Green & Bio-based Solvents Market by Regional Analysis, Key Players and Forecast 2023

Global Green and Bio-based Solvents Market: Snapshot

Solvents are of two types – water-based and hydrocarbon-based. The latter emits volatile organic compounds during manufacture, handling, and use. As a result they have a negative impact on the environment. This drawback is overcome in green and bio-based solvents, formulated from bio-based resources such as sugars, corn, beet root, and others.

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Green and bio-based solvents are used in printing inks, paints and coatings, commercial and domestic cleaning, adhesives and sealants, cosmetics, and pharmaceutical. Growing demand for bio-based materials in different downstream industries of these applications, paints and coatings, and printing inks will most likely drive demand for green and bio-based solvents in the near future.

Another factor stoking growth in the global market for bio-based solvents is the growing research on different possible raw materials for bio-based materials. On the flip side, steep price of raw materials, availability of cheaper petroleum-based substitutes, and complicated manufacturing process is predicted to deter the market in the next couple of years. However, increasing demand for green and bio-based solvents in the cosmetics, adhesives and sealants, and pharmaceutical segments will open up new frontiers of growth in the market and thus help overcome the current obstacles.

A report by Transparency Market Research predicts the global market for green and bio-based solvents to clock a steady 7.2% from 2015 to 2023 to become worth US$8.05 bn by 2023 from US$4.32 bn in 2014.

Wide Ranging Applications Makes Bio-based Ethanol Market Leader

The different types of green and bio-based solvents purveyed in the market are bio-based methanol, bio-based ethanol, bio-based propanol, bio-based butanol, and bio-based propylene glycol, ethyl lactate, D-limonene, and methyl soyate, among others such as hydrogen peroxide, bio-based butanediol, etc. Of these, bio-based ethanol has a leading share in the market and is trailed by ethyl lactate and methyl soyate. Going forward too, bio-based ethanol is predicted to retain its dominant position because of its commercialized production and wide ranging applications. In terms of growth rate, however, methyl soyate is expected to outpace all others in the foreseeable future on account of its growing use as solvents in printing inks, paints and coatings, and cleaning applications.

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D-limonene too is predicted to contribute significantly to the green and bio-based solvents market on account of its use as an industrial and domestic cleaning solvent. Ethyl lactate is also likely to offer an attractive opportunity for growth in the near future owing to their rising use as a substitute for petroleum based solvents.

Application-wise, paints and coatings is the dominant segment in the global market for green and bio-based solvents. In 2014, it held 40% share in terms of demand in the market, finds the report by Transparency Market Research. In the upcoming years, the commercial and domestic cleaning segment is also predicted to contribute to demand substantially. Adhesives and sealants will likely outshine all other segments to clock maximum growth.

Abundant Availability of Raw Materials Propels North America Market

From a geographical standpoint, North America leads the global green and bio-based solvents market vis-à-vis volume. Abundant raw materials and growing demand for eco-efficient bio-based products have resulted in propelling the region’s market. In terms of growth rate, however, Asia Pacific is predicted to be the winner in the years to come owing to increasing consumption of solvents in pharmaceutical, paints and coatings, printing inks, cosmetics, and agrochemical applications in nations of India, China, Malaysia, and Thailand.

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