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Biobased Degreaser Market Trends

Report ID: GMI6292
Published Date: Jul 2023
Report Format: PDF

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Biobased Degreaser Market Trends

The ongoing advancements in chemical engineering and biotechnology will enhance the market outlook. The increasing adoption of chemical engineering methods have made way for optimized extraction procedures, increasing yields and lowering costs. Additionally, the demand for genetically altering organisms to create specialized enzymes and bio-based solvents for degreasing applications will support the product development. Furthermore, the rising introduction of cutting-edge R&D technologies will positively influence the market expansion. For instance, in January 2023, the Readycare group introduced Readycare Signature, its sustainable bio-based brand to offer cleaning products made using renewable or sustainable plant-based resources in Malaysia.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of biobased degreaser reached USD 920 million in 2022 and is set to witness significant growth at 5.2% CAGR from 2023 to 2032, led by the increasing demand for eco-friendly alternatives.

The palm oil-based segment accounted for 27% of the market share in 2022, due to the rising demand for non-toxic, eco-friendly degreasers in the industrial, automotive, and aerospace sectors.

North America market was valued at USD 347 million in 2022, owing to the increasing acceptance of greener cleaning solutions across automotive, manufacturing, and aerospace sectors.

The competitive landscape of the market includes prominent companies, such as BASF SE, Soy Technologies LLC, Henkel (China) Investment Co. Ltd., Carroll Company, Renewable Lubricants Inc., BIONANO, Uzay Kimaya, Ecolab, Huntsman Corporation, and Global Green Tag.