Green Solvent Market Size, Share & Trend Analysis, By Type, By Application, Regional Outlook, Competitive Tactics, and Segment Forecast to 2030

Green Solvent Market Overview:

According to Reports and Insights analysis, the global green solvent market is estimated to be US$ 2,028.2 Mn in 2022. Furthermore, the green solvent market to register a CAGR of 8.0% which is expected to result in a market forecast value for 2030 of US$ 3,740.8 Mn.

Derived from agricultural sources including sugarcane, corn, soybean oil, and other similar sources, Green solvents or Bio-based solvents possess minimum or zero toxicity. Owing to their super eco-friendly and non-hazardous nature, these solvents are used as intermediates in various manufacturing industries including cosmetics, paints & coatings, adhesives and sealants, inks, pharmaceuticals, and others. This, in the future, will lead to more prospects of growth of these solvents market globally.

Owing to environmental issues faced by major economies, various governmental bodies and agencies have put rules and regulations to develop and promote the growth of green/bio-based solvents in the paints and coatings industries. Furthermore, the surge in the rapid demand for consumer goods has witnessed more usage of green solvents as sealants and adhesives in the packaging industry.

Less emission of VOCs into the air improved competitive strategies in the product market, and consumers’ environmental awareness for both developed and developing economies, these are also some vital driving forces behind the growth of the Green Solvents market.

This market study on the global green solvents market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, green solvent market trend, regional outlook, green solvent market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the green solvents market.

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Scope of the Report:

Report Metric	Report Details
Market size available for the years	2020-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Type, By Application, and By Region
Regions Covered	North America   The U.S., & Canada  Latin America   Brazil, Mexico, Argentina, & Rest of Latin America   Asia Pacific   China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific   Europe   The U.K., France, Spain, Italy, Russia Poland, BENELUX, NORDIC, & Rest of Europe   Africa   North Africa, Egypt, & Rest of Africa The Middle East   GCC Countries, Israel, & Rest of the Middle East
Companies Covered	BASF SE, DuPont, Dow., Cargill., Solvay, Akzo Nobel, Lyondell Basell N.V., and others

 

Green Solvent Market Drivers: Sustainable and Eco-Friendly Green Solvents

Owing to environmentally friendly and sustainable product demand by consumers both in developed and developing economies, the European Commission (EC), Eco-product Certification Scheme (ECS), and many other government agencies have set various rules in front of the top manufacturers. Thereby, manufacturers are synthesizing green solvents as an alternative to conventional solvents as dispersants in paints formulations in major markets including U.S. and China. This has propelled the growth of the green solvents market globally.

Green Solvent Market Restraints: High Production Cost

Although green solvents seem to be promising solvents for both industrial and other applications, the production cost of these solvents is very high. This is because of the high cost of the raw material being used. Also, the production mechanism of green/bio-based solvents is very complex. Therefore, a majority of potential manufacturers and consumers have minimized utilizing these products. This, in turn, might lead to a fall in the market of green solvents globally.

Green Solvent Market Opportunities: Awareness Towards Environment

Owing to the increased awareness of environmental safety, more and more consumers are shifting towards green/bio-based solvents irrespective of their costs. Furthermore, stringent actions over the use of hazardous chemicals in industries are likely to augment the demand for these solvents in the market.

Increasing usage of these solvents in the paints and coatings industries, packaging industries, pharmaceuticals, cosmetics, and others, will fuel the market for green solvents globally. Hence, it will forge robust opportunities for manufacturers to incorporate these solvents more in the forthcoming years.

Green Solvent Market, by Type:

Based on the product Type, the global green solvent market is segmented into; Bio-Glycol, Ethyl Lactate, Water, Ionic liquids, D-Limonene, Bio-Based Alcohols, Methyl Soyate

Green Solvent Market, by Application:

Based on the Application, the global green solvent market is segmented into; Pharmaceutical Industries, Chemical Industries, Packaging industry, Paints & coating industry, Cosmetics & personal care

Green Solvent Market, by Region:

During the projected period, the U.S. market in the North American region is a global leader in the green solvent market. This is attributed to the growing awareness of environmental threats and safety and the risk of hazardous chemicals to human health. Consumers in the U.S. tend to prefer eco-friendly products irrespective of their price. Moreover, the government in the U.S. is maintaining strict regulations over the use of chemical solvents and various environmental protection regulatory bodies are pushing the manufacturers to shift towards green solvents.

China is witnessing a rapid surge in the market for green solvents and, therefore, going to be one of the most lucrative markets for green solvents. This is due to the initiatives taken by the Government in the wake of pollution, health, and other issues. Furthermore, China has an abundant number of end-use industries along with abundant raw materials, which is further aided by cheap labor costs.

Europe also contributes a significant share in the growth of the green solvents market. This is attributed to the excellent research and development sector and uprising awareness of environmental protection which is propelling the demand for the green solvent market.

Green Solvent Market Key Players Analysis:

BASF SE., DuPont., Dow., Cargill Inc., Stepan Company, Gevo., AkzoNobel. LyondellBasell N.V. and many others are the top leading players in the green solvent market.

Recent Developments by Key Players:

• In 2021, for the quick, cost-effective disintegration of photoresist patterns in chip production, MERCK has introduced AZ 910 Remover which removes the resist using a small amount, thereby lessening the environmental footprint of materials going into the global waste stream
• In 2022, Solvay announced the production of a new generation solvent named Rhodiasolv IRIS, possessing excellent eco-friendly properties, is low volatile in nature and is easily bio-degradable. Rhodiasolv IRIS is used for the formulation of phytosanitary products, paint stripping, graffiti and resin clean-up, industrial cleaning, and agro-chemistry