Green Solvent Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1769
Green Solvent Market size is driven by strong application scope in paint& coatings, printing inks and adhesive industries. It is an environmentally friendly biosolvent derived from agricultural crops processing.
Green solvent is usually processed from lactic acid, sugarcane, soybean oil, corn, and refined glycerine. Increase in environmental awareness and supporting regulations should drive green solvents market growth.
Increasing concern over VoC to reduce such emission is enhancing adhesive and sealant formulators, thereby influencing green solvent market growth. Adhesive and sealant industry is showing a robust growth due to positive application outlook in building & construction, shoe making, wood-working and product packaging. Global adhesive and sealant market is poised to exceed over USD 6.5 billion in 2024. Green solvent emit low VoC, thereby reduces smog formation and protects the environment.
Green solvent based adhesive are replacing metal welding work for attaching trim items and external component such as bumper, head guard, handles and lights. They are easy to use, possess good sticking property and do not emit metal welding toxic gases. It is cost effective option and do not induce stress and affect mechanical property of joining parts.
Increase in standard of living and growing consumer health awareness has propelled domestic cleaner industry. Global domestic cleaner industry is poised to surpass USD 4 billion by 2024. Green solvent is less toxic and protects consumer from carcinogen diseases, dizziness, vomiting and nausea symptom without affecting cleaning property.
Paints and coatings are ideally used to protect equipment and machines from corrosion and rusting. Rise in per capita disposable income along with growing automotive industry may stimulate green solvent market growth. Global paints & coatings market size should witness significant gains at over 5.5%. In paints, solvents easily disperse or dissolve different components used in the paint formulation including resin and pigment, thereby making it suitable for the application. Green solvent based automotive paint is non-toxic in nature, owing to VoC free and sustaining paint durability.
Rising adoption of eco-friendly inks including UV cured inks and water based printing along with increase in R&D spending may favour printing inks market demand. It is used on metal sheets, paper, cardboards, flex and plastic sheets. Printing tonners are toxic in nature and prolonged exposure can cause dermatitis, skin burn and eye irritation. Green solvent in printing inks will eradicate these problems and make printing process safe and ecofriendly.
North America, driven by Canada and the U.S. green solvent market size may witness strong growth owing to growing automotive sector along with strict government regulation regarding VoC emission may drive regional industry growth.
Europe, green solvents market size, driven by UK, France, Italy, and Germany, may show significant gains. Presence of major automotive industries in France and Germany should drive adhesives and sealants market in the region.
Asia Pacific led by Japan, India, and China green solvent market size may witness steady growth. Rapid industrialisation and rise in building & construction industry should favour regional industry growth. Increase in consumer health awareness has led to rise in domestic cleaning industry, thereby driving green solvent market growth.
Volatility in crude oil prices along with environmental effects of VoC may hinder the industry growth and affect green solvents market price trend. However, strict government guidelines by EPA regarding VoC emissions along with consumer awareness for eco-friendly products should drive green solvents market growth.
Global green solvent market share is competetive. Key market players operating in the industry include Huntsman, BASF, Solvay, Dow Chemical, Cargill, DuPont, Gevo, Vertec, Myriant, Lyondellbasell and Bio Amber. Companies are producing various products to be catered in end-use industries which may enhance product portfolio and expand regional presence.
Solvay produces and distributes series of green solvent including ADMA, Polarclean, RPDE, and IRIS under Rhodiasolv which are developed as the replacement for harmful solvent.
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