Eco-Friendly Solutions: Trends in the Green & Bio-Solvents Market

[Pramod Kumar]

The total size of the green & bio-solvents market was USD 3,128.5 million in the past, and it will propel at 6.1% CAGR in the years to come, to reach USD 5,322.2 million by 2030, as per P&S Intelligence. The industry development is credited to the and environmental and health concerns related to synthetic solvents.

Paints & coatings dominated the industry in the past, with around USD 1.2 billion. This has a lot to do with the rapid population and economic growth and the subsequent boom in the automotive and construction industries, which are main customers of paints & coatings. This, in turn, will increase the need for eco-friendly solvents in the years to come.

Adhesives follow paints and coatings, in terms of revenue, because of the increasing requirement for ecological adhesive solutions in the automotive and construction industries. 

Additionally, the fast growth in the population in China and India, has brought about advancement of industries, such as automotive, building & construction, and furniture, therefore creating a positive impression on the demand for bio-solvents.

Lactate esters had the highest revenue, of around USD1 billion, in the industry. The ease of availability of these raw materials, low production costs, and growing scope in paint & coating and adhesive uses, chiefly as a replacement for petroleum-based solvents, are amongst the key factors affecting the global progress of the category.

Methyl soyate was the second-largest with regards to revenue. A methyl ester resultant from soybean oil; it is an outstanding bio-based alternate industrial solvent. It is economical, low- VOC, weakly toxic, and readily recyclable replacement for conformist hydrocarbon and chlorinated solvents. The shift to methyl soyate is because of the increasing regulatory pressure on ozone-exhausting chemicals, harmful air contaminants, and VOCs.

North America had the largest revenue share of the green & bio-solvents market, and it will generate revenue of USD 2.0 billion in 2030, registering a growth rate in excess of 6% by the end of this decade.