Global bio solvents market demand was 2,374.9 kilo tons in 2012. Volatile petrochemical prices coupled with growing health concerns due to VOC presence in conventional solvents are expected to remain key factors driving the growth of global bio solvents market. Stringent regulations by REACH, EPA, and DEFRA concerning toxicity content in conventional solvents have prompted the shift towards developing bio solvents. This trend is expected to have a positive impact on the global market growth over the next six years. Increasing penetration of bio solvents in paints, coatings, printing inks, sealants and adhesives are also expected to have a positive influence on the market growth. Increasing construction spending coupled with a positive outlook on automotive industry particularly in emerging markets of Asia Pacific and Latin America on account of growing urbanization and industrialization rates are expected to drive paints & coatings demand. Growing paints & coatings market is expected to augment further the global bio solvents market growth. Increasing awareness regarding harmful effects of conventional solvents in pharmaceutical and personal care products is projected to drive further bio solvents to demand in the respective applications. Widespread R&D to increase bio solvents application scope in pharmaceutical and cosmetics applications is expected to yield opportunities to market participants. High production costs associated with bio solvents is expected to remain a key challenge for industry participants. Advancements in manufacturing technologies and product innovation are expected to counter such challenges over the forecast period.
Global Bio Solvents Market Volume by Product, 2012-2020 (Kilo Tons)
The report segments bio-based solvent products into lactate esters, soy methyl esters, alcohol, and glycols among others such as d-limonene, diols, and polyhydroxyalkanoates. Lactate Ester was a major product segment and accounted for just below one-third of total market volume in 2013. Growing lactate ester solvents demand in coatings, printing inks, and industrial applications are expected to drive the market growth over the forecast period. Glycol solvents are expected to register the highest growth on account of its increasing penetration in automotive coatings, industrial coatings, paints and printing inks industries. It's slow evaporation rate and high blush resistance is driving its demand over other solvents in the above-stated applications.
On the basis of application, bio solvents market is segmented as paints & coatings, adhesives & sealants, and printing inks among other niche applications such as pharmaceuticals and cosmetics. Increasing construction spending in emerging markets such as Brazil, China, India and Mexico on account of rapid industrialization and urbanization rates is expected to remain a key driving factor for this segment. The shift in trends towards using eco-friendly paints coupled with growing construction industry is expected to drive bio solvents demand. Paints & coatings emerged as the largest application segment accounting for a major chunk of the global market. Increasing paints & coatings demand in construction and automotive industries has been a major factor driving bio solvents demand. Adhesives & sealants are expected to witness the highest growth rate over the forecast period.
North America is a major bio solvents consumer and accounted for over one-third of total market volume in 2013. The regional is characterized by high level of awareness regarding health and environmental effects of conventional solvents coupled with stringent environmental regulations. Increasing construction spending by the U.S. government to improve public infrastructure in the region is expected to drive paints & coatings demand which in turn is expected to have a positive impact on the regional bio solvents market over the forecast period. Recovery of U.S. automotive industry after a slump due economic recession is also expected to have a positive impact on the regional bio solvents market. Asia Pacific is touted to register significant growth rate on account of growing construction and automotive industries. Rapid industrialization in emerging markets of China and India are expected to drive adhesives and sealants demand. This trend coupled with growing concerns regarding degradability of conventional solvents is expected to drive further the Asia Pacific market growth.
Global bio solvents market is concentrated with top four companies accounting for more than 60% of the market share in 2013. Major companies operating in the global market include The Dow Chemical Co., AkzoNobel N.V., E.I. du Pont de Nemours & Co., Cargill Inc., BASF SE., LyondellBasell, BioAmber, Huntsman Corp., Myriant Corp., Vertec Biosolvents and Florida Chemicals.
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