2021-2030 Analysis and Review Green Solvents And Bio Solvents Market
Green Solvents And Bio Solvents Market By Application (Paints & Coatings, Industrial & Domestic Cleaners, Printing Inks, Pharmaceuticals, Cosmetics, Personal Care, Others), By Type (Bio-Propanol, Bio-Butanol, Bio-Methanol, Bio-Ethanol) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030
The global green and bio solvent market is growing at CAGR of 8% during 2022-2030. One of the major concerns of the government across the globe is to control the rising level of pollution and also to keep a check on the over usage of non- renewable resources such as fossil fuels. to avoid these hazardous outcome governments from all around the world are formulating strict regulations to keep a check on the usage of these hazardous chemicals and this in turn is driving the green and bio solvent industry. Green solvents can act as a lesser toxic alternative to the chemical solvents.
Increase in Demand for Organic Cosmetic Products Remains as The Key Market Driver:
There has been a significant rise in demand for natural ingredients in cosmetic products, which is a major driver for the adoption of green solvents in cosmetic industry. Cosmetic industries have always witnesses rising concerns of side effects of chemical composition of cosmetics. Natural products have helped new brands to enter in market than that of pharmacy based brands. Prominent pharmacy companies are now being observed introducing natural beauty advantageous products. Moreover, rising human health concern and advance beauty treatments are factors which boost the adoption of natural cosmetics in the market. The global green solvents & bio solvents cosmetics market is expected to grow at 10.3% CAGR during 2022-2030.
Paints & Coating Dominates the Application Segment
Solvents find application in large number of industries such as adhesives, paints & coatings, printing inks, cosmetics, personal care etc. Many of the chemical solvents such as pyridine used in industries prove to have adverse effect on the environment. Economies have been searching for a safer alternative to the chemical solvents. It has found applications in various industries and is substituting chemical solvents. The major applications of bio solvent include paints and coatings, pharmaceuticals, industrial and domestic cleaners, cosmetics, personal care and so on. However, the market is dominated by paints and coatings industry with 30% market share in the year 2021.
Alcohol Based Solvent Market Dominates Both in Terms of Revenues and Growth
Alcohol-based solvent market is among the most attractive in the bio solvents segment, both in terms of growth rate as well as market share. The solvents market is a sluggishly growing market in terms of both volume and revenue; however, alcohol based solvents fared better with a global market share of almost 35% in 2021. This market is also growing at highest CAGR of 8.6% during the forecast period 2022-2030. Alcohol-based solvents are vastly used in pharmaceutical manufacturing processes, cosmetics and cleaning applications. The high volume sales of alcohol-based solvents can be attributed to the fact that they are relatively less toxic than their counterparts.
APAC Takes a Lion Share of Over 40% of Market Revenues
Globally, Asia Pacific holds the largest share in the green solvent and bio-solvents market. Asia Pacific has captured 40% of the overall green solvent and bio-solvents market. Rising demand from paints and coating industry has played a major role in the growth of this market in Asia Pacific. Bio solvents have huge opportunities in North America. North America is growing but at a lesser rate as compared to Asia Pacific. RoW is the fastest growing region with a CAGR of 9.4% during 2015-2021 as compared to 8.6% of Asia Pacific during the same period. RoW majorly includes Middle East & North Africa and Latin America which are contributing significantly towards the growth of this market owing to rising demand for personal care products in the regions. Europe holds second largest share in the green solvent and bio-solvents market by capturing 26% global share due to high standards followed in food stuff plant extraction industry and pharmaceuticals industry. Europe bio-solvents market is majorly driven by rising demand from end user industries specifically paint & coating and pharmaceuticals industry.
High Entry Barriers as Large Players Dominate the Market
A large number of companies having international presence have already captured market space in the solvents industry. The entry barrier is high in this sector with stringent government regulations due to the toxic effect of solvents on the atmosphere. Strict measures to control emissions have to be undertaken. Production of solvents is also a capital-intensive process, and economies of scale must be achieved to thrive in this highly competitive market space. This is a major detriment to entry in this market. Key companies in this market include Dow Chemicals, Exxon Mobil, BASF and others.
Historical &Forecast Period
This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022to 2030.
Report Methodology
Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.
By Application (2020-2030; US$ Mn)
By Type (2020-2030; US$ Mn)
By Region (2020-2030; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)
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