Green and Bio-Based Solvents Market 2021 Industry Growth Estimate, Key Players Analysis, Gross Margins, Strategy, Application, Investment Plan, Opportunity and 2030 Forecast

In a recent published report, Kenneth Research has updated the market report for Green and Bio-Based Solvents Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Green and Bio-Based Solvents Market products.

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REPORT HIGHLIGHT

The Green And Bio Based Solvents Market was valued at USD 6.87 billion by 2017, growing with 11.3% CAGR during the forecast period, 2018-2025. In terms of volume, the industry was totalled 2,980.5 kilo Tons and is projected to grow with 4.5% CAGR over the study period.

Market Dynamics

Green and bio based solvents are made from biomass sources such as forest residue, crops, and aquatic waste materials. The global market will grow on account of surging demand in the major application segments like pharmaceuticals, adhesives, paint, and coatings. A booming real estate industry is also facilitating the increasing demand for adhesives, paints & coatings. Moreover, encouragement of extensive research and development works for breakthroughs in manufacturing technologies and additional feedstock is considered to be an important catalysts that is augmenting the market growth. Raw materials such as corn scratch and soybean oil are experiencing a considerable rise in demand. Hence, the production of biofuels to a great extent will be influenced by the availability of such raw materials. On the other side, mis-conceptions related to the performance and cost of bio-based solvent are the major challenges that the industry faces.

Product Takeaway

The major products are lactate esters, bio-diols, d-limonene, methyl soyate, bio-glycols, and bi-alcohols. Currently, the lactate esters is dominating the overall industry and is also anticipated to undergo the fastesst CAGR. The primary reasons that could be attributed to its minimum production cost, surplus raw materials, convenient availability, and ever-increasing applications. In 2017, the net revenue earned by the lactate ester segment is over USD 1 billion. Likewise, the growth prospect of methyl soyate segment is quite impressive due to its growing demand as a solvent for engine, industrial equipment, and automotive applications. During the forecasted period, the methylsoyate segement is expected to experience a revenue growth of over 11%.

Application Takeaway

On the basis of application, the green and bio based solvents market is categorized into cosmetics, pharmaceuticals, printing inks, adhesives, domestic & industrial cleaners, coatings and paintings. Paint and coating segment is the most dominant owing to the rising concerns related to the environment safety. It is believed that a high amount of Volatile Organic Compounds (VOC) is present in chemical grades industrial solvent like coating solutions and paints. In 2017, this segement earned a significant revenue share compared to other applications. Similarly, the adhesive segment is going to bolster the overall market development owing to the increasing demand from the automobile industry in North America and Asia Pacific region. In terms of revenue, this segment is going to witness the fastest CAGR of over 12% during the study period.

Regional Takeaway

The North America region has the highest growth potential for the green and bio-based solvent. In this region, the end-user industries such as automotive, construction, and building are witnessing substantial growth, which leverages the market too. Growing awareness among consumers for the need of adopting green solvent for environmental is the main reason for increasing use of green solvents in the construction industry in the U.S. and Mexico.

In Asia Pacific countries such as China, Japan, and Brazil, low production cost, the surge in economic growth, industrial development, and technological advancement are supporting the market growth significantly. Moreover, in these countries, the growth in end-user industries like automotive, construction and building have witnessed substantial growth. In the European context, positive changes in the economic and political dynamics of countries like Germany and UK are facilitating moderate market growth. As the construction and automotive segment have recovered post-recession, it will drive the regional growth in the near future.

Key Vendor Takeaway

Some of the stalwart companies in the global green and bio-based solvents are Cremer Oleo GmbH, DuPont, Solvay, Florida Chemical Company, Flotek Industries, Inc., Vertec BioSolvents. Inc., AkzoNobel, Corbion, Cargill Incorporated, Gevo, Huntsman Corporation, Archer Daniels Midland Company, LyondellBasell Industries Holdings, BioAmber, The Dow Chemical Co., BASF SE and so on.

With the ambition of sustaining and strengthening their position in the worldwide market, these companies are prioritizing the formation of strategic alliance, partnerships, and product development. For instance in May 2017, Cargill Incorporated acquired BioBased Technologies’ Agrol and polyols product lines. This acquisition has expanded company’s product offering as well as geographic reach.

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Likewise, Flotek Industries, a distributer and developer of down hole drilling, innovative speciality chemicals, and production equipment acquired Florida Chemical Company, Inc, whichspecialized in the production of fragnance-flavor compounds, and d-Limionene. Such approach helps the key players to cope with the fierce competition with local manufacturers and suppliers across the globe.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year – 2014 & 2016

Base Year – 2017

Estimated Year – 2018

Projected Year – 2025

TARGET AUDIENCE

Traders, Distributors, and Suppliers

Manufacturers

Government and Regional Agencies

Research Organizations

Consultants

Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCT

Lactate Esters

Bio-Alcohols

Bio-Diols

Bio-Glycols

Methyl Soyate

D-Limonene

Others

MARKET, BY APPLICATION

Industrial & Domestic Cleaners

Adhesives

Cosmetics

Pharmaceuticals

Printing Inks

Paints & Coatings

Others

MARKET, BY REGION

North America

U.S.

Canada

Europe

Germany

France

Rest of Europe

Asia Pacific

India

China

Rest of APAC

Rest of the World

Middle East and Africa

Latin America

About Kenneth Research

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