Green solvents Global Market Report 2024

Description

Green solvents are environmentally friendly solvents derived from crop processing, known for their lower toxicity and reduced hazardous nature compared to traditional volatile organic compounds. They serve the purpose of dissolving or dispersing other substances without causing harm to the environment and find applications in the production and formulation of antibiotics, vitamins, and water-based paints.

The primary types of green solvents include bio-alcohols, bio-diols, bio-glycols, and lactate esters. Bio-alcohols, for example, represent a category of renewable fuels derived from biological materials, functioning as eco-friendly transportation fuels and industrial solvents across various industries. These solvents are utilized in a range of applications, spanning construction, coating, cleaning products, industrial processes, toiletries, and cosmetics. They find diverse end-uses in chemical intermediates, pharmaceuticals, printing inks, paints and coatings, cosmetics, personal care, and other sectors.

The green solvents market research report is one of a series of new reports from The Business Research Company that provides green solvents market statistics, including green solvents industry global market size, regional shares, competitors with a green solvents market share, detailed green solvents market segments, market trends and opportunities, and any further data you may need to thrive in the green solvents industry. This green solvents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The green solvents market size has grown strongly in recent years. It will grow from $1.86 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be attributed to factors such as environmental regulations, heightened consumer awareness, an increased demand for eco-friendly products, cost competitiveness, and government initiatives.

The green solvents market size is expected to see strong growth in the next few years. It will grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to factors such as stringent emission standards, the growth of the bio-based economy, initiatives promoting a circular economy, rising investments in research and development, and consumer demand for products with clean labels. Key trends in the forecast period encompass innovations in green chemistry, collaborative efforts and partnerships within the industry, a heightened focus on reducing volatile organic compounds (VOCs), the development of application-specific formulations, and an increasing demand for environmentally friendly options in cleaning products.

The anticipated surge in demand for environmentally friendly solvents is set to drive the growth of the green solvents market in the foreseeable future. Eco-friendly solvents, derived from renewable sources such as plants or biomass, possess a lower impact on human health compared to traditional solvents. The adoption of green solvents is expected to reduce the environmental footprint in chemical production processes, offering a sustainable alternative across various industrial applications. For example, biodiesel and ethanol have been identified as green solvents for deconstructing lignocellulose. As of August 2023, the Foreign Agricultural Service reported a 20% year-over-year increase in fuel ethanol consumption in Canada to 3.4 billion liters, and biodiesel production reached 416 million liters in 2022, up from 405 million liters in 2020. This escalating demand for eco-friendly solvents is a key driver propelling the growth of the green solvents market.

The adoption of sustainable solutions is poised to further boost the green solvents market. A sustainable solution entails a balanced approach to natural resources, minimizing harm to the environment and human health while meeting current needs. Green solvents, characterized by lower environmental impact compared to traditional counterparts, play a crucial role in reducing air pollution and associated greenhouse gas emissions. According to Sumitomo Chemical's Sustainability Data Book 2022, sales revenue from designated sumika sustainable solution products rose from $3.1 billion (463.3 billion yen) in 2020 to $4.17 billion (621.2 billion yen) in 2021. This emphasis on reducing greenhouse gas emissions is expected to drive the growth of the green solvents market.

The heightened cost associated with green solvents is anticipated to pose a challenge to the market's future expansion. The production cost of green solvents is higher due to expensive raw materials and complex production processes compared to conventional solvents. This increased cost may deter customers with limited investment capacity from opting for green or bio-based solvents, thereby impeding market growth. For example, in 2021, the production cost of bio-based ethyl acetate exceeded that of its petroleum-based counterpart, primarily due to the higher costs associated with sourcing and processing renewable feedstocks. The elevated expenses linked to green solvents are expected to hinder the growth of the green solvents market.

Major companies in the green solvents market are strategically focusing on introducing innovative and cost-effective solutions, such as eco-friendly alternatives, to optimize their revenues. Eco-friendly alternative solvents are less harmful to the environment than traditional solvents and are derived from renewable resources. In July 2021, Merck Group, a Germany-based pharmaceutical company, launched AZ 910, a new line of green solvents for photolithographic processes in semiconductor manufacturing. This cost-effective solution is non-NMP (N-methylpyrrolidone)-based, non-flammable, and biodegradable, making it safer and less harmful to the environment.

In June 2021, DIC Corporation, a Japan-based chemical company, acquired the pigment business of BASF SE for $1.63 billion (€1.5 billion). This strategic acquisition aims to enhance DIC Corporation's pigment portfolio for various industries, including electronic displays and cosmetics, and accelerate its global growth. BASF SE, a Germany-based chemical company, is a key provider of green solvents for industries such as construction and coatings.

