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Green Solvent Market is Expected to Reach US$ 3.7 Billion by 2030 | Reports and Insights
Reports & Insights predicts that the global Green Solvent Market is expected to grow at a CAGR of 8.0% during the forecast period from 2022 to 2030. Furthermore, the total value of the global green solvent market is slated to reach US$ 3,740.8 Mn by 2030, rising from US$ 2,028.2 Mn in 2022.
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With the major environmental and sustainability concerns, the chemicals, pharmaceuticals, and other markets have shifted toward utilizing Green Solvents for industrial applications. Cargill Inc., BASF SE, DuPont, etc., are some of the vital manufacturers in the market.
Green Solvents, also known as Bio-Based Solvents, are environmentally friendly, non-toxic, non-hazardous products, derived from plants and animals, which serve as an alternative to conventional solvents.
Market Report Outlook
This report on the global green solvent market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, global green solvent market opportunities for the major players, global green solvent market trends, market segmentation outlook, regional outlook, global green solvent market size, market forecast, market share, as well as the major players operating in the global green solvent market.
Green Solvent Market: Dynamics
The sustainability and Eco-friendliness of these bio-based solvents are one of the driving forces that have augmented the usage of these products. Paints and coatings industries are among the top users who incorporate these products in the construction and manufacturing industries to meet consumers' demand for less harmful ingredients.
Furthermore, the growing demand for consumer goods in the form of sealants and adhesives in packaging industries has led to the growth of the green solvent market. Moreover, Ethyl Lactate and Methyl Soyate are now being considered by manufacturers as substituents for petroleum products emitting minimum VOC, thereby reducing air and water pollution.
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Green Solvent Market: Regional Outlook
The global market for green solvents can be comprehended by studying a few of the key regions including North America, Latin America, Europe, Asia Pacific, Africa, and The Middle East.
Among these, North America accounts for the massive manufacturing of the product. This is attributed to the substitution of conventional hazardous and petroleum-based solvents with greener bio-based solvents.
Asia Pacific arena is proving to be one of the rapidly growing economies for the global green solvents market, owing to the various applications in the paints and coating industry, cosmetic sector, pharmaceutical, and other industrial applications. Cheap labor costs, minimum production, and market expenditure also aid in a surge of market production of green solvents in the Asia Pacific region.
In addition, China constitutes the major proportion of the global market for green solvents due to its investments in the Paints and Coating industries.
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Green Solvent Market: Key Players
These solvents market comprises global manufacturers including BASF SE., Cargill Inc., Sasol., Clariant, and DuPont, etc., With the stringent strategic methods and innovative approach towards a cleaner environment, manufacturers have improvised their Research and development techniques in order to meet their goals.
Dow, Gevo, and LyondellBasell N.V. are among the other major key palyers in this global market.
Recent Developments by Key Players:
MERCK introduced a sustainable, bio-derived, dipolar aprotic solvent in response to the requirement for solvents to comply with rising regulatory standards for both workers' safety and environmental sustainability.
Green Solvent Market: Segmentation Outlook
Data for growth projections and estimates are included in this study for the Solvent Type segment {Methyl Soyate, D-Limonene, Water, Ionic Liquids, Bio-based Alcohols, Ethyl Lactate, and Bio-Glycols}; for the Application segment {Chemical, Pharmaceuticals, Cosmetics, Paints, Coatings, Adhesives and Sealants}. The Global Green market forecast period is 2022 to 2030.
Reports and Insights has set forth a standard in the market research and consulting industry by way of delivering our clientele with syndicated as well as customized market research reports that covers the entire market's assessment in conjunction with thorough foresights.
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