Increasing Application of Green and Bio-Based Solvents in Paints and Coatings is Likely to Boost the Growth of the Global Market During the Forecast Period

Market Overview:

Green And Bio-Based Solvents Market size was valued at USD 5.3 Billion in 2021 and is projected to reach USD 8.78 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.

Solvents that are derived from biomass and agricultural sources such as soybean oil, corn, beet, sugarcane, lactic acid, and bio-succinic acid are referred to as Green and Bio-Based Solvents. These solvents are gaining momentum in the global market on account of their recyclability, bio-degradability, eco-friendly nature, low VOC emissions, high boiling point, and low toxicity. There is a growing preference for Bio-Based Solvents owing to less carbon emissions, depleting fossil fuels, and high efficiency.

Competitive Analysis:

Solvay (Belgium), Archer Daniels Midland Company (US), BASF SE (Germany), DowDuPont (US), Vertec BioSolvents (US), CREMER OLEO GmbH & Co. KG (Germany), Cargill, Incorporated (US), Corbion (The Netherlands), Merck KGaA (Germany), LyondellBasell Industries Holdings B.V. (US), Galactic (Belgium), and Arkema Group (France) are some of the key players operating in the Global Green and Bio-Based Solvents Market.

Market Segmentation:

The Global Green and Bio-Based Solvents Market has been categorized on the basis of Type, Application and Region.

Based on Type, the Global Green and Bio-Based Solvents Market has been segmented into bio-alcohols, bio-glycols, bio-diols, ethyl lactate, D-limonene, methyl soyate, and others (including hydrogen peroxide, bio-based butanediol, 2-methyltetrahydrofuran, etc.).

By Application, the Global Green and Bio-Based Solvents Market has been divided into paints and coatings, industrial & domestic cleaning, printing inks, adhesives & sealants, pharmaceutical, cosmetics, agriculture, and others.

The Global Green and Bio-Based Solvents Market, By Region, has been studied for five key regions—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

Regional Analysis:

North America dominated the Global Green and Bio-Based Solvents Market on account of growing government support on production of bio-based solvents due to its biodegradability and non-toxic nature. Moreover, the growing awareness regarding the benefits of green solvents over hydrocarbon solvents in pharmaceutical and printing ink applications is also expected to boost the regional market growth. The US is expected to be the major contributor to the regional market owing to the growing R&D focus on improving product quality and efficiency. Asia-Pacific is expected to be the fastest-growing market owing to easy availability of raw material, cheap labor, and growing demand for eco-friendly solvents. China is expected to be the leading market in the region due to the availability of low-cost feedstock and large presence of manufacturers.

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