Home Press Releases Green & Bio-solvent Market Size Worth $1.75 Billion By 2030 | CAGR: 5.7%

Green & Bio-solvent Market Size Worth $1.75 Billion By 2030 | CAGR: 5.7%

The global green & bio-solvent market size is expected to reach USD 1.75 billion by 2030, according to a new study by Polaris Market Research. The report “Green & Bio-solvent Market Share, Size, Trends, Industry Analysis Report, By Type (Lactate Esters, Bio-Glycols, Bio-Alcohol, Bio-Diols, Methyl Soyate, D-Limonene, Others); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The demand for green and bio-solvents is expected to increase during the forecast period owing to greater application in paints and varnishes, adhesives, and personal care products. Growth in environmental concerns and the introduction of stringent emission regulations support the industry’s growth.

 

Initiatives to reduce dependence on fossil fuels, rising inclination toward the use of bio-based products, and technological advancements are some other factors expected to contribute to the industry growth during the forecast period.

 

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The different applications of green and bio-solvents include cosmetics, paints & coatings, printing inks, industrial & domestic cleaners, adhesives, pharmaceuticals, and others. Industrial and domestic cleaners generated significant revenue in 2021. A rise in awareness regarding hygiene among consumers, especially during the pandemic, supported the market growth. They are also used to clean mechanical parts, machines, and equipment in manufacturing and industrial facilities.

 

Asia Pacific is expected to exhibit high growth during the forecast period. Rising industrial growth, urbanization, and established automotive and transportation sector supports market growth in this region. Increasing demand for bio-based cosmetics and personal care products coupled with increasing application in industrial and domestic cleaning products further fuel growth in this region. Access to low-cost raw material and labor also boost the growth of the green and bio-solvent industry in the Asia Pacific.

 

The occurrence of COVID-19 negatively impacted the demand for green and bio-solvents from the automotive, industrial, and construction sectors. The industry experienced operational disruptions, restricted movement of goods, and limited import-export activities. A low supply of raw materials and a limited workforce led to a halt in manufacturing activities.

 

Implementation of lockdowns across several countries across the world, coupled with the closure of markets, further hampered the growth of the industry. However, there was greater demand for green and bio-solvents for the production of sanitizers and cleaning products to address safety concerns during the pandemic.

 

Green & Bio-solvent Market Report Highlights

  • Bio-alcohols accounted for a considerable share in 2021 owing to increasing application in cosmetics, personal care, transportation, and pharmaceutical sectors
  • The industry experienced high demand for industrial and domestic cleaners owing to greater safety concerns and use of green and bio-solvents in cleaning of industrial equipment
  • Asia Pacific is expected to experience high growth during the forecast period owing to technological developments, industrial and economic expansion, and reduced production costs
  • The global market is highly competitive owing to the existence of large market players with global presence including Archer Daniels Midland Company, Arkema Group, BASF SE, Cargill Inc., Clariant, Cremer Oleo GmbH and Co. KG, LyondellBasell Industries Holdings, Merck KGaA, Solvay, The Dow Chemical Company

 

Polaris Market Research has segmented the green & bio-solvent market report based on type, application, and region:

 

Green & Bio-solvent, Type Outlook (Revenue – USD Billion, 2018 – 2030)

  • Lactate Esters
  • Bio-Glycols
  • Bio-Alcohol
  • Bio-Diols
  • Methyl Soyate
  • D-Limonene
  • Others

Green & Bio-solvent, Application Outlook (Revenue – USD Billion, 2018 – 2030)

  • Cosmetics
  • Paints & Coatings
  • Printing Inks
  • Industrial & Domestic Cleaners
  • Adhesives
  • Pharmaceuticals
  • Others

Green & Bio-solvent, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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