Bio-Solvents Market report delivers a detailed overview of the global bio-solvents market in terms of market segmentation by type, application, membrane material, filter design, and by region. Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
Bio-Solvents Market Statistics –
- USD 2 billion revenue in 2022
- The market size is projected to record a valuation of over USD 4 billion by 2035
- The bio-solvent industry is slated to observe 5% growth rate through 2023-2035
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During the forecast period of 2023-2035, the global bio-solvents market is expected to reach an estimated value of ~USD 4.0 billion by 2035, by expanding at a CAGR of ~5%. The market further generated revenue of ~USD 2.0 billion in the year 2022. Major key factors propelling the growth of the bio-solvents market worldwide are the rising adoption of biofuels as petrochemical alternatives by the various end-users and an increase in the degradation of fossil fuels.
Bio-solvents are chemical compounds with a low environmental impact that comes from agricultural sources. They are produced by processing crops including corn, sugarcane, lactic acid, refined glycerin, bio-succinic acid, and soybean oil. Two of the most popular green and bio-solvents are those based on water and hydrocarbons. They have a number of beneficial qualities, including a high boiling point, little smell, easy recycling, and low toxicity. When manufactured and handled, they release fewer volatile organic compounds (VOCs) than conventional petrochemical-based solvents do. Therefore, they have a wide range of uses for numerous end products.
Global Bio-Solvents Market: Growth Drivers
Given that petroleum-based solvent emit volatile organic compounds, which contribute to air pollution and ozone layer damage, growing ecological concerns among the public and authorities are one of the market’s main growth factors. It is predicted that the utilization of bio-solvents would help the industry grow as they are affordable and environmentally beneficial. As per the data reported, the emissions related to 100 percent biodiesel are 74 percent lower than petroleum diesel emissions. Furthermore, there were 2.8 billion gallons of biofuel consumed worldwide in 2019.
The market is expected to grow further as a result of the wide applications of bio-solvents in the manufacture of various end products owing to their better characteristics. In comparison to conventional solvents, bio-based solvents perform better and have better viscosity, polarity, density, and other characteristics. Hence, bio-solvents are used in the production of paints and coatings globally. For instance, in terms of production volume and total value, the Indian paint sector had grown by roughly 13 and 16 percent, respectively, in 2019. Owing to the expansion of the real estate and automotive industries, the demand for paints and coatings is anticipated to increase further. Therefore, it is anticipated to surge the growth of the global bio-solvents market.
The global bio-solvents market is also estimated to grow majorly on account of the following:
- Increased application in pharmaceutical industries
- The growing food & beverage sector increases the demand for bio-solvents
- Elevating demand for biobased solvents owing to the rigorous guidelines for businesses to prevent pollution.
- Rising need for the production of cosmetics
According to a recent study by Research Nester, the bio-solvents market size is anticipated to surpass USD 4 Bn by 2035 and is projected to expand at a CAGR of over 5% from 2023 to 2035.
Major players include in the global bio-solvents market:
- Archer Daniels Midland Company,
- Stepan Company,
- Solvay S.A.,
- GF Biochemicals,
- The Dow Chemical Company,
- India Glycols Ltd.,
- Liberty Chemicals srl,
- DuPont de Nemours, Inc.,
- BASF SE,
- Vertec Biosolvents Inc,
- and others.
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Global Bio-Solvents Market: Restraining Factor
The main constraints impeding market growth include high production costs, manufacturers’ sluggish adoption of bio solvents, and worries about edible feedstock driving up food costs in the food sector. Hence, these factors are expected to be the major hindrance for the growth of the global bio-solvents market during the forecast period.
Global Bio-Solvents Market Segmentation
- By Type (Bio-Alcohols, Glycols, Esters, and Others)
Given that it is replacing industrial solvents for many end users, the bio-alcohols segment is predicted to hold a significant market share by the end of 2035. It is predicted that the adoption of bio-alcohols as cleaners and disinfectants, particularly on the back of COVID-19, will accelerate the segment’s growth. For instance, in March 2020, disinfectant sales in the US state of Washington soared by a staggering 1,325 percent. Whereas, in Florida, the purchase of cleaning wipes increased by over 1,200% during the pandemic in 2020.
- By Application (Paints & Coatings, Adhesives & Sealants, Printing Inks, and Others)
- By End-User (Automotive, Pharmaceutical, Others)
- By Region
The market in the North America region is anticipated to expand significantly over the forecast period as a result of growing environmentalism among the populace and the use of biofuels and bio solvents by chemical, paints & coatings, ink, and other product producers. According to the United States Energy Information Administration, the United States’ biodiesel production accounted for 1.8 billion gallons in the year 2020 and imports equalled to 197 million gallons. Additionally, it is predicted that increasing the use of bio-solvents in the pharmaceutical sector will spur market expansion in the region.
The market research report on global bio-solvents also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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