Green and Bio-Based Solvents Market Share Will Reach Over USD 8.6 Billion by 2034, at 5.5% CAGR: Prophecy Market Insights
“Green and Bio-Based Solvents Market” from 2024-2034 with covered segments By Source (Sugar and Starch-Based, Cellulose-Based, Alcohol-Based, and Others), By Product Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, Lactate Esters, and Others), By Application (Paints and Coatings, Cleaning Products, Adhesives and Sealants, Pharmaceuticals, Cosmetics, and Others), and By Regional Forecast, (2024-2034), which provides the perfect mix of market strategies, and industrial expertise with new cutting-edge technology to give the best experience.
Covina, Aug. 14, 2024 (GLOBE NEWSWIRE) — According to Prophecy Market Insights, the global green and bio-based solvents market size and share is projected to grow from USD 5.25 Billion in 2024 and is forecasted to reach USD 8.6 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period (2024 – 2034).
Green and Bio-Based Solvents Market Report Overview
Green and Bio-Based Solvents represent a significant shift in the chemical industry towards more sustainable and eco-friendly practices. These solvents are derived from renewable resources such as plants and are designed to replace traditional petroleum-based solvents which are often associated with harmful environmental and health effects.
The primary goal of green and bio-based solvents is to reduce the environmental footprint of industrial processes by minimizing the emission of volatile organic compounds (VOCs) reducing toxicity and enhancing biodegradability.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Green and Bio-Based Solvents Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- BASF SE
- BioAmber Inc.
- Myriant Corporation
- Dow Chemicals
- Cargill Incorporated
- Gevo Inc.
- Vertec Bio Solvents Inc.
- Florida Chemicals
- LyondellBasell
- DuPont
- Solvay SA
- Huntsman Corporation
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Analyst View:
The market for green and bio-based solvents is expected to increase rapidly as companies shift to sustainable alternatives due to strict regulations and environmental concerns. The target market is often viewed as a vital part of the global movement towards sustainability, offering substantial development prospects as sectors place a greater emphasis on environmental responsibility and regulatory compliance.
Market Dynamics:
Drivers:
Increasing Regulatory Pressure from Governments and Environmental Agencies
- Industries are being forced to use green and bio-based solvents, which have higher biodegradability and lower toxicity than traditional petroleum-based solvents, in response to regulations designed to reduce volatile organic compounds (VOCs) and harmful air pollutants.
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Market Trends:
Growing Consumer Demand for Sustainable Products
- As consumers become more conscious of the environmental impact of the products they use industries are responding by integrating green solvents into their production processes. This trend is especially evident in industries like paints and coatings cleaning products and personal care where the adoption of bio-based solvents not only reduces environmental impact
Segmentation:
Green and Bio-Based Solvents Market is segmented based on Source, Product Type, Application, and Region.
Source Insights
- This sector includes Sugar and Starch-Based, Cellulose-Based, Alcohol-Based, and others. Sugar and Starch-Based segment is expected to dominate the target market growth as they are highly forced for their ability to form strong, lightweight, and flexible packaging that provides excellent protection against moisture, physical damage, and also contaminants.
Product Type Insights
- In the target market bio-alcohols are the most dominant segment as bio-alcohols, such as bio-ethanol and bio-butanol, are derived from renewable resources like corn, sugarcane, and other biomass
Application Insights
- In the target market paints and coatings is the most dominant segment as this segment holds the largest share in the market due to the increasing demand for eco-friendly alternatives to traditional solvents in the paints and coatings industry. Green and bio-based solvents are favored in this industry because they offer reduced toxicity, lower volatile organic compound (VOC) emissions, and are derived from renewable resources making them a more sustainable choice.
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Recent Development:
- In April 2024, Merck, a leading science and technology company, launched Cyrene a sustainable dipolar aprotic solvent, produced in two steps from a renewable cellulose source. The necessity for solvents to adhere to tighter regulations for worker safety and environmental sustainability led to the development of the bio-derived substitute. The novel product aims to meet the growing need for environmentally friendly substitutes for N-Methyl-2-pyrrolidone (NMP) and Dimethylformamide (DMF).
Regional Insights
- North America: The target market in this region is primarily fueled by stringent environmental regulations and a strong emphasis on sustainability. Governments and regulatory bodies in the U.S. and Canada are enforcing stricter guidelines on the use of traditional, petrochemical-based solvents due to their harmful environmental and health effects.
- Asia Pacific: In this region the target market is boosting due to industrialization, urbanization, and rising environmental awareness. Countries like China, India, and Japan are witnessing increased demand for bio-based solvents, particularly in the paints and coatings industry which is booming due to infrastructure development and the automotive sector.
Browse Detail Report on “Green and Bio-Based Solvents Market Size, Share, By Source (Sugar and Starch-Based, Cellulose-Based, Alcohol-Based, and Others), By Product Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, Lactate Esters, and Others), By Application (Paints and Coatings, Cleaning Products, Adhesives and Sealants, Pharmaceuticals, Cosmetics, and Others), and By Region – Trends, Analysis, and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Green-and-Bio-based-solvents-market-5548
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