Green & Bio-based Solvents Market
REPORT DESCRIPTION
Green & Bio-based Solvents Market- Global Industry Analysis , Size , Share , Growth , Trends and Forecast 2015 - 2023
Transparency Market Research has released a new market report titled “ Green & Bio-based Solvents Market - Global Industry Analysis , Size , Share , Growth , Trends and Forecast 2015 - 2023 .” According to the report , the global green & biobased solvents market was valued at US $ 4.32 bn in 2014 and is anticipated to reach US $ 8.05 bn by 2023 , expanding at a CAGR of 7.2 % between 2015 and 2023 .
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Green & bio-based solvents are bio-based solvents manufactured using sugars , corn , beet root , and others . This makes these products safe and effective replacements for the conventional solvents made from crude oil . Green & bio-based solvents are employed in various applications such as paints & coatings , printing inks , commercial & domestic cleaning , adhesives & sealants , pharmaceutical , and cosmetics . Growth in paints & coatings , printing inks , and downstream industries is primarily estimated to augment the global green & bio-based solvents market in the next few years . Increasing research on various bio-based materials used as raw materials is projected to boost the demand for green & bio-based solvents in the next few years . However , high cost of raw materials and complexity in manufacturing are anticipated to hamper market growth during the forecast period . Rising demand for green & bio-based solvents in the adhesives & sealants , cosmetics , and pharmaceutical segments is anticipated to offer growth opportunities to the market during the forecast period .
In terms of volume , bio-based ethanol was the largest product segment of the global green & bio-based solvents market , accounting for more than 45 % share in 2014 . Substantial commercialization and wide application of bio-based ethanol are the key reasons for the dominance of the segment . However , methyl soyate is likely to be the fastest-growing segments during the forecast period , owing to the commercialization of these bio-based solvents and their extensive demand in end-user industries .
In terms of applications , paints & coatings was the largest segment of the global green & bio-based solvents market , constituting more than 40 % share in 2014 . Commercial & domestic cleaning is projected to be another major application segment between 2015 and 2023 . Adhesives & sealants is likely to be the fastest-growing application segment during the forecast period , due to the rising demand for these products in automotive and other downstream industries .
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