Green & Bio-based Solvents Market for Paints & Coatings, Printing Inks, Commercial & Domestic Cleaning, Adhesives & Sealants, Pharmaceutical, Cosmetics, and Other Applications Forecast 2015 - 2023

Green or bio-based solvents, procured from agricultural sources, namely corn, lactic acid, sugarcane, refined glycerin, soybean oil, bio succinic acid, etc., have to a great extent superseded petroleum based organic solvents. Their unique selling point is their eco-friendly nature and low volatile organic compound (VOC) content emission. These features help them steal a march over the volatile organic compounds which have a negative impact on the environment. Besides, unstable crude prices, which are the main raw material used in formulating organic solvents, are another reason for end-user industries such as printing inks, paints and coatings, and others to switch to green or bio-based solvents. This has resulted in an upswing in the global market for green or bio-based solvents, which going forward too is predicted to grow steadily.

The global market for green and bio-based solvents was worth US$4.32 bn in 2014 and expected to attain a value of US$8.05 bn by 2023, by registering a healthy CAGR of 7.2% between 2015 and 2023.

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Why does ethanol enjoy stronghold in the market?

Product-wise, in the global market for green or bio-based solvent, ethanol holds the dominant position and is slated to continue holding its sway in the coming years too on account of its production on a commercial scale and its wide range of applications. Ethyl lactate follows it in terms of market share due to its rising usage as a substitute for existing petroleum based solvents. Vis-à-vis growth rate, methyl soyate is predicted to outshine all other products because of its increasing application as solvents in printing inks, paints and coatings, and cleaning applications. Further, substantial growth potential of d-limonene as industrial and domestic cleaning solvent is slated to boost the global green and bio-based solvents market in the near future.

What is propelling growth in adhesive and sealants application segment?

Green or bio-based solvents find application in printing inks, paints and coatings, pharmaceutical, commercial and domestic cleaning, adhesives and sealants, and cosmetics. Among them, paints and coatings account for maximum share in the global market. Commercial and domestic cleaning is also poised for strong growth during the period from 2015 to 2023. However, the adhesives and sealants segment is likely to outpace all other segments because of their growing demand in the automotive and other downstream industries. 

Which factors will support growth in Asia Pacific?

North America leads the global market for green and bio-based solvents with maximum share in terms of volume. This is because of the abundance of raw materials, advanced manufacturing facilities, and the demand for eco-friendly bio-based products. Asia Pacific, however, is anticipated to overtake in terms of growth rate in the upcoming years owing to the rising demand for solvents in cosmetics, paints and coatings, printing inks, agrochemical applications, and pharmaceutical in emerging economies such as India, China, Thailand, and Malaysia. Latin America market is slated to experience good growth too on account of the robust demand from Brazil and Argentina.

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