Green solvents Market Size, Industry Share, Trends Analysis Report 2024-2033

The Business Research Company recently released a comprehensive report on the Global Green solvents Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium 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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Major Key Players of the Market:

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

Green solvents Market 2024 Key Insights:

• The green solvents market is expected to grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• The Surge In Eco-Friendly Solvent Demand Powers Green Solvents Market Growth.
• Innovative Solutions Transforming The Green Solvents Market
• North America was the largest region in the green solvents market in 2023.

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