Market Demand : Green Solvents Market Globally Grow at a CAGR of 7.0% by 2023| 3M, Akzo Nobel, Procter & Gamble Co, Roche and Solvay
We have been dependent on natural resources for a very long time and have exploited them extensively. This has resulted in over exploitation of natural resources and increased emission of carbon dioxide in atmosphere. However, various government organization and several industries are now making significant efforts to reduce dependency on these resources that will help in reducing carbon emission. Moreover, increasing use of green solvents in several industries including cosmetics, paints and coatings, and other and growing environmental concerns are also projected to spur growth in the global green solvents market.
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Increasing investment by key participants in research and development activities to develop superior and green solvents will further expand the global green solvents market. Additionally, independent agencies such as ECHA and Environmental Protection Agency and government organization implemented few regulations that support the growth of green solvent, collectively providing a fillip in this market.
Though, the global green solvent market is budding, but increasing production of unconventional hydrocarbon in North America has pushed oil and gas prices to extremely low which might hamper growth in this market. Dipping oil and gas prices resulted in higher conventional solvents production; this shifting trend is a concern for developing green solvents market. In addition, green solvents require more operational time and have a slower reaction rate as compared to conventional solvents. This factor might also deter demand in the global green solvents market. Despite these restraining factors, awareness for bio-based and green solvents has also increased in both developed and developing countries. This shifting trend might create a lucrative growth for green solvents over the coming years.
The global market for green solvents should grow from $4.2 billion in 2018 to $5.9 billion by 2023 at a compound annual growth rate (CAGR) of 7.0% for the period of 2018-2023.
Governments and industries around the world are looking for ways to reduce carbon dioxide emissions as well as their dependence on oil-based products, and green solvent is seen as one way to accomplish these goals. In recent years, rising environmental concerns and support from manufacturers of paints and coatings, cosmetics and many others are putting real wind in the sails of green solvents.
Rising demand for green solvents results in increased supply. Many producers are pushing the use of bio-based materials as solvents in various industries. The personal care and cosmetics industry across the world has widely accepted bioethanol as an important solvent material. The paints and coatings industry is trying to reduce environmental impact by replacing conventional solvents with bio-based low volatile organic compounds (VOCs). In addition, manufacturers of printing inks, cleaning products, pharmaceuticals, foods, adhesives and other products also have increasing demands for various types of green solvents. All these factors will drive the global green solvents market to grow at a CAGR of
REDACTED over the next five years.
This report defines green solvents as biosolvents derived from biomass, including agricultural residues, sugarcane and corn. Today the solvent world is still dominated by fossil-derived products but biosolvents will have much faster growth.
The scope of this report is broad and covers the types of green solvents used for various application industries. The market is broken down by material type, region, country and application. Revenue and volume forecasts from 2018 to 2023 are given for each green solvent material, application, region and country.
The report also includes a discussion of the major players across different solvent materials. Furthermore, it explains the major drivers and regional dynamics of the green solvent market and current industry trends.
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- 183 data tables
- Brief overview and market intelligence on green solvents produced commercially and those that are in the development pipeline
- Analyses of global market trends with data from 2017 to 2018, and projections of compound annual growth rates (CAGRs) through 2023
- Coverage of various types of green solvents used in diverse industry applications
- Elaboration on the influence of government regulations, current technology, and the economic factors that are and will shape the marketplace
- Emphasis on the manufacturer landscape and includes detailed profiles of the major manufacturers in the green solvent market
- Profiles of major companies of the industry including, 3M, Akzo Nobel, Procter & Gamble Co., Roche and Solvay
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