Green & Bio-solvents Market by Type (Bioalcohols, Bio-Diols, Biogycols, Lactate Esters), Application (Industrial & Domestic Cleaners, Paints & Coatings, Adhesives, Printing Inks, Pharmaceuticals) and Region- Global Forecast to 2027

Green & Bio-solvents Market by Type (Bioalcohols, Bio-Diols, Biogycols, Lactate Esters), Application (Industrial & Domestic Cleaners, Paints & Coatings, Adhesives, Printing Inks, Pharmaceuticals) and Region- Global Forecast to 2027

The global green & bio-solvents market will grow to USD 1.6 Billion by 2027, at a CAGR of 5.6% from USD 1.2 Billion in 2022. Volatile organic compounds (VOCs) contain one or more carbon atoms that have high vapor pressures and, therefore, evaporate rapidly in the air. Conventional solvents are high in VOC content and are used in paints & coatings, adhesives, sealants, printing inks, and varnishes. VOCs contain smog which has an adverse impact on human and animal health. They also have environmental effects and can lead to a reduction in agricultural crops and other commercial forest yields. The shift from solvent-based paints to water-based or other solvent-free paints has affected the demand for conventional solvents negatively and has driven the green & bio-solvents market.

“Methyl Soyate is projected to be the fastest-growing type of green & bio-solvents market during the forecast period.”

Methyl soyate is projected to be the fastest-growing green & bio-solvents type between 2022 and 2027. This is due to the presence of stringent regulations regarding the use of petrochemical-based solvents. Moreover, good organic solvency, low VOCs, high (safe) flashpoint, and low toxicity drive the growth of the methyl soyate solvent market in the region. Formulated consumer products ranging from hand cleaners to auto-care to personal care products that utilize methyl soyate are already being produced and marketed. Methyl soyate is proving to be a great alternative to petrochemical-based cleaners.

“Industrial & domestic cleaners is estimated to be the largest application in green & bio-solvents market, in terms of value, in 2021”

Industrial & domestic cleaners led the green & bio-solvents market, in terms of both value and volume, in 2021. This is due to the increased use of bioethanol and biopropanol in hand sanitizers, surface sanitizers, and disinfectants, among other products. The use of bio-solvents in household cleaners helps to clean the kitchens, showers, toilets, carpets, and other household items. This segment also includes surface sanitizers and hand sanitizers. Currently, there is increased demand for green & bio-solvents in this segment due to the outbreak of novel coronavirus.

“Europe is estimated to be the second-largest green & bio-solvents market, in terms of value, in 2021”

Europe was the second-largest market for green & bio-solvents, in terms of value, in 2021. The stringent regulatory environment in the region promotes the growth of green & bio-based products. The switch from petrochemical-based solvents to green & bio-solvents and the growing domestic demand for biodegradable and non-toxic products are estimated to drive the demand for green & bio-solvents in the region.

Breakdown of primaries

The study contains insights from various industry experts, ranging from raw material suppliers to Tier 1 companies. The break-up of the primaries is as follows:

By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%

By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%

By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,

The key players profiled in the report include Archer Daniels Midland Company (US), BASF SE (Germany), Cremer Oleo (Germany), Solvay (Belgium), Stepan Company (US), Dow Inc. (US), and GF Biochemicals (Netherlands), among others.

Research Coverage

This report segments the market for green & biobased is based on type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for green & bio-solvents.

Reasons to Buy this Report

This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the green & bio-solvents market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on green & bio-solvents offered by top players in the global market

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for green & bio-solvents across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global green & bio-solvents market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the green & bio-solvents market