Press release
Green solvents Market Size, Share, Growth, Trends, Segmentation, Key Players And Forecast 2024-2033
Green solvents Market Report
The Business Research Company presents an extensive market research report on the Green solvents Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The green solvents market size has grown strongly in recent years. It will grow from $1.86 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to environmental regulations, consumer awareness, rising demand for eco-friendly products, cost competitiveness, government initiatives.
The green solvents market size is expected to see strong growth in the next few years. It will grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to stringent emission standard, bio-based economy growth, circular economy initiatives, increasing r&d investments, consumer demand for clean labels. Major trends in the forecast period include innovation in green chemistry, industry collaboration and partnerships, focus on voc reduction, application-specific formulations, rising demand in cleaning products.
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Key Market Players:
Cargill Incorporated, Archer Daniels Midland Company, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Merck KGaA, Solvay S.A., DuPont de Nemours Inc., Akzo Nobel N.V., Huntsman Corporation, Stepan Company, Novozymes A/S, Praj Industries Limited, Genomatica Inc., Galactic S.A., LanzaTech Inc., Elevance Renewable Sciences Inc., SACHEM Inc., Green Biologics Limited, shenzhen esun industrial co. Ltd, CREMER OLEO GmbH & Co. KG, DMC Biotechnologies, AgroSustain S.A., Circa Group Pty. Ltd., Gevo Inc., Greenyug LLC, Botaneco Inc., Terpenoid Therapeutics, Vertec Biosolvents Inc., Myriant Corporation are prominent players in the industry.
Market Drivers:
The increasing demand for eco-friendly solvents is expected to propel the growth of the green solvents market going forward. An eco-friendly solvent is an environmentally friendly solvent derived from renewable resources, such as plants or biomass, with a lower impact on human health than traditional solvents. The use of green solvents can help reduce the environmental impact of chemical production processes, and they can be used as a replacement for conventional solvents in various industrial applications. For example, biodiesel and ethanol have been suggested as green solvents for deconstructing lignocellulose. For instance, in August 2023, according to the Foreign Agricultural Service, a US-based government agency, fuel ethanol consumption in Canada increased by an estimated 20% in 2022, year over year, to 3.4 billion liters, and the production of biodiesel reached 416 million liters in 2022, up from 405 million liters in 2020. Therefore, the increasing demand for eco-friendly solvents is driving the growth of the green solvents market.
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https://www.thebusinessresearchcompany.com/report/green-solvents-global-market-report
Market Segments Include:
1) By Type: Bio-Alcohols, Bio-Diols, Bio-Glycol, Lactate Esters
2) By Application: Construction, Coating, Cleaning Products, Industrial Applications, Toiletries, Cosmetics
3) By End-Use: Chemical Intermediate, Pharmaceuticals, Printing Inks, Paints And Coatings, Cosmetics And Personal Care, Other End-Uses
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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