USD 4.20 billion
Green Solvents Market Size, Share, Growth Analysis, By Application(Paints & Coatings, Adhesives & Sealants, Pharmaceuticals, Cleaning Agents), By Type(Bio-based Solvents, Bio-alcohols, Diols & Glycols, Lactate Esters), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2486 |
Region:
Global |
Published Date: February, 2024
Pages:
184
|Tables:
67
|Figures:
75
Green Solvents Market Insights
Global Green Solvents Market size was valued at USD 4.20 billion in 2022 and is poised to grow from USD 4.41 billion in 2023 to USD 6.47 billion by 2031, growing at a CAGR of 4.9% during the forecast period (2024-2031).
The worldwide green solvents market has experienced a steady boom in recent years due to increasing environmental concerns and regulatory pressures to lessen the use of hazardous chemical substances. Green solvents, which can be green and less dangerous to human fitness, have received traction in various industries, including prescription drugs, chemical compounds, and paints & coatings. Key drivers of this market consist of a growing focus of sustainability, stringent environmental regulations, and the need for more secure alternatives in production techniques. Bio-based totally and bio-derived solvents, including ethanol and glycols, have witnessed big adoption, contributing to the marketplace's growth. Additionally, innovation in green solvent technologies and their improved overall performance traits have in addition fueled market growth. The Asia-Pacific area has emerged as an outstanding market for inexperienced solvents, driven by using fast industrialization and stringent environmental norms. As sustainability is still a focus for industries global, the worldwide inexperienced solvents market is anticipated to showcase persisted increase and innovation.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Paints & Coatings
Fastest Growth
Paints & Coatings
Growth Rate
4.9% CAGR
Global Green Solvents Market by region
Country Share for North America(%)
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Green Solvents Market Segmental Analysis
The global inexperienced solvents market can be segmented based totally on kind, application, and location. In phrases of type, it consists of bio-primarily based solvents, bio-alcohols, diols & glycols, lactate esters, and others. Applications cover industries like paints & coatings, adhesives & sealants, prescribed drugs, cleansing agents, and extra. Region-wise, the marketplace is split into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Analysis By Type
The biggest sector is bio-alcohol, which accounted for a market proportion of 32.5% in 2022. Bio-alcohols are derived from renewable assets such as sugarcane, corn, and wheat. They are biodegradable, non-toxic, and feature a low VOC content. This makes them an extra environmentally pleasant opportunity to standard petroleum-based total solvents. The quickest growing segment is lactate esters. Lactate esters are created from lactic acid, which is a herbal byproduct of fermentation. They are biodegradable, non-poisonous, and have a low VOC content. Lactate esters also are non-flammable and have a low scent. This makes them a versatile solvent that can be used in a whole lot of packages, which include paints and coatings, adhesives, and personal care merchandise.
Analysis By Application
The paints & coatings phase is the most important phase of the global inexperienced solvents market, accounting for a marketplace percentage of over 31% in 2022. This is due to the increasing demand for green paints and coatings from the development and car industries. Green paints and coatings are crafted from renewable assets and are less dangerous to the environment than traditional paints and coatings. The adhesives section is the second one largest phase of the global green solvents market, accounting for a marketplace proportion of over 20% in 2022. This is due to the increasing demand for inexperienced adhesives from the packaging and electronics industries. Green adhesives are made from renewable assets and are less harmful to the environment than traditional adhesives.
Global Green Solvents Market by Application
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Green Solvents Market Regional Insights
The paints & coatings phase is the most important phase of the global inexperienced solvents market, accounting for a marketplace percentage of over 31% in 2022. This is due to the increasing demand for green paints and coatings from the development and car industries. Green paints and coatings are crafted from renewable assets and are less dangerous to the environment than traditional paints and coatings. The adhesives section is the second one largest phase of the global green solvents market, accounting for a marketplace proportion of over 20% in 2022. This is due to the increasing demand for inexperienced adhesives from the packaging and electronics industries. Green adhesives are made from renewable assets and are less harmful to the environment than traditional adhesives.
Global Green Solvents Market by geography
- Largest
- Fastest
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Green Solvents Market Dynamics
Drivers
- Environmental Regulations and Sustainability Initiatives: Increasing environmental worries and stringent guidelines aimed toward lowering unstable natural compounds (VOCs) and greenhouse fuel emissions have been enormous drivers for the inexperienced solvents marketplace. Companies are below stress to undertake extra environmentally pleasant solvents to comply with policies and enhance their sustainability profiles.
- Growing Awareness of Health and Safety: Green solvents are frequently perceived as more secure options to standard solvents due to their lower toxicity and reduced fitness dangers to employees. This growing awareness of health and safety troubles inside the place of work has pushed the demand for green solvents in various industries.
- Consumer Demand for Sustainable Products: As purchasers come to be extra environmentally conscious, there's a developing call for merchandise which are manufactured using environmentally friendly approaches and elements. This consumer choice has triggered many companies to switch to inexperienced solvents of their manufacturing techniques.