Major companies operating in the green solvents market report are Cargill Incorporated, Archer Daniels Midland Company, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Merck KGaA, Solvay S.A., DuPont de Nemours Inc., Akzo Nobel N.V., Huntsman Corporation, Stepan Company, Novozymes A/S, Praj Industries Limited, Genomatica Inc., Galactic S.A., LanzaTech Inc., Elevance Renewable Sciences Inc., SACHEM Inc., Green Biologics Limited, shenzhen esun industrial co. Ltd, CREMER OLEO GmbH & Co. KG, DMC Biotechnologies, AgroSustain S.A., Circa Group Pty. Ltd., Gevo Inc., Greenyug LLC, Botaneco Inc., Terpenoid Therapeutics, Vertec Biosolvents Inc., Myriant Corporation

North America was the largest region in the green solvents market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the green solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the green solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The green solvents market consists of sales of bio-based solvents, biofuels, green pharmaceuticals, and essential oils. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Green solvents Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on green solvents market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
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Outperform competitors using forecast data and the drivers and trends shaping the market.
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Where is the largest and fastest growing market for green solvents? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The green solvents market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Bio-Alcohols; Bio-Diols; Bio-Glycol; Lactate Esters
2) By Application: Construction; Coating; Cleaning Products; Industrial Applications; Toiletries; Cosmetics
3) By End-Use: Chemical Intermediate; Pharmaceuticals; Printing Inks; Paints And Coatings; Cosmetics And Personal Care; Other End-Uses
Companies Mentioned: Cargill Incorporated; Archer Daniels Midland Company; The Dow Chemical Company; LyondellBasell Industries Holdings B.V.; Merck KGaA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r13421

1. Executive Summary

2. Green solvents Market Characteristics

3. Green solvents Market Trends And Strategies

4. Green solvents Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Green solvents Market Size and Growth

5.1. Global Green solvents Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Green solvents Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Green solvents Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Green solvents Market Segmentation

6.1. Global Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Bio-Alcohols
Bio-Diols
Bio-Glycol
Lactate Esters
6.2. Global Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Construction
Coating
Cleaning Products
Industrial Applications
Toiletries
Cosmetics
6.3. Global Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Chemical Intermediate
Pharmaceuticals
Printing Inks
Paints And Coatings
Cosmetics And Personal Care
Other End-Uses

7. Green solvents Market Regional And Country Analysis

7.1. Global Green solvents Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Green solvents Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Green solvents Market

8.1. Asia-Pacific Green solvents Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Green solvents Market

9.1. China Green solvents Market Overview
9.2. China Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Green solvents Market

10.1. India Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Green solvents Market

11.1. Japan Green solvents Market Overview
11.2. Japan Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Green solvents Market

12.1. Australia Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Green solvents Market

13.1. Indonesia Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Green solvents Market

14.1. South Korea Green solvents Market Overview
14.2. South Korea Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Green solvents Market

15.1. Western Europe Green solvents Market Overview
15.2. Western Europe Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Green solvents Market

16.1. UK Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Green solvents Market

17.1. Germany Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Green solvents Market

18.5. France Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Green solvents Market

19.9. Italy Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Green solvents Market

20.13. Spain Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Green solvents Market

21.1. Eastern Europe Green solvents Market Overview
21.2. Eastern Europe Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Green solvents Market

22.1. Russia Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Green solvents Market

23.1. North America Green solvents Market Overview
23.2. North America Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Green solvents Market

24.1. USA Green solvents Market Overview
24.2. USA Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Green solvents Market

25.1. Canada Green solvents Market Overview
25.2. Canada Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Green solvents Market

26.1. South America Green solvents Market Overview
26.2. South America Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Green solvents Market

27.1. Brazil Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Green solvents Market

28.1. Middle East Green solvents Market Overview
28.2. Middle East Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Green solvents Market

29.1. Africa Green solvents Market Overview
29.2. Africa Green solvents Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Green solvents Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Green solvents Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Green solvents Market Competitive Landscape And Company Profiles

30.1. Green solvents Market Competitive Landscape
30.2. Green solvents Market Company Profiles
- 30.2.1. Cargill Incorporated
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Archer Daniels Midland Company
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. The Dow Chemical Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. LyondellBasell Industries Holdings B.V.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Merck KGaA
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Green solvents Market Other Major And Innovative Companies

31.1. Solvay S.A.
31.2. DuPont de Nemours Inc.
31.3. Akzo Nobel N.V.
31.4. Huntsman Corporation
31.5. Stepan Company
31.6. Novozymes A/S
31.7. Praj Industries Limited
31.8. Genomatica Inc.
31.9. Galactic S.A.
31.10. LanzaTech Inc.
31.11. Elevance Renewable Sciences Inc.
31.12. SACHEM Inc.
31.13. Green Biologics Limited
31.14. shenzhen esun industrial co. Ltd
31.15. CREMER OLEO GmbH & Co. KG

32. Global Green solvents Market Competitive Benchmarking

33. Global Green solvents Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Green solvents Market

35. Green solvents Market Future Outlook and Potential Analysis

35.1 Green solvents Market In 2028 - Countries Offering Most New Opportunities
35.2 Green solvents Market In 2028 - Segments Offering Most New Opportunities
35.3 Green solvents Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer