Green and bio-based solvents market was over $3.8 billion in 2020, and is projected to reach $6.2 billion by 2030, growing at a CAGR of 5.0% from 2021 to 2030, According to the report published by Allied Market Research. The research offers a detailed segmentation of the global green-bio-based solvents market. Key segments analyzed in the research include Type, Application and Geography. Extensive analysis of sales, revenue, growth rate, and market share of each type, process, shell material, application and end user for the historic period and the forecast period is offered with the help of tables.
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Based on region, the North America region held the lion’s share in 2020, garnering more than one-third of the total market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 6.5% during the forecast period.
Extensive use of green solvents as intermediates in manufacturing various products in industries such as inks, paints & coatings, detergents, cosmetics, adhesives, pharmaceutical, and others, significant surge in the demand for consumer goods across the globe, and the presence of rules and regulations laid by Eco-product Certification Scheme (ECS), European Commission for eco-friendly paints & coatings are expected to drive the growth of the global green and bio-based solvents market. On the other hand, extortionate production cost of green/bio-based solvents is expected to hinder the growth of the market to some extent. However, the growth of the packaging industry across the globe is expected to create ample opportunities for the industry.
Based on type, the esters solvents segment held the largest market share in 2020, garnering nearly two-thirds of the total market. The D-Limonene segment, on the other hand, is predicted to cite the fastest CAGR of 5.9% during the forecast period.
Based on application, the paints and coatings segment held the majority market share in 2020, holding more than two-fifths of the total market. The adhesives and sealants segment, on the other hand, is anticipated to exhibit the fastest CAGR of 5.3% during the forecast period.
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The key players analyzed in the global green and bio-based solvents market report include BASF SE, Cargill Inc., Clariant, DuPont, Huntsman Corp, LyondellBasell Industries Holdings B.V., OQ SAOC, Sasol, Solvay S.A and Vertec Biosolvents Inc.
COVID-19 Scenario
1. The outbreak of COVID-19 has had a negative impact on the growth of the global green & bio-based solvents market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various industries such as paints & coatings, ink manufacturing, adhesives & sealants, and others, which were increasingly making effective use of green/bio-based solvents. Thus, their demand plummeted during the pandemic.
2. This was majorly due to the stringent social distancing restrictions imposed by the government so as to curb the spread of the virus during the pandemic.
3. However, the market is expected to recoup soon.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.