Farmington, March 18, 2023 (GLOBE NEWSWIRE) -- The Global Green And Bio Solvents Market Will Grow From USD 1.2 Billion In 2022 To USD 1.6 Billion By 2030, At A CAGR Of 5.6% During The Forecast Period 2022-2030. Green solvents come from things like corn, sugar cane, lactic acid, refined glycerin, biosuccinic acid, soybean oil, etc. that are grown on farms. Solvents like acetone, ethanol, methanol, 2-propanol, ethyl acetate, isopropyl acetate, methyl ethyl ketone, 1-butanol, tert-butanol, etc. are among the least dangerous. They are used as building blocks to make other goods, like detergents, cosmetics, paints and coatings, inks, adhesives and sealants, and medicines.
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Green and Bio Solvents Market Recent Developments:
- In November 2019, Archer Daniels Midland Company acquired Florida Chemical Company (FCC), a division of Flotek Industries (NYSE: FTK ). The company produces D-limonene, a biodegradable solvent, and a degreaser derived from orange peels.
- In September 2019, Corbion renewed its contract with Brenntag, a distributor of chemicals and ingredients in Europe and the Middle East.
- In May 2019, DuPont Tate & Lyle Bio Products, Corbion, INOLEX and ACT Solutions collaborated to produce a range of personal care product formulations with 100% bio-based ingredients.
- In February 2020, the company announced a joint venture with Towell Engineering Group (Oman) to produce levulinic acid-derived biochemical products. The partnership, called Nxtlevvel, is expected to produce 30,000 metric tons of biodegradable solvents and plasticizers per year for the cleaning, personal care, coatings and agricultural markets.
Green and Bio Solvents Market Dynamics:
Driver:
Green and bio solvents are in higher demand than traditional solvents. This is because there are more rules about the environment, especially in Europe and North America, and more green and bio solvents with better qualities and lower prices are being made available by both new and old production plants. Green and bio-solvents are used to clean, and protect plants, make watering agents, and make biofluxes. Green and biosolvents are being used in more places because new products are being made all the time. This is the main thing driving the market.
Restraint:
Raw materials must be easy to get and always be coming in for green and biosolvent production to go smoothly. For production to go smoothly, the quality of the raw materials must be the same. Green and biosolvents are often profitable because they can be made from cheap, reusable raw materials. If the prices of raw materials went up or went through strong cycles in the future, production would no longer be profitable. Price hedging instruments and other similar tools are less likely to be used by SMEs to set up long-term fixed-price contracts than they are by larger businesses.
Opportunity:
Personal care items use common solvents like diethanolamine, triethanolamine, and polyethylene glycol. Solvents can mess up your hormones, irritate your eyes, skin, and respiratory system, give you a sore throat, and make asthma and allergic contact dermatitis worse. Carbon tetrachloride and 1,2-dichloroethane are two other popular solvents that are used in toxic and cancer-causing pharmaceutical applications. Because of these things, research and development in the area of green and biosolvents can be done in more ways.
Regional Outlook:
Over the forecast period, the green/bio-based solvents market size in Asia Pacific is projected to grow at the highest CAGR of 6.5%, making up 21% of the green/bio-based solvents market share by 2020. This is because there is more demand in Asia Pacific markets like paints and coatings, ink production, industrial, cosmetics, drugs, etc. China's paints and coatings market is growing quickly, which is pushing market makers to make high-quality green and bio-based solvents for mixing paint ingredients. Also, manufacturers around the world see Asia-Pacific as a good market because it has low costs for workers, setting up factories, and selling goods. These things drive the market for green/bio-based chemicals in the area.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.6% from 2023 to 2030 |
| Market Size in 2022 | USD 1.2 Billion |
| Revenue Forecast by 2030 | USD 1.6 Billion |
| By Type |
|
| By Applications |
|
| By Companies | Archer Daniels Midland Company, BASF SE, BioAmber Inc, Huntsman Corporation, E.I. Du Pont de Nemours & Co, The Dow Chemical Company, Vertec Biosolvents Inc., Florida Chemical Company, Cargill Incorporated, Galactic, Gevo, Pinova Holdings INC, Myriant, LyondellBasell, Solvay, Akzo Nobel., and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Green and Bio Solvents Market Key Segments Covered:
Top Market Players:
Archer Daniels Midland Company, BASF SE, BioAmber Inc, Huntsman Corporation, E.I. Du Pont de Nemours & Co, The Dow Chemical Company, Vertec Biosolvents Inc., Florida Chemical Company, Cargill Incorporated, Galactic, Gevo, Pinova Holdings INC, Myriant, LyondellBasell, Solvay, Akzo Nobel., and Others.
Green and Bio Solvents Market by Types:
- Bio-Alcohols
- Bio-Glycols&Diols
- Lactate Esters
- D-Limonene
- Methyl Soyate
Green and Bio Solvents Market by Applications:
- Industrial & Domestic Cleaners
- Paints & Coatings
- Adhesives
- Pharmaceuticals
- Cosmetics
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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