The green and bio-based solvents market is segmented on the basis of application as industrial and domestic cleaners, paints and coatings, adhesives, printing inks, pharmaceuticals, and cosmetics. The application segment is primarily driven by rising environmental concerns over usage of chemical-grade industrial solvents with high VOC content in paints and coatings solutions. The adhesives segment is expected to register the highest CAGR in terms of revenue during the forecast period. This rapid growth can be attributed to increasing demand from the automotive industry, which is witnessing significant growth in Asia Pacific and North America.
Seattle, WA -- (SBWIRE) -- 11/29/2019 -- The Green And Bio-Based Solvents Market is primarily driven by rising demand from key application segments such as paints and coatings, adhesives, and pharmaceuticals. Growth of the paints and coatings as well as adhesives industries can be attributed to increasing population and resultant growth in industries such as real-estate, public works, and building and construction.
These products find significant demand in applications such as Paints and Coatings, Industrial and Domestic Cleaners, Adhesives, Printing Inks, Pharmaceuticals, and Cosmetics. Increasing R&D capabilities of the manufacturers for the development of additional feed-stock and manufacturing technologies to facilitate large-scale production is another key factor driving the market.
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Key challenges faced by the industry include increasing demand for bio-based raw materials in other end-user industries and misconceptions among consumers regarding cost and performance of bio-based solvents. Increasing demand for raw materials such as soybean oil and corn starch for generation of bio-fuels may affect the availability of these materials for the development of bio-based solvents.
Asia Pacific is estimated to witness the highest growth during the forecast period, owing to availability of raw materials, low cost of production, presence of a large number of manufacturers, and high demand for environmental-friendly solvent solutions for several end-use verticals. Growing middle-class population and rising disposable income in the region have led to rising consumer awareness regarding environmental impacts of paints, coatings, and adhesive products with high-VOC content.
Awareness regarding effects of chemical-grade industrial solvents on environmental and human health is increasing across the globe. This, in turn, is driving the demand for bio-based alternatives in core applications such as paints and coatings as well as adhesives in the end-use industries, including construction and automotive.
Asia Pacific and Latin America are likely to offer significant growth potential for the market over the coming years. The growth is attributed to technological advancements, industrial and economic growth, and low production cost in countries such as Brazil, China, and Japan. Moreover, in recent years, end-use industries such as building and construction as well as automotive have been witnessing significant growth in these countries.Asia Pacific is expected to witness the highest growth during the forecast period primarily due to rapidly growing construction and automotive industries in the region.
The industry in Europe is currently witnessing moderate growth, mainly driven by changing political and economic dynamics of the major countries such as U.K. and Germany. Recovery of the automotive and construction sectors in these countries will enable the market growth in Europe.
Key players in the global market include BASF SE, Huntsman Corporation, Archer Daniels Midland Co., The Dow Chemical Co., DuPont, BioAmber Inc., Myriant Corporation, Cargill Inc., LyondellBasell, Solvay S.A, AkzoNobel NV, Sigma-Aldrich, Arkema SA, Corbion NV. These players are focusing on new product developments and partnerships as key strategies for strengthening and sustaining their positions in the global market, amidst the intense competition from suppliers and manufacturers in Asia Pacific.
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