ALBANY, New York, April 7, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Green & Bio-based Solvents Market - Global Industry Analysis, Size, Share, Growth, and Trends and Forecast 2015 - 2023." According to the report, the global green & bio-based solvents market was valued at US$4.32 bn in 2014 and is anticipated to reach US$8.05 bn by 2023, expanding at a CAGR of 7.2% between 2015 and 2023.
Solvents are typically liquids with the ability to dissolve or suspend other materials without any chemical change in the solvent or the material. Solvents can be broadly classified into two types: water-based and hydrocarbon-based. Petroleum-based solvents largely emit volatile organic compounds during production, handling, and application. This makes them harmful to the environment. On the other hand, green & bio-based solvents are environmentally friendly, as these are manufactured from bio-based resources. Green & bio-based solvents are primarily employed in various applications such as paints & coatings, printing inks, commercial & domestic cleaning, adhesives & sealants, pharmaceutical, and cosmetics. Increasing demand for bio-based materials in various downstream industries of these applications in developed regions is expected to boost the demand for green & bio-based solvents during the forecast period.
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Bio-based ethanol dominated the market, followed by ethyl lactate and methyl soyate in 2014. The dominance of bio-based ethanol is anticipated to continue over the next few years, considering the commercial level of production and broad application range of bio-based ethanol. Methyl soyate is likely to be the fastest-growing product segment during the forecast period primarily due to its increasing usage as solvents in paints & coatings, printing inks, and cleaning applications. Additionally, significant growth potential of d-limonene as industrial and domestic cleaning solvent is estimated to drive the market for green & bio-based solvents during the next few years. Ethyl lactate is also likely to be a lucrative product segment during the forecast period. Increasing use of ethyl lactate as a substitute for existing petroleum based solvents is expected to drive the demand for ethyl lactate and indirectly green & bio-based solvents.
Paints & coatings was the largest application segment of the green & bio-based solvents market, accounting for more than 40% share in terms of demand in 2014. The commercial & domestic cleaning segment is also anticipated to be a major consumer of green & bio-based solvents in the next few years. Adhesives & sealants is estimated to be the fastest-growing application segment of the green & bio-based solvents market between 2015 and 2023. Rising demand for environmentally-safe solvents in various applications and downstream industries is projected to propel the demand for green & bio-based solvents during the forecast period.
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In terms of volume, North America held the largest share (more than 30%) of the global green & bio-based solvents market in 2014. Easy availability of raw materials, increasing demand for eco-friendly bio-based products, and technological availability for the production of green & bio-based solvents have boosted the green & bio-based solvents market in the region. Asia Pacific is likely to be the fastest-growing regional market for green & bio-based solvents during the forecast period. Increasing demand for solvents in paints & coatings, printing inks, cosmetics, pharmaceutical, and agrochemical applications in countries such as China, India, Thailand, and Malaysia is expected to drive the demand for green & bio-based solvents in the region in the next few years. The green & bio-based solvents market is anticipated to witness similar growth trend in Latin America primarily due to the significant demand from Brazil and Argentina. Overall, the global market for green & bio-based solvents is estimated to expand substantially in the next eight years.
The global green & bio-based solvents market is primarily driven by demand for bio-based solvents in various end-user industries. However, the availability of low-cost petroleum based substitutes in various end-user industries coupled with manufacturing complexities is estimated to hamper market growth. Increase in commercialization and high demand for green & bio-based solvents in the adhesives, pharmaceutical, and personal care industries are likely to act as key opportunities for the green & bio-based solvents market in the near future. Key players in the green & bio-based solvents market are Cargill Inc., Vertec Biosolvents Inc., BioAmber Inc., BioMCN, Corbion nv, Galactic, Archer Daniels Midland Company, Florida Chemical Company, Elevance Renewable Sciences, Inc., and Cobalt Technologies.
Research Press Release: http://www.transparencymarketresearch.com/pressrelease/green-biobased-solvents-market.htm
The report segments the global green & bio-based solvents market as follows:
Green & Bio-based Solvents Market - Product Analysis
- Bio-based Methanol
- Bio-based Ethanol
- Bio-based Propanol
- Bio-based Butanol
- Bio-based Propylene Glycol
- Ethyl Lactate
- Methyl Soyate
- Others (Including hydrogen peroxide, bio-based butanediol, etc.)
Green & Bio-based Solvents Market - Application Analysis
- Paints & Coatings
- Printing Inks
- Commercial & Domestic Cleaning
- Adhesives & Sealants
- Others (Including Agrochemicals, etc.)
Green & Bio-based Solvents Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Browse In detail Regional Analysis: http://www.europlat.org/global-green-bio-based-solvents-market-to-touch-us8-05-bn-by-2023-china-to-boost-growth-in-asia-pacific.htm
Browse Other Research Reports:
- Global Solvents Market: http://www.transparencymarketresearch.com/solvents-market.html
- Succinic Acid Market: http://www.transparencymarketresearch.com/succinic-acid.html
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