“Green and Bio Solvents Market” The global green & bio-solvents market will grow to USD 1.6 Billion by 2027, at a CAGR of 5.6% from USD 1.2 Billion in 2022. Improved competitiveness from product differentiation and increasing penetration and the need to decarbonize the economy are the major factors driving the market growth. Most green & bio-solvents consume less energy and emit less carbon dioxide (CO2) than solvents derived from petrochemical resources. Vegetable-sourced solvents emit few or no VOCs. Green & bio-solvents also offer the potential for product differentiation in cosmetics and the development of new properties and functionalities. As the global economy mends, the 2021 growth of Green and Bio Solvents will have significant change from the previous year. According to our latest study, the global Green and Bio Solvents market size are USD million in 2022 from USD 6955.4 million in 2021, with a change of % between 2021 and 2022. The global Green and Bio Solvents market size will reach USD 11130 million in 2028, growing at a CAGR of 7.0% over the analysis period.
The United States Green and Bio Solvents market is expected at a value of USD million in 2021 and to grow at approximately % CAGR during the review period. China constitutes a % market of the global Green and Bio Solvents market, reaching USD million by the year 2028. As for the Europe Green and Bio Solvents landscape, Germany is projected to reach USD million by 2028 trailing a CAGR of % over the forecast period. In APAC, the growth rates of other notable markets (Japan and South Korea) are projected to be at % and % respectively for the next 5-year period. Global main Green and Bio Solvents players cover Archer Daniels Midland Company, BASF SE, Huntsman Corporation, DuPont, etc. In terms of revenue, the global largest two companies occupy a share of nearly % in 2021. This report presents a comprehensive overview, market shares, and growth opportunities of the Green and Bio Solvents market by product type, application, key manufacturers, and key regions and countries.
COVID-19 Impact on the Global Green & bio-solvents Market.
The global pandemic has affected almost every sector in the world. The green & bio-solvents market was negatively affected due to disruptions in the global supply chain. The market is highly dependent on applications, such as paints & coatings, printing inks, industrial cleaners, pharmaceuticals, and others.
However, the impact of COVID-19 had a positive impact on the bio-alcohol types of green & bio-solvents due to the increasing demand for sanitizers and other industrial cleaning products. During the outbreak of COVID-19, the demand for sanitizers and disinfectants shot up significantly to control the spread of the virus. On the other hand, due to significant growth in demand with limited supply, the price of green & bio-solvents increased in 2020, driving the market.
Green & Biosolvents Market Dynamics
Increasing market penetration and the need to decarbonize the economy
The growth in demand for green & bio-solvents is higher compared to that for conventional solvents. This is because of the increased environmental regulations, especially in Europe and North America, and the increased supply of green & bio-solvents with enhanced properties at lower costs by existing as well as new production plants. Green & bio-solvents are used in applications, such as cleaning, plant-protection oil, wetting agents, and bio fluxing agents. The application areas for green & bio-solvents are increasing due to continuous product innovation, which acts as a key driver for the market.
Leading Green and Bio Solvents Market players across the globe? Archer Daniels Midland Company, BASF SE, Huntsman Corporation, DuPont, Vertec Biosolvents Inc, Florida Chemicals Company Inc, Cargill Inc, Galactic, LyondellBasell, Gevo, Pinova Holding INC, Myriant, Solvay
On the basis of product type, this displays the production, revenue, price, market share, and growth rate of each type, primarily split into Bioalcohols, Bio-Glycols&Diols, Lactate Esters, D-Limonene, Methyl Soyate
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia, and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)OthersGeographically, this report is segmented into several key regions, with sales, revenue, market share, and growth rate of Green and Bio Solvents in these regions, from 2015 to 2027, covering.conclusion
Solvents are an important part of chemical processes and products. They are widely used in industrial applications, including agrochemicals, paints and coatings, household and industrial cleaners, and pharmaceuticals. Most bio-based solvents are made from sugar, corn, or sugar beets. Green solvents are environmentally friendly solvents or bio solvents that are derived from the processing of crops.