Global Green Solvents Market grow at a CAGR of 6.6% during forecast 2019-2026
The global green solvents market during the forecast period is expected to have a positive influence on the high demand for renewable solvents from the end-use industries. Essentially, solvents are additives, which are blended with other substances to produce new material. Growing health and environmental concerns among the consumers regarding the usage of conventional solvents are anticipated to play a significant role in the growth of the global green solvents market.
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The conventional solvent market is negatively affected by the volatile prices of crude oil and it will lead to the growth of the green solvents market. Increasing the application of green solvents in various industries over the past few years is also anticipated to drive the global market. Rebounding the global economy during the forecast period is presumed to assist green solvent end-use industries such as construction, coating, cleaning products, industrial applications, toiletries, and cosmetics. Growing concerns of consumers regarding high VOC contents of conventional solvent has led them to shift their preference in favour of green solvents. Moreover, increasing investment of industry participants in R&D initiatives to develop cheaper and superior green solvents and implementation of several rules and regulations by the Government and Environmental Protection Agency (EPA) in favouring green solvents are expected to boost the growth of green solvents during the forecast period. The global market is expected to receive more support from efforts like the Montreal Protocol to protect the environment.
Green solvents are organic solvents or bio-solvents produced from agricultural processing. They have been developed as a friendly solvent alternating with petrochemical solvents in the environment. Solvents are classified into two types, which are water-based and hydrocarbon-based. They are consists of characteristics, which are used to develop green and efficient chemical processes. Due to their environmental friendliness, they are becoming increasingly important. Green solvents are mostly used in analytical chemistry, synthetic chemistry, and crystallization in the chemical industry.
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The esters segment expected to grow at the CAGR of 8.3% during the forecast period
Based on type, the global green solvents market has been segmented into esters, alcohols, diols & glycols, d-limonene, and others. The esters segment expected to grow at the highest CAGR of 8.3% during the forecast period. Due to its large application range, comparatively small prices than other green solvents and easy accessibility, the use of esters in the overall market for green solvents is higher during the forecast period.
Based on application, the paints & coating segment is expected to lead during the forecast period
Based on application, the market has been segmented into paints & coatings, adhesives & sealants, printing ink, and industrial & domestic cleaners. The paints & coating segment accounted for almost 40% market share in 2018. The adoption of green solvents in the paint and coating industry leads to increasing environmental concerns in combination with growing consumer awareness of eco-friendly products. The paints & coating segment accounted for the largest share in the market in 2018. Owing to its low VOC content, the green solvent is an ideal solution for paints & coatings applications. Again, green solvents are not flammable that reduces its storage & handling charges and fire insurance costs. Moreover, the manufacturing process of green solvents paints & coatings requires a lower carbon footprint as they consume less energy.
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