This market study report presents a detailed segmentation of the global green and bio solvents market by type (lactate esters, methyl soyate solvents, alcohols, and D-limonene), by application (paints and coatings, printing inks, cleaning products, and adhesives and sealants), and by geography (APAC, Central and South America, Europe, North America, and ROW). The key vendors in the market are Archer Daniels Midland, BASF, BioAmber, Cargill, DOW Chemical, DuPont, and Huntsman.
Technavio has released a new market research report on the global green and bio solvents market, which is expected to grow at a CAGR of 8% between 2016 and 2020. There is a considerable towards green and bio solvents as they emit less volatile organic compounds (VOCs), are environmentally friendly, and less toxic compared to petroleum-based conventional solvents. Paints and coatings, adhesives and sealants, printing inks, and cleaning products are the major end-users of green and bio-solvents. North America dominates the market, owing to the growth of customer-centric products market like cosmetics, toiletries, and cleaning products, and the revival of the construction industry.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the market is witnessing growing awareness of the various benefits of using methyl soyate as a bio-solvent. In 2006, BioSpan Technologies developed a variant of soy-based solvent that helped to replace conventional solvents like hydrocarbons. Moreover, the company developed a replacement for asphalt cement by blending bio solvents such as methyl soyate and other newly created solvents. The various uses of methyl soyate as a bio-solvent will bolster this market’s growth potential over the next four years,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
The need for greener and sustainable chemicals has increased the R&D of renewable feedstock. Companies are opting for green and bio solvents over conventional solvents. Green solvents use renewable raw materials as feedstock and emit less VOC. This, in turn, helps in reducing ozone depletion, causing less damage to the environment compared to conventional solvents. The low toxicity of green and bio solvents has enabled their use in a wide variety of applications such as paints and coatings, printing inks, cleaning products, adhesives and sealants, pharmaceuticals, agricultural chemicals, asphalt handling, and others.
The key vendors in the global green and bio solvents market include Archer Daniels Midland, BASF, BioAmber, Cargill, DOW Chemical, DuPont, and Huntsman. This market is characterized by the presence of a few prominent vendors like BASF and DOW Chemicals. The manufacturers are taking active measures to expand their product portfolio, and escalate the production capabilities to a strong position in the global market. The recent technological advancements, raw material improvements, and the development of new techniques are expected to drive the demand for green and bio solvents globally.
A more detailed analysis is available in the Technavio report Global Green and Bio Solvents Market 2016-2020.
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