CLEVELAND, March 6, 2017 /PRNewswire/ -- Demand for green solvents is expected to grow 3.7 percent per year to 2.0 billion pounds in 2020. Green solvents in this study are defined as chemicals derived from natural or renewable resources. Advances will be induced by strong consumer demand for naturally derived products that have a minimal impact on the environment. Federal and state policies that seek to limit or reduce environmental emissions and health hazards will provide additional support for green solvent demand. These and other trends are presented in Solvents, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Ethanol will account for nearly half the growth in green solvent demand through 2020, and traditional green solvents -- e.g., terpenes and soy-based solvents -- will also experience healthy growth. However, one of the biggest contributors to growth in green solvent demand will be the commercial-scale production of a wide variety of solvents (propylene glycol, dipropylene glycol, butanol, ethyl acetate, etc.) that have traditionally only been produced from petroleum or natural gas.
Markets that can incorporate green solvents into finished products will continue to benefit from ongoing consumer demand for goods made from natural or renewable ingredients. As a result, consumer-focused industries such as paint and coatings, cosmetics and toiletries, and cleaning products have seen the most growth in green solvent usage. Additionally, strong consumer demand for more natural products is supported by the regulatory environment in the US, which has sought to drastically cut back on VOC emissions in a variety of solvents. From a manufacturers' perspective, the transition to more compliant products and processes has been eased by a marketplace that is predisposed to these environmentally friendly modifications, making such changes cost effective.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Chemicals studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group