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Green & Bio-based Solvents Market - Global Industry Analysis 2023
Green & Bio-based Solvents Market
In terms of volume, bio-based ethanol was the largest product segment of the global green & bio-based solvents market, accounting for more than 45% share in 2014. Substantial commercialization and wide application of bio-based ethanol are the key reasons for the dominance of the segment. However, methyl soyate is likely to be the fastest-growing segments during the forecast period, owing to the commercialization of these bio-based solvents and their extensive demand in end-user industries.
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In terms of applications, paints & coatings was the largest segment of the global green & bio-based solvents market, constituting more than 40% share in 2014. Commercial & domestic cleaning is projected to be another major application segment between 2015 and 2023. Adhesives & sealants is likely to be the fastest-growing application segment during the forecast period, due to the rising demand for these products in automotive and other downstream industries.
Developed regions are expected to dominate the green & bio-based solvents market in the next few years, owing to easy availability of raw materials and considerable manufacturing expertise in these regions. North America is estimated to be the largest market for green & bio-based solvents, followed by Europe, during the forecast period. The green & bio-based solvents market in Asia Pacific is also projected to witness high growth, owing to the substantial demand for solvents in various industries and increasing awareness about benefits associated with bio-based solvents. The global market for green & bio-based solvents is expescted to expand significantly in the near future.
Key players in the green & bio-based solvents market include Cargill Inc., Vertec Biosolvents Inc., BioAmber Inc., BioMCN, Corbion nv, Galactic, Archer Daniels Midland Company, Florida Chemical Company, Elevance Renewable Sciences, Inc., and Cobalt Technologies.
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