The global green & bio-solvents market size is expected to reach USD 3.96 billion by 2032, according to a new study by Polaris Market Research. The report “Green & Bio-Solvents Market Share, Size, Trends, Industry Analysis Report, By Product (Bio-Alcohols, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, and Others); By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising prevalence and popularity of Green & Bio-Solvents across a wide range of end-use sectors owing to the continuously growing emphasis of federal governments on bio-based products along with the extensive research & development related activities for these products and high adoption mainly in emerging economies like India, China, and Malaysia are major key factors influencing the market growth.
Increasing penetration for the replacement of currently existing synthetic and chemical-based solvents like toluene, acetone, and xylene and the wide presence of regulations on the reduction of VOC emissions, are further likely to accelerate the market growth.
In the last few decades, with the rising concerns associated with the use of chemical compounds on both environment and human health, key market players are implementing varied advancements in production technologies and diverse product innovations in the field of organic solvents, that are non-corrosive, non-carcinogenic, and non-ozone depleting, anticipated to contribute significantly to the demand and growth.
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Furthermore, increasing rules and regulations laid by Eco-Product Certification Scheme, European Commission, and many others have paved the way for higher demand and adoption of eco-friendly paints & coatings worldwide for dispersing or dissolving the compounds being used in the formulation of paint. Additionally, the growing efforts by various research institute on developing bioplastics with the help of Green & Bio-Solvents consisting of similar applications of conventional plastics derived from petroleum, gas, and coal, which takes thousands of years to decompose.
For instance, in February 2022, Brazil and Portugal jointly developed an environmentally sustainable process for producing decomposable and biodegradable plastic with the help of pigment extracted from Green & Bio-Solvents. Using pigments in the bioplastics formulation creates opportunities for smart packaging to protect vegetables & fruits from environmental damage, as it can respond quickly to any changes in packaging conditions.
Green & Bio-Solvents Market Report Highlights
Polaris Market Research has segmented the Green & Bio-Solvents market report based on product, end-use, and region:
Green & Bio-Solvents, Product Outlook (Revenue - USD Billion, 2019-2032)
Green & Bio-Solvents, End-Use Outlook (Revenue - USD Billion, 2019-2032)
Green & Bio-Solvents, Regional Outlook (Revenue - USD Billion, 2019-2032)