Green solvents Global Market Report 2024 - By Trends, Size, Share, Drivers, Forecast To 2033

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.

Market Overview -
Green solvents refer to environmentally friendly solvents derived from crop processing, which are less toxic and hazardous than traditional volatile organic compounds. They are used to dissolve or disperse other substances without causing harm to the environment. It is used to produce and formulate antibiotics, vitamins, and water-based paints.

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The Surge In Eco-Friendly Solvent Demand Powers Green Solvents Market Growth.
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.

Competitive Landscape -
Major companies operating in the green solvents market report are 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

Innovative Solutions Transforming The Green Solvents Market
Major companies operating in the green solvents market are increasing their focus on introducing innovative and cost-effective solutions, such as eco-friendly alternatives, to maximize their revenues in the market. An eco-friendly alternative solvent is a solvent that is less harmful to the environment than traditional solvents derived from renewable resources. For instance, in July 2021, Merck Group, a Germany-based pharmaceutical company, launched AZ 910, a new line of green solvents for photolithographic processes in semiconductor manufacturing. It is an innovative and cost-effective solution to support its customers with their advanced cleaning needs, which are integral to realizing next-generation chips. AZ 910 Remover is a non-NMP (N-methylpyrrolidone)-based aqueous solvent used for photoresist removal in the semiconductor industry. It is a non-inflammable, colorless liquid with a mild odor and a low vapor pressure, making it safer to handle than traditional solvents. It is also biodegradable, meaning it is less harmful to the environment. AZ 910 Remover effectively dissolves various types of photoresists and is compatible with multiple tools such as spin coaters, sprayers, and dip tanks.

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Key Segments -
The green solvents market covered in this report is segmented -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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