LONDON, Jan. 26, 2017 /PRNewswire/ -- 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 afore mentioned segments can be attributed to the minimal environmental impacts caused by the products, mainly as they are derived from organic and renewable sources.
Paints & coatings dominated the market for green & bio-based solvents globally. The other key applications include adhesives, pharmaceuticals, printing inks, and industrial & domestic cleaners.
Further key findings from the report suggest:
Globally, 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 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.
Globally, the Asia Pacific region is expected to witness the highest revenue growth during the forecast period, projected to grow at a CAGR of over 11%, the market in the region is dominated primarily by China, 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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