Green & Bio-based Solvents Market Progresses for Huge Profits During 2023
A
rampant need for solvents in myriad industries that involve
cosmetics, printing inks, commercial and domestic cleaning, paints
and coatings, pharmaceutical products, and adhesives and sealants, is
primarily driving the global green and bio-based solvents market.
With a rising awareness regarding the need for causing minimum harm
to the environment, the demand for eco-friendly solvents is projected
to increase at a rapid speed. Many companies are undertaking
extensive research and product development by investing huge sums of
money, consequently making the market expand impressively.
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Statistically
speaking, the global green & bio-based solvent market is
prophesized to register revenue valued at US$8.05 bn by 2023, which
is decent rise from initial revenue worth US$4.32 bn clocked in 2014.
This growth is projected to occur at an impressive CAGR of 7.2%
during the forecast period from 2015 – 2023.
The
global green & bio-based solvent market is segregated into
innumerable segments on the basis of three key criteria: product
type, application, and regional spread. Under product type, bio-based
propylene glycol, bio-based methanol, bio-based propanol, methyl
soyate, bio-based butanol, bio-based ethanol, ethyl lactate,
d-limonene, and others, are key segments present in this market.
Whereas, from the perspective of applications, the market consists of
segments such as paints & coatings, pharmaceutical, commercial &
domestic cleaning, cosmetics, adhesives & sealants, printing
inks, and others.
Widespread
Use of Bio-Based Ethanol Makes It Hold Leading Position
Under
product type, bio-based ethanol holds a dominant position in the
global green & bio-based solvent market. This is mainly because
of its high demand in numerous applications as well as high
production rate through manufacturers. Coming as runners-up to this
chemical are ethyl lactate and methyl soyate. However, during the
next few years, the bio-based ethanol segment is envisaged to retain
its dominant position as its use and production are projected to
exist at a high level. In terms of growth rate, methyl soyate is
expected to outpace all other types during the next few years thanks
to its growing use as solvents in printing inks, paints and coatings,
and cleaning applications.
Apart
from these types, D-limonene is also prophesized to earn a lot of
revenue by witnessing rampant demand due to its use as an industrial
and domestic cleaning solvent. Moreover, ethyl lactate is envisaged
to carry substantial demand in the near future as this segment is
emerging as a key alternative for petroleum-based solvents.
From
the perspective of applications, the paints and coatings segment held
a winning spot in the global green and bio-based solvents market in
2014. In this year, this segment held about 40% of the total shares
in terms of demand in the market. However, the near future is
predicted to make the commercial and domestic cleaning segment
witness an impressive growth. Even the segment of adhesives and
sealants is prophesized to draw in notable growth in future owing to
expanding automobile and construction industries.
North
America Dominated the Market Thanks to Strong Industrial
Infrastructure
Geography-wise,
the global green and bio-based solvents market is spread across North
America, South America, Asia Pacific, Europe, and the Middle East and
Africa. Of these, North America holds a leading edge against other
regions thanks to rapidly evolving industrial environment coupled
with a rising demand for eco-efficient bio-based products.
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Elevance
Renewable Sciences, Inc., Cargill Inc., BioAmber Inc., BioMCN,
Galactic, Corbion nv, Archer Daniels Midland Company, Florida
Chemical Company, Vertec Biosolvents Inc., and Cobalt Technologies,
are key players operating in the global green and bio-based solvents
market.
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