Green Solvents Market Size- By Product, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Green Solvents Market Overview

According to SPER Market Research, the Global Green Solvents Market is estimated to reach USD 4.17 billion by 2032 with a CAGR of 8.77%.

Green solvents are made from agricultural products such as corn, sugarcane, lactic acid, refined glycerin, bio succinic acid, soybean oil, and others. Acetone, ethanol, methanol, 2-propanol, ethyl acetate, isopropyl acetate, methyl ethyl ketone, 1-butanol, tert-butanol, and others are the least toxic solvents. They are used as intermediates in the production of a variety of products, including detergents, cosmetics, paints and coatings, inks, adhesives and sealants, pharmaceuticals, and others. Green solvents, also known as environmentally friendly products, are by-products of the processing of agricultural goods. Environmentally friendly solvents come in a variety of forms, such as water, supercritical water, ionic liquids, and fluids.

As a result of favourable regulations and some rules established by the European Commission (EC), Eco-product Certification Scheme (ECS), and others in both developing and developed economies, where the product is applied to disperse or dissolve the compounds used in the paint production, the demand for eco-friendly paints and coatings has increased. This can be one of the key factors driving the product market upward. Also, the packaging industry has seen tremendous growth as a result of the increased demand for consumer products, where green solvent-based sealants and adhesives are used for bonding applications. These factors are anticipated to fuel market expansion throughout the anticipated period. The federal government's expanding emphasis on products made from bio-based materials has led to a surge in the product's appeal across a range of end-use industries. Green solvents including soybean oil, bio-succinic acid, distilled glycerine, lactic acid, maize, and others are extracted from agricultural sources.

Impact of COVID-19 on the Global Green Solvents Market

COVID-19 has temporarily halted several construction projects, reducing market demand in the building and construction industries. Nonetheless, increased medication sales have fuelled the rise of the pharmaceutical industry, where bio-based solvents are commonly employed as intermediates in drug formulations. This is expected to boost the performance of the green/bio-based solvents industry following the COVID-19 scenario. Because of its reliance on paints and coatings, ink production, adhesives and sealants, and other industries, the green/bio-based solvents business has suffered as a result of the COVID-19 epidemic. Numerous paints and coatings production enterprises have either shut down or reduced their operations owing to the danger of infection among the employees in areas where green/bio-based solvents are utilised to Soluble and disperse the components used in paint formulation. This has momentarily impacted market demand during the COVID-19 timeframe.

Scope of the Report

Report Metric Details:

Market size available for years 2019-2032

Base year considered 2021

Forecast period 2022-2032

Segments covered By Product, By End Use

Regions covered Asia Pacific, Europe, Middle East and Africa,North America, Latin America

Companies Covered BASF SE, DuPont, Dow, Cargill, Incorporated, Gevo, AkzoNobel, LyondellBasell N.V.

Global Green Solvents Market Segmentation:

By Product: Based on the Product, Global Green Solvents Market is segmented as; Bio-Alcohol, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, Others

By End Use: Based on the End Use, Global Green Solvents Market is segmented as; Chemical Intermediate, Pharmaceuticals, Printings Inks, Paints and Coating, Cosmetics & Personal Care, Others

By Region: This is due to an increase in demand for greener solvents, which has compelled politicians and the government to replace old petroleum-based solvents with more environmentally friendly alternatives. Moreover, the North American area is anticipated to see significant expansion because to the presence of key manufacturers such as Stepan Corporation and Cargill, Incorporated, among others.