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Green & bio-based solvents are made from the vegetable oils, lactic acid, bio-succinic acid, beat, sugarcane, corn, and refined glycerin. These solvents are manufactured in a biorefinery that combines equipment and biomass conversion process, that further produces fuel and power. They are also used in the production of chemical products such as bio-glycols and bio-alcohols. Moreover, their properties includes eco-friendly, recyclable, non-carcinogenic, non-corrosive, and biodegradable. Additionally, green & bio-based solvents exhibit low miscibility, low toxicity, and high boiling point, hence, they are used as substitute products for crude oil based solvents. These solvents are majorly utilized in paints & coatings, printing inks, industrial & domestic cleaners, adhesives, pharmaceuticals, and cosmetics.
The rising use of green & bio-based solvents in various applications such as paints & coatings, pharmaceuticals, and cosmetics had led to the growth of the market. The properties such as low VOC emissions and eco-friendly nature make green & bio-based solvents the best substitute product than other chemical-based and crude oil-based solvents. These properties of the products were the prime reason for manufacturers to shift towards green solvents. Hence, increasing the growth in various applications will lead to the demand for green & bio-based solvents.
The high production cost of green & bio-based solvents is anticipated to restrain market growth.
Key Market Driver -
Rising use of green & bio-based solvents in end-use segments to drive the market growth.
Key Market Restraint -
High production cost is restraining the growth of the green & bio-based solvents.
Based on type, the market for green & bio-based solvents is segmented into alcohols, glycols, diols, lactate esters, d-limonene, methyl soyate, and others. Based on application, the market is segmented into industrial & domestic cleaners, paints & coatings, adhesives, printing inks, pharmaceuticals, cosmetics, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the key players in the green & bio-based solvents includes, BASF SE, BioAmber Inc., Myriant Corporation, Dow Chemicals, Cargill Incorporated, Gevo Inc., Vertec Bio Solvents Inc., Florida Chemicals, Lyondellbasell, and DuPont, Solvay SA, and Huntsman Corporation.
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The green & bio-based solvents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the highest revenue share during the forecast period, owing to the rising pharmaceuticals industry in the US and Canada. In Europe, Germany, UK, and Italy are the leading contributors, due to stringent regulations by the government to increase the use of green solvents. Asia Pacific in the third-largest contributor in the green & bio-based solvents market. The growth is attributed to the growing consumption of green solvents in paints & coatings, pharmaceuticals, cosmetics, construction, agrochemicals, and printing inks applications. The Middle East & Africa is anticipated to grow with sustainable growth, due to the growing construction industry.
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