Green solvents are environmental-friendly solvents or rather termed as bio-solvents, which are derived after the processing of crops. Green solvents were developed as a more ecological alternative to petrochemical solvents. For example, ethyl lactate is a green solvent derived from processing corn.

The global green solvents & bio solvents market was valued at $6955.14 million in 2018 & is estimated to generate net revenue of approximately $13334.72 million by 2027, growing at a CAGR of 7.51%. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

The key factors that are responsible for the market advancement are:

• Growing awareness about the pollution level in the world
• Chemical solvents are being replaced with green solvents
• Encouraging regulation by the government of various nations

However, the market is primarily driven by the replacement of chemical solvents with green solvents. Solvents find application in a large number of industries such as adhesives, paints & coatings, printing inks, cosmetics, personal care, etc. Many of the chemical solvents such as pyridine used in industries prove to have an adverse effect on the environment. Economies have been searching for a safer alternative to the chemical solvents. It has found applications in various industries and is substituting chemical solvents.

In terms of applications segment, paints & coatings segment leads the market in terms of revenue with around XX% market share in 2018. Organic solvents are used in paints to dissolve colors and to provide consistency in the application of the paint. Bio-solvents are indispensable to the paints and coatings industry as it is not possible to manufacture durable, decorative and glossy paints without them. These paints and coating with ecofriendly property and innovative technology offer low VOC (volatile organic compound) and are available in different grades for internal and external application. Waterborne coating demand increases and it is the major factor influencing the market. Demand for waterborne paints is increasing because of the agricultural coating application.

With the growing adoption of green solvents & bio solvents from numerous end user industries, the market may also face some challenges. Lack of reliability and inadequate supply of feedstock materials used for producing these solvents; the use of hazardous chemicals and synthetic solvents that affects the environment; deficit of funds for R&D, and lastly, the organic solvents used in chemical processes have enormous environmental and economic costs are some of the challenges the market will be facing. The use of hazardous chemicals and solvents leads to adverse effects on the environment. The use of such harmful chemicals leads to serious health deteriorations in the long run. Various diseases such as cancer, tuberculosis, asthma among others, are primarily a result of the presence of such volatile organic chemicals in synthetic solvents. Studies with respect to the Scandinavian region have shown higher rates of miscarriages, congenital disabilities and other reproductive problems among the worker population who are exposed to even relatively low levels of solvents. Furthermore, accumulated VOCs in the environment gets stored in the soil and plants leading to their impairment and further affecting the yield.

The report on global green solvents & bio solvents market includes segmentation on the basis of types, applications and regions.

Types segment is sub-segmented into:

• Esters
  • Lactate esters
  • Methyl esters
  • Others
• Bio Alcohols
  • Bio-propanol
  • Bio-butanol
  • Bio-methanol
  • Bio-ethanol
• Bio-glycol
  • Bio-propylene glycol
  • Bio-ethylene glycol
• D-limonene
• Methyl Soyate
• Others
  • 2-methyltetrahydrofuran
  • Hydrogen Peroxide

Applications segment is sub-segmented into:

• Paints & Coatings
• Industrial & Domestic Cleaners
• Printing Inks
• Pharmaceuticals
• Cosmetics
• Personal care
• Others

Geographically, the global green solvents & bio solvents market has been segmented by four major regions, which includes:

• North America: the United States & Canada
• Europe: United Kingdom, France, Italy, Russia, Spain, Germany & Rest of Europe
• Asia-Pacific: China, India, Japan, Australia, South Korea & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

The regional paradigm of global green solvents & bio solvents market is dominated by North America region by capturing the largest market share in terms of revenue of XX% in 2018. The revival of the construction industry will result in a significant increase in the demand for bio solvents in North America. Besides, the above-average growth of the customer-oriented markets such as cleaning products, cosmetics and toiletries will boost the need for green and bio solvents, especially butanediol derivatives, alcohols and lactate esters. The growth of the market for green and bio solvents in North America is due to a rise in government rules and regulations for the manufacture and use of these solvents. In North America, the demand for green solvents is increasing four times faster than that of conventional solvents due to the growing awareness about the benefits of using green solvents in cleaning products, cosmetics and toiletries.

On the flip side, Asia Pacific region is expected to surge with the fastest growth rate during the forecasted period. The Asia Pacific market will retain its position owing to the strict environmental regulations in the construction and automotive industries. Manufacturers are mandated to comply with these regulations to reduce hazardous emissions. The growing pharmaceutical and paints and coatings industries in developing countries such as China and India are also propelling the growth of the market. A rise in industrial activities is also resulting in increased penetration of green solvents. The market in the Asia Pacific is fragmented with the presence of few organized regional players. China is the major producer and consumer of green solvents in the region.

The global green solvents & bio solvents market includes segmentation on the basis of types, applications and regions. Types are sub-segmented into esters (lactate esters, methyl esters & others), bio alcohols (bio-propanol, bio-butanol, bio-methanol & bio-ethanol), bio-glycol (bio-propylene glycol & bio-ethylene glycol), d-limonene, methyl soyate & others (2-methyltetrahydrofuran & Hydrogen Peroxide). Applications are sub-segmented into paints & coatings, industrial & domestic cleaners, printing inks, pharmaceuticals, cosmetics, personal care & others.

The market has a number of players, and some of the key players involved in global green solvents & bio solvents market are:

• BASF SE
• DowDuPont
• AkzoNobel
• Huntsman Corporation
• Merck & Co., Inc.
• Sasol Limited

Market share analysis along with company profiles of the prominent market players are discussed in detail. Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, in order to gain a competitive edge over other companies. For instance, in December 2018, AkzoNobel’s Aerospace Coatings business supplied products for a new long-distance tanker aircraft commissioned by the French Air Force. Aerowave 5001 water-based coating is the French Air Force’s first new generation A330 MRTT (Multi Role Tanker Transport) aircraft and it is the first aircraft of its size to be finished with an external water-based topcoat. Also, in August 2018, Huntsman Corporation announced that it had opened a multi-purpose facility at the Amata Vietnam Industrial Park, near Ho Chi Minh City, Vietnam. The site is a Greenfield investment, will house Huntsman’s Polyurethanes and advanced materials businesses and manufacturing units; R&D capabilities; a technical service center; warehouse, distribution space and a commercial office.

The key findings of the global green solvents & bio solvents market are:

• Significant rise in demand of natural ingredients in cosmetic products
• Availability of bio-based fuels
• Glycerol can be used as a green solvents
• Usage of green & bio solvents in various industries
• Raw materials used in the production of various green & bio solvents