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Renewable solvents are produced by the fermentation process from renewable resources. The raw material used are cellulose, starch, and oil. It can be completely dissolved, and suspended in other materials. The renewable solvents help to reduce cost, due to which it is utilized as a substitute solution over traditional solvents. Additionally, renewable solvents are less toxic than traditional solvents, it is also biodegradable in nature and release lesser VOC emissions. These benefits of renewable solvents surge its demand in the various application which include paints & coatings, pharmaceuticals, adhesives, home & personal care, industrial cleaning, plastics & polymers, agrochemicals, and food & beverage.
Rising environmental impact has surged the demand for renewable solvents. Many petroleum-based traditional solvents are highly flammable & toxic and contain a high amount of VOC content. This further impacts the environment, thereby creating air pollution and cause various types of diseases such as lung infection, nausea, headache, and skin irritation. These factors raise the demand for renewable solvents, owing to its less toxic and releasing of lower VOC emission. In addition, the rising stringent regulations on traditional solvents will further surge the demand for renewable solvents. Hence, the rising demand will further fuel the renewable solvents market growth during the forecast timeline.
However, fluctuation in the raw material prices reduces the adoption of renewable solvents and impacts the overall price of the product. Hence, this is anticipated to hinder the market growth during the forecast timeline.
Key Market Driver -
Rising environmental impact led to the demand for renewable solvents
Key Market Restraint -
Fluctuation in the raw material prices of renewable solvent to restrict the market growth
Based on raw material, the renewable solvent market is segmented into cellulose, starch, and oil. Based on solvent type, the market is segmented into ethanol, ethyl acetate, 2-methyltetrahydrofuran, bio- methanol, bio- butanol, levoglucosenone, dimethyl iso-sorbide, and others. Based on application, the market is segmented into paints & coatings, pharmaceuticals, adhesives, home & personal care, industrial cleaning, plastics & polymers, agrochemicals, food & beverage, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the renewable solvent market includes Neste, ASTROBIO, Nexant Inc., US Polychem, IHS Markit, InKemia Green Chemicals, Inc., Archer Daniels Midland Company, Braskem, Vertec Biosolvents, Cargill Incorporated, Wilmar BioEthanol, and Cremer Oleo Gmbh & Company KG.
North America is anticipated to witness higher growth in the renewable solvent market during the forecast period. The stringent regulations over traditional solvents have surged the demand for renewable solvent. Further, rising product consumption in the paints & coatings and pharmaceutical industries have also fueled the market growth in this region. The rising demand for renewable solvent in the industrial cleaning and plastics & polymers will propel the market in Europe. In Asia Pacific, growth is attributed to the rising product demand in the food & beverage industry. The Middle East & Africa is expected to witness significant growth, owing to the rising demand for renewable solvent in the home & personal care industry.
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