Global Green & Bio-based Solvents Market Size Booming to Cross USD 4.8 Billion by 2029

Published | 01 January 2023

The global green & bio-based solvents market is gaining traction because of the rising use of green bio-based solvents in various industries, including pharmaceutical, cosmetic, adhesive, paint and coating, and industrial and household cleansers, along with a growing need for greener goods.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global green & bio-based solvents market size at USD 2.65 billion in 2022. During the forecast period between 2023 and 2029, the global green & bio-based solvents market size is projected to grow at an impressive CAGR of 9.2% reaching a value of USD 4.82 billion by 2029. The rising use of green & bio-based solvents in various industries, including pharmaceutical, cosmetic, adhesive, paint and coating, and industrial and household cleansers, is responsible for the market's profitable expansion. The global market for green & bio-based solvents is also growing because of customers' and end users' growing need for greener goods, as well as their increasing demand for brands to produce ethically and cleanly. However, an inadequate supply of feedstock and excessive cost of production may act as a huge restraining factor for the growth of the global green & bio-based solvents market.

Global Green & Bio-based Solvents Market – Overview

Green & bio-based solvents are extracted or produced from natural ingredients, such as corn, sugarcane, and beets, which is why they are often popular as “agrochemicals.” These solvents are environment-friendly and safer, as they have higher boiling points, low miscibility, and low toxicity. Therefore, they are being considered replacements for crude oil-based solvents. The green & bio-based solvents are gaining huge popularity in various industries, including coatings, paints, paint strippers, personal care products, and pharmaceuticals. Manufacturers are increasingly adopting the use of green & bio-based solvents as they help in reducing environmental pollution.

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Global Green & Bio-based Solvents Market – By Application

Based on application, the global green & bio-based solvents market is segmented into adhesives & sealants, printing ink, industrial & domestic cleaners, paints and coatings, and pharmaceuticals. The paints and coatings segment accounts for the highest market share owing to the rising consumer consciousness towards the environment and the potential side effects of VOC exposure. They are increasingly getting aware of the short and long-term health effects of chemicals found in paints and coatings, due to which they are seeking safer and healthier options. As a result, the companies are now targeting these consumers by introducing green & bio-based solvents into their paints and coatings, which is driving its market growth.

Impact of COVID -19 on the Global Green & Bio-based Solvents Market

The unprecedented COVID-19 pandemic significantly halted the growth of the global green & bio-based solvents market. The disruptions in manufacturing activities as well as the supply chain directly affected the demand and supply of solvents, due to which the market had to witness significant losses. However, the demand for green & bio-based solvents spiked as the market stabilized due to the high demand for sanitizers and other cleaning products. Furthermore, it also registered strong demand from the pharmaceutical industry. The global market for green & bio-based solvents is also projected to witness lucrative growth in the post COVID-19 period owing to a shift towards the use of ethical and environmental-friendly products.

Competitive Landscape

Major players operating in the global green & bio-based solvents market include BASF SE, Dow Huntsman Corporation, Bio-Amber Inc, Cargill Inc, Cremer Oleo Gmbh & Co., Vertec Biosolvents Inc., Florida Chemical Company, Novvi, Licella, Genomatica, Avantium, Lanzatech, Vivergofuels, Botaneco Inc., Klk Oleo, Polygreen, Sharon Laboratories, Temix Oleo, and Symrise AG.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Green & Bio-based Solvents market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Green & Bio-based Solvents market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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