Restraints
- Cost of Green Solvents: Green solvents, in lots of cases, may be greater luxurious to provide or buy than conventional solvents. This price differential may be a substantial restraint for agencies, especially in industries with tight profit margins.
- Limited Compatibility and Performance: Green solvents may not be appropriate for all programs or might not carry out as efficacious as traditional solvents in a few cases. This limitation can preclude their adoption in sure industries or tactics where overall performance is critical.
- Transition Challenges: Switching from conventional solvents to inexperienced solvents may be difficult for some industries, as it regularly requires modifications in gadget, procedures, and delivery chains. Companies may face resistance to making these transitions, leading to slower adoption fees.
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Green Solvents Market Competitive Landscape
The international inexperienced solvents market is characterized by severe competition amongst key players striving to advantage a strong foothold in this swiftly growing area. Major businesses, consisting of BASF SE, The Dow Chemical Company, and Solvay S.A., dominate the landscape via widespread product portfolios and full-size geographic presence. These enterprise leaders cognizance of research and improvement to innovate and introduce green solvents, assembling the escalating demand for sustainable chemical solutions. Emerging players, like GreenChem Industries and Merck KGaA, are also making giant strides within the marketplace by offering novel inexperienced solvent options and increasing their international distribution networks. Collaboration and strategic partnerships, in conjunction with mergers and acquisitions, are not unusual strategies for market boom and diversification. Regulatory initiatives selling environmental sustainability are propelling market boom, intensifying the opposition in addition as companies vie to establish themselves as leaders within the green solvents enterprise. As sustainability continues to gain significance, the marketplace's competitive panorama is expected to conform with new entrants and improvements.
Top Player’s Company Profiles
- BASF SE - Germany
- The Dow Chemical Company - United States
- E.I. du Pont de Nemours and Company (DuPont) - United States
- Huntsman Corporation - United States
- Archer Daniels Midland Company - United States
- Solvay S.A. - Belgium
- LyondellBasell Industries N.V. - Netherlands
- Stepan Company - United States
- Vertec Biosolvents Inc. - United States
- Merck KGaA - Germany
- BioAmber Inc. - United States
- Cargill, Incorporated - United States
- Corbion N.V. - Netherlands
- Arkema S.A. - France
- Ineos Group Holdings S.A. - Switzerland
- Huntsman International LLC - United States
- Clariant AG - Switzerland
- Procter & Gamble - United States
- Croda International Plc - United Kingdom
- Eastman Chemical Company - United States
Recent Developments
- In January 2023, BASF obtained the bio-based solvents business of Verenium Corporation for an undisclosed amount. This acquisition will help BASF to amplify its portfolio of green solvents and meet the growing demand for sustainable alternatives to petroleum-based solvents.
- In February 2023, Archer Daniels Midland (ADM) received the biosolvents commercial enterprise of Myriant Corporation for $a hundred million. This acquisition will give ADM a leading position inside the market for bio-based total solvents that are used in a number of applications, together with paints, coatings, and adhesives.
- In March 2023, DowDuPont announced that it would collect the biosolvents commercial enterprise of Genomatica for $350 million. This acquisition will help DowDuPont to amplify its portfolio of sustainable merchandise and meet the developing demand for bio-based total solvents in the electronics, car, and personal care industries.
Green Solvents Key Market Trends
- Growing Environmental Awareness and Regulations: Environmental concerns and stringent guidelines concerning the use of conventional unstable organic compounds (VOCs) and risky chemicals had been using the adoption of green solvents. As governments worldwide continued to emphasize sustainability and decreased environmental effect, industries were increasingly searching out green alternatives to standard solvents.
- Bio-Based and Renewable Solvents: There was a sizable shift in the direction of bio-based and renewable green solvents. These solvents are derived from renewable sources which include biomass, agricultural merchandise, and waste substances. They are considered greater sustainable and feature a decreased environmental footprint in comparison to petroleum-primarily based solvents. Companies had been investing in studies and development to expand their portfolio of bio-based totally inexperienced solvents.
- Increased Applications in Various Industries: Green solvents observed packages throughout multiple industries, inclusive of prescription drugs, paints and coatings, cosmetics, and agriculture. Their effectiveness in diverse tactics which includes extraction, cleansing, and components made them increasingly more famous. In precise, the pharmaceutical and cosmetics industries had been adopting green solvents to satisfy consumer demand for sustainable and eco-friendly products.
Green Solvents Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global green solvents market is poised for strong growth in the coming years, pushed by increasing environmental focus and stringent rules selling sustainable practices. These eco-friendly solvents, derived from renewable resources, provide more secure and more sustainable options to conventional chemical solvents, catering to a wide range of industries consisting of pharmaceuticals, chemical compounds, and coatings. With a growing emphasis on reducing carbon footprints and minimizing poisonous emissions, the marketplace is predicted to witness increasing studies and development efforts, innovation in green solvent formulations, and rising adoption across various sectors, making it a promising avenue for sustainable and accountable chemical answers.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.20 billion |
| Market size value in 2031 | USD 6.47 billion |
| Growth Rate | 4.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Green Solvents Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Green Solvents Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Green Solvents Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Solvents Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Solvents Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Green Solvents Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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