The Global Green Solvent Market is projected to grow at a CAGR of around 7.0% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. This is due to environmental regulations imposed by the government authorities to reduce volatile organic compound (VOC) emissions from the environment & to replace synthetic solvents, like acetone, toluene, and xylene, to accelerate the market growth. In addition, the properties, such as low VOC, biodegradability, and eco-friendliness, make this solvent a better alternative compared to other conventional crude oil-based chemicals or solvents. Various manufacturers of paints, adhesives, and cosmetics are also adopting this solvent to offer consumers eco-friendly products. Therefore, expanding growth in several applications would lead to the need for green solvents in the coming years.
Furthermore, the widespread adoption of green solvents in the agriculture industry to reduce toxicity & enhance production through eco-friendly measures has gradually expanded the demand for green solvents from the agriculture sector. Additionally, the surging demand for green solvents from the end-user industry has led to the development of new eco-friendly solvents in the market, which would create an opportunity for several industries to incorporate the green solvent in their process, which drives the revenue growth of green solvent manufacturing industry in the forecast year. However, the cost of producing green solvent is on higher note than the conventional solvent owing to the heightened cost of raw materials & the intricate manufacturing process, which results in less adoption among consumers, especially small manufacturers, which hinders the growth of the market.
With the increasing number of rules & regulations from the Eco-Product Certification Scheme (ECS), from European Commission, FDA, etc., for eco-friendly paints & coatings in both developed & developing countries for using bio-based solvents for dissolving the component in the solution, has also driven the market growth. Moreover, boosting demand for consumer goods is further fueling the expansion of the packaging industry, which is using environmentally friendly solvent-based adhesives & sealants for bonding applications. Hence, these factors are likely to create opportunities for market growth during the forecast period., further states the research report, “Global Green Solvent Market Analysis, 2023.”
Increasing Infrastructure & Construction Activities to Boost Demand for Green Solvents in Paints & Coatings Industry
Based on the application, the market is further classified as Paints & Coatings, Industrial Domestic Cleaning, Printing Ink, Pharmaceutical, and Agriculture. Of them, Paints & Coatings is expected to expand significantly in the forecasting years due to the heightened quantity of infrastructure & construction operations in developing & developed countries such as China, Japan, and India. Furthermore, the market is being driven by a surge in demand for paints & coatings incorporating bio-based ingredients, which provide a glossy, durable, and attractive appearance for indoor & outdoor paints. Hence, this would accelerate the expansion of the market in the upcoming years.
Asia-Pacific Emerges as a Prominent Market
Geographically, the Asia-Pacific region is witnessing significant growth & this trend is presumed to be followed in the coming year as well. With the rising demand from various industries like paint & coating, ink manufacturing, cosmetics, etc., of the Asia-Pacific countries such as China, India, etc., to integrate green solvents in the manufacturing process to reduce the VOC from the environment. Moreover, China’s paint & coating industry is experiencing rapid growth owing to its favorable geographical location, which provides easy access to the product market & makes it an important entry point for manufacturers & suppliers. Due to this, the use of green solvents increased in the paint industry & tends to be rising in the forecast period as well, which enhances the market in the Asia-Pacific.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (BASF SE, Stepan Company, DuPont, Akzo Nobel, Lyondell Basell, Cargill incorporated, Florachem Corporation, Total Corbion PLA, Solvay, Vertical Biosolvent., GF Biochemicals, Astrobio, BIOMCN, Galactic) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report