Published: June 2022 | Report Code: 12384 | Available Format: PDF
The global green & bio-solvents market size was $3,128.5 million in 2021, and it will advance at a 6.1% CAGR during the forecast period, to reach $5,322.2 million by 2030. The growth of the industry is attributed to the health and environmental concerns associated with synthetic solvents.
In 2021, the paints & coatings category accounted for the highest revenue, of around $1.2 billion, in the green & bio-solvents market. This is primarily attributed to the rapid economic and population growth and the resultant boom in the construction and automotive industries, which are major consumers of paints & coatings. This, in turn, is expected to increase the requirement for eco-friendly solvents during the forecast period.
The adhesives category had the second-largest share of the industry in 2021, in terms of revenue, owing to the rising need for eco-friendly adhesive solutions in the construction and automotive industries. Furthermore, the rapid growth in the population of emerging economies, such as China and India, has resulted in the advancement of industries such as building & construction, automotive, and furniture, thus creating a positive impact on the demand for bio-solvents.
The industrial & domestic cleaners category also holds a significant share in the application segment. This can be attributed to the industrial advancements and the increasing disposable income, which has driven the demand for premium cleaning products for homes.
The printing inks category is expected to witness moderate progress during the next few years. The commercial printing & publication and packaging industries continue to grow, and printing inks are directly used on packaging material in order to make it more attractive for customers. Thus, the introduction of eco-friendly alternatives is expected to drive the demand for bio-based solvents for inks in the coming years.
The others category includes cosmetics and personal care applications. Owing to the growing requirement for eco-friendly cosmetics among consumers who are now more aware of the ill effects of chemical-based cosmetics products on their health, the demand for green solvents is predicted to rise massively over this decade.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$3,128.5 Million |
Revenue Forecast in 2030 |
$5,322.2 Million |
Growth Rate |
6.1% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Type; By Application; By Region |
Explore more about this report - Request free sample pages
In 2021, lactate esters accounted for the highest revenue, of around $1.0 billion, in the green & bio-solvents market. The easy availability of these raw materials, low costs of production, and increasing scope in paint & coating and adhesive applications, primarily as a replacement for petroleum-based solvents, are among the key factors impacting the progress of this category globally.
Methyl soyate had the second-largest green & bio-solvents market share in 2021, in terms of revenue. A methyl ester derived from soybean oil; it is an excellent bio-based alternative industrial solvent. It is a cost-competitive, low-volatile organic compound (VOC), weakly toxic, and readily biodegradable replacement for conventional chlorinated and hydrocarbon solvents. The shift to methyl soyate is credited to the increasing regulatory pressure on ozone-depleting chemicals, hazardous air pollutants, and VOCs.
The extensive use of chemicals across countries has compelled governments to impose multiple regulations on the technologies used for manufacturing paints and coatings. The use of synthetic solvents in manufacturing paints poses serious threats to factory employees. Health risks of these solvents include irritation of the eyes, nose, and skin. Furthermore, conventional solvents lead to the emission of VOCs, which are harmful to the environment.
Hence, the close watch of regulatory authorities on emissions and waste disposal by manufacturers has resulted in companies investing in production processes that minimize toxic emissions.
Several regulations, such as the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and Farm Security and Rural Investment Act of the Public Law 107-171, make it essential for manufacturers to procure bio-based raw materials for certain products. Additionally, companies have to ensure the safety of their employees at the site, by providing wearable protective gear, such as full-face respirators, air-tight goggles, safety gloves, and protective clothing, to reduce the risk of exposure. These serious threats posed by synthetic solvents are likely to stricter government regulations promoting the use of bio-solvents.
The pandemic had a negative impact on the demand for solvents. However, COVID-19 had a positive impact on the bio-alcohol type of green & bio-solvents, due to the rise in the requirement for sanitizers and other industrial cleaning products. Moreover, with the significant progress in the demand and limited supply of the products, their price increased, thus driving the market growth.
North America holds the largest green & bio-solvents market share globally, and the regional market is expected to generate revenue of $2.0 billion in 2030, registering a CAGR of more than 6% from 2021 to 2030. The region has numerous bio-based solvent manufacturers, such as The Dow Chemical Co., Cargill Incorporated., and Gevo Inc., which hold advanced product research and development capabilities for cost-effective and eco-friendly solvents.
The presence of these manufacturers, combined with the rising demand for environment-friendly solvents, is expected to have a significant impact on the region’s bio-based solvent requirement over the next few years.
Additionally, Europe accounted for the second-largest share of the global green & bio-solvents market in 2021. The demand for these materials is expected to witness considerable progress over the forecast period, driven by the technological advancements to meet the stringent regulations on VOC emissions from solvents.
The market is fragmented in nature with the presence of several major players. In recent years, they have been involved in product launches and partnerships to attain a significant position. For instance, in February 2020, Towell Engineering Group and GFBiochemicals Ltd. announced their partnership to produce biochemicals derived from levulinic acid. The aim is to provide industrial cleaning, agricultural, and home and personal care products and coatings.
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Type
Based on Application
Geographical Analysis
Based on application, the market for green & bio-solvents is dominated by paints & coatings.
The green & bio-solvents industry will witness the fastest growth in the lactate esters type.
The biggest driver for the market for green & bio-solvents is the stringent VOC emission regulations imposed on synthetic solvents.
The 2030 revenue of the green & bio-solvents industry will be $5,322.2 million.
North America will dominate the market for green & bio-solvents.
Get a bespoke market intelligence solution
Want a report tailored exactly to your business strategy?
Request CustomizationWant an insight-rich discussion with the report author?
Speak to AnalystOur dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws