Market Size of Green and Bio-based Solvents Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Green and Bio-Based Solvents Market Analysis
The market for green and bio-based solvents is expected to grow at a CAGR of more than 7% during the forecast period. Major factors driving the market studied are stringent regulation on VOC emissions and other hazardous air pollutants and increasing market penetration of bio-based and green solvents in asia-pacific.
- The transition of petrochemical and fuel products toward renewable resources, and increasing government support for research of green and bio-based solvents to act as an opportunity to the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Green and Bio-Based Solvents Industry Segmentation
The green and bio-based solvents market report includes:
| Type | ||||||
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| Bio-diols | ||||||
| Ethyl Lactate | ||||||
| D-limonene | ||||||
| Methyl Soyate | ||||||
| Other Types |
| Application | |
| Paints and Coatings | |
| Industrial and Domestic Cleaning | |
| Printing Inks | |
| Adhesives and Sealants | |
| Pharmaceutical | |
| Cosmetics | |
| Agriculture | |
| Other Applications |
| Geography | |||||||
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Green and Bio-based Solvents Market Size Summary
The green and bio-based solvents market is poised for significant growth, driven by stringent regulations on VOC emissions and hazardous air pollutants, alongside increasing adoption in the Asia-Pacific region. This market is benefiting from the shift towards renewable resources and government support for research in sustainable solvents. The Asia-Pacific region, particularly countries like China and India, leads in consumption due to its expanding industrial base. The paints and coatings segment is the largest consumer of these solvents, with lactate esters, such as ethyl lactate, gaining traction as alternatives to traditional solvents. The growth in housing construction and rising income levels in emerging economies are further propelling the demand for paints and coatings, thereby boosting the market for green and bio-based solvents.
China's rapid economic growth and its status as a major industrial hub contribute significantly to the market's expansion. The country's diverse feedstock for bioethanol production, including cassava and corn, supports the bio-based solvents industry. Additionally, the burgeoning cosmetics and healthcare sectors, driven by rising living standards and technological advancements, are expected to further increase demand. The market is characterized by partial fragmentation, with key players like Dow, LyondellBasell Industries Holdings BV, and Cargill Incorporated playing significant roles. These factors collectively suggest a robust growth trajectory for the green and bio-based solvents market in the coming years.
Green and Bio-based Solvents Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Stringent Regulation on VOC Emissions and Other Hazardous Air Pollutants
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1.1.2 Increasing Market Penetration of Bio-based and Green Solvents in Asia-Pacific
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1.2 Restraints
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1.2.1 Cost and Availability of New Technologies
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1.2.2 High Production Cost and Uncertainty Regarding Feedstock Supplies
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Technological Snapshot
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1.6 Patent Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Bio-alcohols
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2.1.1.1 Bio-ethanol
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2.1.1.2 Bio-methanol
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2.1.1.3 Bio-propanol
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2.1.1.4 Bio-butanol
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2.1.2 Bio-glycols
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2.1.2.1 Bio-based Propylene Glycol
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2.1.2.2 Bio-based Ethylene Glycol
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2.1.3 Bio-diols
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2.1.4 Ethyl Lactate
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2.1.5 D-limonene
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2.1.6 Methyl Soyate
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2.1.7 Other Types
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2.2 Application
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2.2.1 Paints and Coatings
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2.2.2 Industrial and Domestic Cleaning
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2.2.3 Printing Inks
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2.2.4 Adhesives and Sealants
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2.2.5 Pharmaceutical
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2.2.6 Cosmetics
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2.2.7 Agriculture
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2.2.8 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Green and Bio-based Solvents Market Size FAQs
What is the current Green and Bio-based Solvents Market size?
The Green and Bio-based Solvents Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Green and Bio-based Solvents Market?
LyondellBasell Industries Holdings B.V. , Florachem Corporation, Cargill Incorporated, Dow and Total Corbion PLA bv are the major companies operating in the Green and Bio-based Solvents Market.
