Green and Bio Based Solvents Market Report involving Key Players: Cremer Oleo GmbH, DuPont, Solvay, Florida Chemical Company, Flotek Industries, Inc., Vertec BioSolvents. Inc., AkzoNobel, Corbion, Cargill Incorporated, Gevo, Huntsman Corporation, Archer D

The green and bio based solvents market was valued at USD 6.87 billion by 2017, growing with 11.3% CAGR during the forecast period, 2018-2025. In terms of volume, the industry was totalled 2,980.5 kilo Tons and is projected to grow with 4.5% CAGR over the study period.

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Market Dynamics

Green and bio based solvents are made from biomass sources such as forest residue, crops, and aquatic waste materials. The global market will grow on account of surging demand in the major application segments like pharmaceuticals, adhesives, paint, and coatings. A booming real estate industry is also facilitating the increasing demand for adhesives, paints & coatings. Moreover, encouragement of extensive research and development works for breakthroughs in manufacturing technologies and additional feedstock is considered to be an important catalysts that is augmenting the market growth. Raw materials such as corn scratch and soybean oil are experiencing a considerable rise in demand. Hence, the production of biofuels to a great extent will be influenced by the availability of such raw materials. On the other side, mis-conceptions related to the performance and cost of bio-based solvent are the major challenges that the industry faces.

Product Takeaway

The major products are lactate esters, bio-diols, d-limonene, methyl soyate, bio-glycols, and bi-alcohols. Currently, the lactate esters is dominating the overall industry and is also anticipated to undergo the fastesst CAGR. The primary reasons that could be attributed to its minimum production cost, surplus raw materials, convenient availability, and ever-increasing applications. In 2017, the net revenue earned by the lactate ester segment is over USD 1 billion. Likewise, the growth prospect of methyl soyate segment is quite impressive due to its growing demand as a solvent for engine, industrial equipment, and automotive applications. During the forecasted period, the methylsoyate segement is expected to experience a revenue growth of over 11%.

Application Takeaway

On the basis of application, the green and bio based solvents market is categorized into cosmetics, pharmaceuticals, printing inks, adhesives, domestic & industrial cleaners, coatings and paintings. Paint and coating segment is the most dominant owing to the rising concerns related to the environment safety. It is believed that a high amount of Volatile Organic Compounds (VOC) is present in chemical grades industrial solvent like coating solutions and paints. In 2017, this segement earned a significant revenue share compared to other applications. Similarly, the adhesive segment is going to bolster the overall market development owing to the increasing demand from the automobile industry in North America and Asia Pacific region. In terms of revenue, this segment is going to witness the fastest CAGR of over 12% during the study period.

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Regional Takeaway

The North America region has the highest growth potential for the green and bio-based solvent. In this region, the end-user industries such as automotive, construction, and building are witnessing substantial growth, which leverages the market too. Growing awareness among consumers for the need of adopting green solvent for environmental is the main reason for increasing use of green solvents in the construction industry in the U.S. and Mexico.

In Asia Pacific countries such as China, Japan, and Brazil, low production cost, the surge in economic growth, industrial development, and technological advancement are supporting the market growth significantly. Moreover, in these countries, the growth in end-user industries like automotive, construction and building have witnessed substantial growth. In the European context, positive changes in the economic and political dynamics of countries like Germany and UK are facilitating moderate market growth. As the construction and automotive segment have recovered post-recession, it will drive the regional growth in the near future.

Key Vendor Takeaway

Some of the stalwart companies in the global green and bio-based solvents are Cremer Oleo GmbH, DuPont, Solvay, Florida Chemical Company, Flotek Industries, Inc., Vertec BioSolvents. Inc., AkzoNobel, Corbion, Cargill Incorporated, Gevo, Huntsman Corporation, Archer Daniels Midland Company, LyondellBasell Industries Holdings, BioAmber, The Dow Chemical Co., BASF SE and so on.

With the ambition of sustaining and strengthening their position in the worldwide market, these companies are prioritizing the formation of strategic alliance, partnerships, and product development. For instance in May 2017, Cargill Incorporated acquired BioBased Technologies Agrol and polyols product lines. This acquisition has expanded companys product offering as well as geographic reach.

Likewise, Flotek Industries, a distributer and developer of down hole drilling, innovative speciality chemicals, and production equipment acquired Florida Chemical Company, Inc, whichspecialized in the production of fragnance-flavor compounds, and d-Limionene. Such approach helps the key players to cope with the fierce competition with local manufacturers and suppliers across the globe.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year-2014 & 2016
Base Year-2017
Estimated Year-2018
Projected Year-2025
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors

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SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCT

Lactate Esters
Bio-Alcohols
Bio-Diols
Bio-Glycols
Methyl Soyate
D-Limonene
Others
MARKET, BY APPLICATION

Industrial & Domestic Cleaners
Adhesives
Cosmetics
Pharmaceuticals
Printing Inks
Paints & Coatings
Others
MARKET, BY REGION

North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America

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