"Green Solvents: Technologies, Emerging Opportunities and Markets" is about eco-friendly solvents made from renewable resources like plants. These solvents are used in various industries, such as paints, cosmetics, and cleaning products, to reduce environmental impact. The market for these green solvents is growing because they help lower pollution and dependence on fossil fuels."
BOSTON, Nov. 12, 2024 /PRNewswire/ -- "According to the latest study from BCC Research, Green Solvents: Technologies, Emerging Opportunities and Markets, the demand for green solvents reached $4.5 billion in 2023 and is expected to grow from $4.9 billion in 2024 to $7.7 billion by 2029, at a compound annual growth rate (CAGR) of 9.3% from 2024 through 2029."
This report examines the global market for green solvents by dividing it into segments based on material, application, and region. The analysis covers data from 2023 and provides market estimates from 2024 to 2029, measuring both volume (in kilo tons) and revenue (in millions of dollars). Materials include bio-based alcohols, D-limonene, fatty acid methyl esters (FAME), and lactate esters, with bio-based alcohols sub segmented into types like bioethanol and glycerol. These solvents are primarily used in the paints, cosmetics, cleaning product, and pharmaceutical industries. The report also breaks down the market by region, focusing on North America, Europe, Asia-Pacific, and other regions.
Interesting and surprising facts:
The growing popularity of bio-based coatings and the need to reduce volatile organic compounds (VOCs) are major reasons behind the expanding market for green solvents. More companies are choosing to use green solvents, a shift largely driven by increased environmental awareness, stricter regulations, and changing consumer preferences for sustainable products.
Factors contributing to this growth include:
- Increasing demand for bio-based coatings.: More people and companies are looking for eco-friendly, sustainable products. These coatings are made from natural materials such as plants instead of harmful chemicals. They are safer for the environment, reduce pollution, and help industries meet stricter environmental regulations. As more consumers and businesses prioritize green solutions, bio-based coatings are becoming a popular alternative to traditional, chemical-based options.
- Stringent environmental regulations.: Governments are putting in place strict rules to protect the environment by reducing pollution, limiting harmful chemicals, and ensuring that companies take steps to be more eco-friendly. Businesses must follow these regulations to avoid fines, reduce their environmental impact, and create healthier conditions for people and the planet.
- Increasing use of green solvents by end users.: More companies and individuals are choosing eco-friendly solvents for their products and processes. Green solvents are made from natural, renewable sources and are less harmful to the environment than traditional chemical solvents. Manufacturers and consumers, prefer them because they are safer, reduce pollution, and help meet environmental standards.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $4.5 billion |
Market size forecast | $7.7 billion |
Growth rate | CAGR of 9.3% from 2024 to 2029 (by value) |
Segment covered | Material, application, and region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market Drivers | • Increasing demand for bio-based coatings • Stringent environmental regulations • Increasing use of green solvents by end users |
This report addresses the following questions:
1.What are the projections for the market?
The market is projected to grow from $4.5 billion in 2023 to $7.7 billion in 2029 at a CAGR of 9.3% during the forecast period.
2.What are the factors driving the growth of the market?
- Increasing demand for bio-based coatings.
- Stringent environmental regulations.
- Increasing use of green solvents by end-users.
3.What segments are covered in the market?
The green solvents market is segmented by material, application, and region.
4.Which material will dominate the market by the end of 2029?
The bio-based alcohol, glycol, and diols segment will dominate in terms of value.
5.Which region has the highest market share in the market?
North America holds the highest share of the market by value, due to the presence of green solvent manufacturing companies, technological advances, and stringent regulations on the use of petroleum-based solvents.
Leading companies include:
- ADM
- ASTROBIO
- BASF
- BIO BRANDS LLC.
- BRASKEM
- CARGILL INC.
- CORBION
- DOW
- LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
- SOLVAY
Related reports:
Sustainable Packaging: Global Markets: The demand for eco-friendly packaging materials is growing worldwide. Sustainable packaging is made from renewable, recyclable, or biodegradable materials that are better for the environment. As consumers and businesses become more aware of environmental issues, they are choosing packaging that reduces waste and pollution. This shift is driving companies around the world to adopt greener packaging solutions, creating a booming global market for sustainable packaging.
Global Bio-based Composite Material Market: The worldwide market for materials made from natural, renewable sources such as plants, instead of synthetic or non-renewable materials is booming. These bio-based composites are used in the automotive, construction, and packaging industries because they are strong, lightweight, and better for the environment. As more companies seek sustainable alternatives to traditional materials, the demand for bio-based composites is growing, creating a larger global market for these eco-friendly products.
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