The global Bio-solvents accounted for USD 7.3 Billion in 2020 and is expected to reach USD 13.5 Billion by 2028, growing at a CAGR of around 8.1% between 2021 and 2028.
The global Bio-solvents market accounted for USD 7.3 Billion in 2020 and is expected to reach USD 13.5 Billion by 2028, growing at a CAGR of around 8.1% between 2021 and 2028.
Solvents are organic compounds that have a wide range of industrial uses in a variety of industries. Solvents are widely used in sectors such as textiles, paints & coatings, plastics & rubber, pharmaceuticals, oil & gas, manufacturing, and chemical synthesis and many others. Solvents are used in paints and coatings to remove various chemicals to make them safe for use. Solvent-based paints dry quicker than its alternatives, allowing for a faster pace of output. The domination of traditional petroleum feedstock-based solvents in the global solvents industry can be seen in the above industries. The widespread use of petroleum-based solvents is said to have resulted in environmental damage. As a result, the environmental concerns has led regulatory authorities to enforce strict legislation aimed at addressing the harm caused by such hazardous chemical substances. Bio-solvents are now being used as an option to the traditional petroleum feedstock-based solvents. Bio-based solvents or bio-solvents are carbon-neutral, free of volatile organic compounds, non-toxic, and renewable options for use in a variety of industries because they are made from natural, environmentally friendly feedstock. Bio-solvents are generally produced using sugars, cellulose, oils, & fats, agricultural products, among others.
The growing understanding of the adverse effects of traditional solvents in pharmaceutical and Adhesives is expected to boost demand for bio solvents in these applications. The bio-solvents industry is expected to be fuelled by low volatile organic compound emissions, eco-friendliness, stringent environmental regulations, and a high demand and approval rate from end consumer industries.
Due to government-imposed lockdowns to prevent the spreading of COVID, the global Bio-solvents industry has seen a small decrease in revenues in the short term. Because of the pandemic, the production and supply chain stopped operating around the world, potentially reducing bio-solvent use. However, in the midst of the pandemic, there has been a surge in product demand for applications such as personal care, domestic and industrial cleaners. Also pharmaceutical industry which is coming under the essential services likely to boost the use of bio-solvents contributing to the growth of the market.
The global markets are slowly opening to their full potential and theirs a surge in demand of the bio-solvents. The market would remain bullish in upcoming year.
The significant decrease in the global Bio-solvents market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
The rapid use of bio-solvents in the domestic and industrial cleaning sectors is expected to propel the industry further. Increasing health and hygiene concerns among consumers, as well as numerous government and academic initiatives, are expected to propel the bio-solvents market forward. The bio solvent industry is expected to expand as bio solvents become more widely used in coatings, paints, sealants and adhesives, and printing inks. Other growth-inducing influences include several advances in manufacturing technology and a significant number of product developments.
The lack of regulations pertaining to the use of sustainable alternatives, as well as a lack of knowledge about such alternatives, is likely to be an impediment to the global bio-solvents market's development. Another aspect that is expected to influence the acceptance of bio-solvents in some areas of the world during the projected period is comparatively higher costs.
The global market is divided into seven segments based on the Type of Bio-solvents: Alcohols, Glycols, Diols, Lactate Esters, D-Limonene , Methyl Soyate and others. Lactate esters are expected to become more common in the general bio-solvents industry in the near future due to their lower price, limited application area, and ease of availability as compared to other bio-solvents. Another big style division in the bio-solvents industry is methyl soyate. In the near future, it is expected to see a significant rise in revenue.
Bio-solvents are used in a variety of industries, including domestic and industrial cleaners, adhesives, paints and coatings, printing inks, and others. Paints and coatings dominated the bio-solvents industry in 2020, accounting for almost 37.5% of total bio-solvents sales. In the near future, the global bio-solvents industry is expected to be dominated by the paints and coatings application division.
Some of the major players of global Bio-solvents market includes Archer Daniels Midland Company , BASF SE , Bioamber Inc , Huntsman Corporation , Dupont , DOW Chemical Company , Vertec Biosolvents Inc , Florida Chemicals Company Inc , Cargill Inc , Solvay , LyondellBasell , Gevo , Galactic , Myriant , and Pinova Holdings INC among others.
The global Bio-solvents Market was valued at USD 7.3 billion in 2020.
The global Bio-solvents Market is expected to reach USD 13.5 billion by 2028, growing at a CAGR of 8.1% between 2021 to 2028.
The bio solvent industry is expected to expand as bio solvents become more widely used in coatings, paints, sealants and adhesives, and printing inks. Other growth-inducing influences include several advances in manufacturing technology and a plethora of product developments.
North America was a large consumer of bio solvents in 2020, accounting for 32 percent of the overall sales share. Because of the rising building and automotive industries, Asia Pacific is expected to expand at a rapid pace. Adhesives and sealants demand is expected to be driven by rapid industrialization in emerging markets such as China and India. This trend, along with increasing concerns about the degradability of synthetic solvents, is expected to propel Asia Pacific demand growth even further.
Some of the major players of global Bio-solvents market includes Archer Daniels Midland Company , BASF SE , Bioamber Inc , Huntsman Corporation , Dupont , DOW Chemical Company , Vertec Biosolvents Inc , Florida Chemicals Company Inc , Cargill Inc , Solvay , Lyondell Basell , Gevo , Galactic , Myriant , and Pinova Holdings INC among others. .