credits and grants promote the adoption of sustainable solvents.
• Regulatory bodies support green chemistry initiatives, advocating environmentally friendly solvents.
• Countries are phasing out hazardous chemicals, pushing industries to adopt safer alternatives.
• Government funding for research accelerates the development of bio-based solvents and new technologies.

By Product Type, Lactate Esters Dominated the Green Solvent Market in 2023 with a 36% Market Share

Their popularity stems from their biodegradable properties, which make them an excellent choice for environmentally conscious consumers and industries. Lactate Esters are widely used in various applications, including cosmetics, pharmaceuticals, and food products, due to their effectiveness as solvents without the harmful effects associated with traditional solvents. The increasing regulatory pressure to reduce VOC emissions has further propelled the demand for Lactate Esters, as manufacturers seek to comply with stringent environmental standards. Moreover, the growing consumer preference for natural and sustainable products has positioned Lactate Esters as a leading product type in the Green Solvent Market.

By End-User Industry, Paints & Coatings Industry Dominated the Green Solvent Market in 2023 with a 32% Market Share

This dominance can be attributed to the increasing regulatory measures aimed at reducing VOC emissions in the coatings industry, pushing manufacturers to adopt greener alternatives. Green Solvents are being integrated into formulations to create low-VOC paints that meet consumer demands for safer, environmentally friendly products. The growing trend toward sustainable building materials and eco-conscious renovations has driven demand for these innovative coatings. Major players in North America and Europe are leading this shift, significantly enhancing their product lines with Green Solvents to cater to the evolving market landscape and consumer expectations for sustainable solutions.

North America Region Dominated the Green Solvent Market In 2023, Holding a 48% Market Share.

This dominance is due to stringent environmental regulations and growing consumer demand for sustainable products. The region's proactive stance on reducing carbon emissions has propelled industries to adopt green solvents. In the U.S., regulatory bodies like the EPA have established guidelines encouraging the use of eco-friendly materials, leading to increased investments from major chemical manufacturers in green technology. The adoption of green solvents in various sectors, including paints and coatings, has positioned North America as a frontrunner in the green solvent landscape.

Asia Pacific Region Emerged as The Fastest-Growing Region in Green Solvent Market with A Significant Growth Rate in The Forecast Period

This rapid growth is driven by rapid industrialization and a growing focus on sustainable production processes. In countries like China and India, environmental regulations and consumer demand for Green Solvent-based products have contributed significantly to market growth. Governments in the region are incentivizing businesses to adopt eco-friendly solutions, especially in industries like paints, coatings, and personal care products. Furthermore, the increased manufacturing of biodegradable Green Solvents and the expansion of the green chemicals sector have fueled demand in the region.

Recent Highlights

• February 2025: ERM and Ayming secured funding from Innovate UK to promote the adoption of green solvents in sustainable medicine manufacturing, aiming to enhance eco-friendly practices in the pharmaceutical sector.
• December 2024: Researchers reported advancements in the scalability of green solvents for perovskite solar cells, highlighting their potential to reduce environmental impact and improve efficiency in solar energy applications.
• April 2024: Sigma-Aldrich introduced a new line of sustainable solvents, emphasizing their commitment to providing environmentally friendly options for laboratories and supporting the shift towards greener chemical practices.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Green Solvents Market Segmentation, by Product Type

8. Green Solvents Market Segmentation, by End-User Industry

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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