The global green & bio-based solvents market is expected to reach a market size of USD 13.74 billion by 2024, according to a new report by Grand View Research, Inc. The green & bio-based solvents market is expected to witness significant growth over the forecast period owing to the stringent regulations imposed on chemical-based industrial solvents in relation to VOC emissions. The rising demand from key application segments such as paints & coatings and adhesives is also expected to propel the market demand over the forecast period.
The growing application scope of green & bio-based solvents in the aforementioned segments can be attributed to the minimal environmental impacts caused by the products, mainly as they are derived from organic and renewable sources. In addition, the rising consumer awareness regarding the ill-effects of chemical-based solvents has generated a huge demand for eco-friendly solutions across several verticals, including construction and automotive industries globally.
Paints & coatings dominated the market for green & bio-based solvents globally. The other key applications include adhesives, pharmaceuticals, printing inks, and industrial & domestic cleaners. With the rapid growth in industries such as construction, infrastructure, automotive, and furniture, among others, there has been a considerable increase in demand for environmental-friendly adhesive and coating solutions.
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Further key findings from the study suggest:
- Paints & coatings and adhesives application segments are expected to witness significant volume growth during the forecast period, growing at CAGRs of over 5% during the forecast period; this rapid growth can be attributed to rapidly growing demand for eco-friendly solvent solutions from end-use verticals such as construction, and automotive.
- North America dominated the green & bio-based solvents market in 2015 with an estimated revenue of over USD 2 billion; and is projected to grow significantly over the coming years owing to the stringent environmental regulations imposed by the U.S. EPA on industrial solvents for VOC emissions.
- In the North American market, the adhesives segment is expected to witness the highest growth during the forecast period, projected to grow at a CAGR of over 10% in terms of revenue
- Asia Pacific is expected to witness the highest revenue growth during the forecast period, projected to grow at a CAGR of over 11%. This regional market is dominated primarily by China, the market in which is expected to witness growth at a CAGR of over 12% during the forecast period
- Key participants in the green & bio-based solvents market include BASF SE, Archer Daniels Midland Co., BioAmber Inc., and The Dow Chemical Company, among others.
- In recent years, new product developments have been the major growth strategy adopted by key market players for strengthening their market positions.
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