Global green solvents market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Green solvents are eco-friendly solvents; also termed as bio solvents that are obtained from the processing of agricultural crops. Non-toxic liquid polymers, water, ionic liquids, supercritical fluids are the part of green solvents.
The factors that are playing a major role in the growth of green solvents market are reduced reliance on the exporting countries and petrochemical solvents, advanced competitiveness from product differentiation, and environmental & regulatory policy to reduce the emission of HAPs, ODS, and VOCs. However, the high cost of new technologies may restrain overall market growth in the years to come. Market is segmented based on type, application and region.
Methyl soyate, alcohols, d-limonene, glycols, lactate esters, diols, and other types could be explored in green solvent market in the forecast period. Alcohols sector comprises bio-ethanol, bio-propanol, bio-methanol, and bio-butanol. Glycols sector comprises bio-based ethylene glycols and bio-based polypropylene glycols. On the other hand, diols comprise bio-based butanediol.
Methyl soyate sector accounted for the substantial market share of green solvents in 2017 and is estimated to lead the overall market in the years to come. The reason could be its use as a viable green substitute over industrial solvent. In addition, d-limonene and lactate esters are estimated to grow at the fastest pace in the years to come.
The market may be categorized based on applications like cosmetics, industrial & domestic cleaners, pharmaceuticals, paints & coatings, printing inks, adhesives, and others could be explored in the forecast period. Cosmetics sector accounted for the significant market share of green solvents and is estimated to continue its dominance in the years to come.
Globally, North America accounted for the substantial market share of green solvents in terms of value and volume and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, the rising awareness among consumers regarding the use of green solvents, and the presence of a developed construction industry. The United States is a major consumer of green solvents in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of green solvents in this region.
The key players of the green solvents market are Cremer Oleo GmbH & Co. KG, Archer Daniels Midland Company, Cargill Incorporated, BASF SE, Florida Chemical Company, BioAmber Inc., Vertec Biosolvents Inc., Huntsman Corporation, The Dow Chemical Company, and E.I. Du Pont de Nemours & Co. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Research Support Specialist, USA