NEW YORK, June 27, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the green & bio-solvents market accounted for $3,128.5 million revenue in 2021, which is set to touch $5,322.2 million by 2030, growing at a CAGR of 6.1% from 2021 to 2030. Concerns about the health and environment brought on by synthetic solvents are the biggest cause of the industry's expansion. Additionally, Europe holds the significant share in the market due to the technological developments to satisfy the strict limits on VOC emissions from solvents.
North America accounts for the biggest share in the green & bio-solvents market, and it is predicted to contribute $2.0 billion in revenue in 2030. The country has several bio-based solvent producers, including Cargill Incorporated., The Dow Chemical Co., and Gevo Inc., which hold advanced product R&D abilities for eco-friendly and cost-effective solvents.
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Governments have enacted numerous restrictions on the processes used to make paints and coatings, especially those that contain hazardous chemicals. Workers in factories are seriously threatened by the usage of certain synthetic solvents during the manufacturing of paints. Several solvents lead to the irritation of the skin, nose, and eyes. Additionally, using conventional solvents causes the release of the environment-harming VOCs. Because regulatory agencies closely monitor waste disposal and emissions by manufacturers, businesses have started investing in production methods that reduce the hazardous emissions.
In 2021, the paints & coatings sector accounted for $1.2 billion green & bio-solvents market revenue. This is mainly because of the quick economic expansion and demographic shift and the ensuing developments in the construction and automotive sectors, which are key users of paints and coatings. Additionally, the demand for environment-friendly solvents would rise in the coming years because of the strict government regulations on VOCs.
The lactate esters category produced $1.0 billion in the past in the green & bio-solvents market. One of the main factors influencing the progress of this category is the wide availability of these raw ingredients, their low manufacturing costs, and their growing scope in paints & coatings and adhesives, largely as a substitute for petroleum-based solvents.
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In terms of revenue, methyl soyate holds the second-largest share in the market. This methyl ester is an outstanding bio-based industrial solvent made from soybean oil. It is a biodegradable, non-poisonous, low-volatile organic compound (VOC), and cost-competitive alternative to traditional chlorinated and hydrocarbon solvents. The increasing regulatory pressure on VOCs, dangerous air pollutants, and ozone-depleting substances are credited for the surge in the consumption of methyl soyate.
Green & Bio-Solvents Market Segmentation Analysis
By Type
- Bio-Alcohols
- Bio-Diols
- Bio-Glycols
- Lactate Esters
- Methyl Soyate
- D-Limonene
By Application
- Industrial & Domestic Cleaners
- Paints & Coatings
- Adhesives
- Printing Inks
- Pharmaceuticals
Regional Outlook
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Saudi Arabia
- U.A.E.
- South Africa
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