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Green Solvents Market Overview
A prominent trend identified in the global green solvents market is the rising consumer preference toward eco-friendly paint & coating products. Products developed with petrochemical solvents contain volatile organic compounds (VOCs) and other emission-producing compounds that negatively affect the environment. With the use of green solvents in the paint & coating manufacturing process, the dependence on VOCs can be reduced, thus resulting in the low emission level.
Green or bio-based solvents are environmentally friendly solvents derived by processing agricultural crops, such as corn and soybean. Although the use of petrochemical solvents is the key to most chemical processes, it has severe implications on the environment. Thus, green solvents were developed as an eco-friendly alternative to petrochemical solvents. Ethyl lactate is a green solvent derived by processing corn. In the report, the green solvents market is segmented on the basis of type, application, and region.
The market, based on the type of solvents, is categorized into alcohol, ester, ether, hydrocarbon, dipolar aprotic, and others. Among these, the ester category holds a considerable market share, owing to the diversified application area, relatively low price, and easy access to the solvents based on this compound. For instance, lactate ester solvents are commonly used in the paints & coatings industry and have numerous advantages, as they are 100% biodegradable, easy to recycle, non-corrosive, non-carcinogenic, and non-ozone depleting in nature.
By application, the green solvents market is categorized into paints & coatings, industrial & domestic cleaners, adhesives, printing inks, and others. Of these, paints & coatings constitute a wide application area of these solvents, holding a considerable market share, due to the growing concerns over environment pollution and, as a result, increasing consumer demand for eco-friendly products. Further, companies are focusing on developing low- or zero-VOC products, which, in turn, is resulting in the increased demand for green solvents.
Geographically, North America accounts for a substantial share in the green solvents market, on account of the stringent government regulations with respect to emission levels and the government funding for eco-friendly chemicals. Furthermore, the presence of a large number of industries that require solvents for developing end-products is also positively affecting the growth of the market in the region.
Green Solvents Market Dynamics
The volatility in petrochemical solvents prices due to price fluctuations in the crude oil market and the rising adoption of eco-friendly solvents among various industries, such as paints & coatings and printing inks, are the key factors driving the growth of the green solvents market across the world. Besides, strong initiatives taken by organizations, for instance, the United States Environmental Protection Agency (EPA) toward reducing toxic emissions in the atmosphere and the Montreal Protocol toward protecting the ozone from depletion are boosting the demand for eco-friendly solvents.
To some extent, the growth of the market is being hindered by the high cost of production of green solvents, since the technology employed for their production is quite expensive. Besides, uncertainty in the availability of feedstock can hamper the market growth.
Green Solvents Market Competitive Landscape
Some of the major companies operating in the global green solvents market are BASF SE, BioAmber Inc., Genomatica Inc., CytoCulture International Inc., Solvay S.A., The Dow Chemical Company, Cargill Incorporated, Vertec Biosolvents Inc., Florida Chemical Company, and Nachmann S.r.l.
The study provides the historical as well the forecast market size for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Green/Bio-Based Solvents Market Size Breakdown by Segment
The Green Solvents Market Report offers comprehensive market segmentation analysis along with market estimates for the period 2014–2030.
Based on Type
Based on Application