Green And Bio-Based Solvents Market Trend Report

Green And Bio-Based Solvents Market Trend Analysis Byproduct (Bio-Alcohols, Bio-Glycols, Bio-Diols, Lactate Esters, Methyl Soyate), By Application (Paints, Industrial & Domestic Cleaners, Adhesives, Printing Inks, Cosmetics) And Segment Forecasts, 2013 - 2024

Published: October 2016  |  90 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-044-6

Market size and trends

The global green & bio-based solvents market size was estimated at USD 5.44 billion in 2015 and is expected to witness significant growth over the forecast period, primarily owing to the rising demand from key application segments, such as paints & coatings, adhesives, and pharmaceuticals, among others.

The growth of the paints & coatings and adhesives industries can be attributed to the growing population and the resultant growth in industries such as real-estate, public works, and building & construction.

The global green & bio-based solvents market has been segmented on the basis of product, application, and region. The product segment covers bio-alcohols, bio-glycols, bio-diols, lactate esters, d-limonene, and methyl soyate.

U.S. green & bio-based solvents market revenue, by product, 2013 - 2024 (USD Million)

U.S. green & bio-based solvents market

These products find significant demand in applications such as paints & coatings, industrial & domestic cleaners, adhesives, printing inks, pharmaceuticals, and cosmetics, all of which have been covered in this research study.

Another key driver for the green & bio-based solvents industry is the increasing R&D for the development of additional feedstock and manufacturing technologies to facilitate large-scale production of the products of the concerned market.

The key challenges faced by the industry include the increasing demand for bio-based raw materials in other end-user industries and misconceptions among consumers regarding costs and performance of bio-based solvents. The increasing demand for raw materials such as soybean oil and corn starch for generation of bio-fuels may affect the availability of these materials for the development of bio-based solvents.

Asia Pacific is estimated to witness the highest growth during the forecast period, owing to the availability of raw materials, low costs of production, a large number of manufacturers, and high demand for environmental-friendly solvent solutions for several end-use verticals.

The growing middle-class population and the growing disposable incomes in the region have led to rising consumer awareness regarding environmental impacts of paints, coatings, and adhesive products with high-VOC content.

Product Insights

The key products covered in this research study are bio-alcohols, bio-glycols, methyl soyate, and lactate esters, among others. Globally, the lactate esters dominated the overall industry with a revenue of over USD 1.48 billion in 2015. This segment is also expected to witness the highest growth during the forecast period, driven mainly by increasing applications, easy availability of the raw materials such as lactic acid, and low costs of production.

Methyl soyate is another major product segment in the overall market, projected to witness significant revenue growth of over 11% during the forecast period. This growth can be attributed to the increasing demand for methyl soyate as the solvent for automotive, industrial equipment, engine applications, among others.

Application Insights

The green & bio-based solvents market has been segmented on the basis of application into paints & coatings, industrial & domestic cleaners, adhesives, printing inks, pharmaceuticals, and cosmetics, among others. The global market is dominated by the paints & coatings segment as of 2015, having accounted for revenue of over USD 1 billion in 2015, primarily driven by the rising environmental concerns regarding the usage of chemical-grade industrial solvents in with high VOC content in paints and coatings solutions.

Global green & bio-based solvents market share, by application, 2015 (%)

Global green & bio-based solvents market

Furthermore, the growth of the overall market is expected to be driven by the adhesives segment, which is expected to record the highest growth of over 12% in terms of revenue during the forecast period. This rapid growth can be attributed to the increasing demand from automotive industry, which is witnessing significant growth globally, most notably in the Asia Pacific and North American regions.

Regional Insights

The Asia Pacific and Latin American regions offer significant growth potential for the green & bio-based solvents market over the coming years, primarily driven by the technological advancements, industrial growth, economic growth, and low costs of production in countries such as Brazil, China, Japan, and so on. Moreover, the end-user industries such as building & construction and automotive have been witnessing significant growth in these countries, in recent years.

The industry in Europe is currently faced with moderate growth, mainly driven by the changing political and economic dynamics of the major countries of the region, such as the UK and Germany. The recovery of the automotive and construction segments in these countries will enable the future growth of the Europe.

Competitive Insights

The key players in the global green & bio-based solvents market include Archer Daniels Midland Co., BASF SE, The Dow Chemical Co., Huntsman Corporation, and DuPont, among others. These players are focusing on new product developments and partnerships as key strategies for strengthening and sustaining their positions in the global market, amidst the intense competition from suppliers and manufacturers in the Asia Pacific region.

Report Scope

Attribute

Details

Base year for market estimation

2015

Actual estimates/Historic market data

2013 - 2015

Forecast period

2016 - 2024

Market representation

Market revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America & MEA

Country scope

U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the market trends in each of the sub-markets from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the green & bio-based solvents market on the basis of product, application and region:

  • Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

    • Bio-alcohols

    • Bio-glycols

    • Bio-diols

    • Lactate Esters

    • D-limonene

    • Methyl Soyate

    • Others

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

    • Paints & Coatings

    • Industrial & Domestic Cleaners

    • Adhesives

    • Printing Inks

    • Pharmaceuticals

    • Cosmetics

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

      • South Africa

Key questions answered by the report
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