Green & Bio-Solvents Market worth $1.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 29, 2021 /PRNewswire/ -- According to the new market research report "Green & Bio-Solvents Market by Type (bio-alcohols, bio-diols, bio-glycols, lactate esters), End-Use Industry (industrial & domestic cleaners, paints & coatings, adhesives, printing inks, pharmaceuticals) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Green & Bio-Solvents Market size is estimated to be USD 1.2 billion in 2021 and is projected reach USD 1.5 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.
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Browse 179 market data Tables and 51 Figures spread through 214 Pages and in-depth TOC on "Green & Bio-Solvents Market"
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Solvents derived from biomass are referred to as green & bio-solvent. Green & bio-solvents are derived from the processing of bio-diesel, plant, or natural products as a more environmentally-friendly alternative to petrochemical solvents. Solvents are liquids that possess the ability to dissolve, dilute or extract other substances without modifying the chemical composition of the extracted substances or of the solvent itself.
Industrial & Domestic Cleaners is the largest application of the Green & Bio-Solvents Market. North America was the largest market for green & bio-solvents in 2020, in terms of both volume and value. Factors such as growing demand from pharmaceuticals industry, rapid industrialization in growing economies like China, India & Thailand and increasing stringent regulations will drive the Green & Bio-Solvents Market.
Methyl Soyate is the fastest-growing segment by type for Green & Bio-Solvents Market during the forecast period
Methyl soyate has become commercially successful as a viable green alternative industrial solvent on its own merits. Its market demand has increased exponentially over the past ten years. This is despite some perceived solvent property deficiencies. Beyond being an ingredient in cleaners and strippers to replace chlorinated or petroleum products, methyl soyate could find increased use as a carrier solvent. Methyl soyate is not limited to the replacement of regulated industrial cleaning solvents. Due to its eco-friendly nature, methyl soyate can be used to clean up and recover petroleum products from shorelines and streams. The EPA has listed a methyl soyate bio-solvent on the National Contingency Plan product schedule for oil spills.
Industrial & Domestic Cleaners is estimated to be the largest application for Green & Bio-Solvents Market between 2021 and 2026.
Bio-solvents are used in the cleaning of high-precision mechanical parts such as ball bearings. For this application, perfect cleaning is necessary for the proper functioning of the mechanical piece (remaining dirt would damage the metal) and is critical to the safety of machines in the working process. The use of bio-solvents in household cleaners helps to clean the kitchens, showers, toilets, carpets, and other household items. For example, solvents used in dry cleaning machines help clean clothes by dispersing and dissolving dirt. Bio-solvents also help with disinfectant to get into all the nooks and crannies of the surface. They give products a longer shelf-life and also ensure product stability.
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North America is expected to be the largest Green & Bio-Solvents Market during the forecast period, in terms of value and volume.
North America has conventionally been a strong market for green & bio-solvents. Globally, the North American market has been a leader with respect to demand as well as product innovation in terms of quality and application development. The key countries in the North American market are the US (the most dominant market, accounting for a significant market share), Canada, and Mexico. Although a small market, Mexico has witnessed promising demand that is expected to continue in the near future.
As the shale gas production increases, North American ethylene producers are increasingly shifting from petroleum-derived naphtha to lighter, natural gas-based feedstock. Sugars, glycerol, and other plant-derived products are emerging as economically competitive starting materials for a range of commodity chemicals. The US accounts for the maximum market share in the North American region, followed by other countries in the region. Many key players of the Green & Bio-Solvents Market are headquartered in the region. The versatile properties of various types of green & bio-solvents have resulted in high growth of the market in the past decades.
The key players profiled in the Green & Bio-Solvents Market report include BASF SE (Germany), Archer Daniels Midland Company (US), Vertec Biosolvents Inc. (US), Stepan Company (US), Solvay (Belgium), GFBiochemicals (Netherlands), Cargill Inc. (US), Astrobio (Italy), The Dow Chemical Company (US), and India Glycols Limited (India).
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Browse Adjacent Market: Green Bio Chemicals Market Research Reports & consulting
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