Albany, NY -- (SBWIRE) -- 02/04/2019 -- 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.