The global green and bio solvents market revenue is expected to expand at a significant growth over the forecast period. Green solvents and bio-based solvents are derived from natural sources such as plants, fruits, seeds and others. Solvents are useful in dissolving solids, heat management, influencing viscosity, influence reaction rate and selectivity, separation science, enhance mixing, etc.
On the basis of type, the target market is segmented into esters, bio-alcohols, bio glycols, bio diols, d-limonene, and methyl soyate. The esters type segment is expected to account for highest CAGR over the forecast period, owing to its use in various end use applications, easy availability, and low-cost as compared to other green and bio solvents.
On the basis of application, the target market is segmented into paints and coatings, industrial & domestic cleaners, pharmaceuticals, cosmetics, personal care, and others. The paints and coatings application segment is expected to show significant growth in terms of revenue over the forecast period, owing to increasing individual environmental concern resulting in increasing adoption of eco-friendly products or green solvents in paints and coating industry.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to advanced product development, and increasing adoption of green and bio-based solvent products in various countries in this region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to high adoption of bio-based solvents in construction industries in developing countries such as India and China in the region.
Key players operating in the global green and bio solvents market include BASF SE, BioAmber Inc., Myriant Corporation, Dow Chemicals, Cargill Incorporated, Gevo Inc., Vertec BioSolvents Inc., Florida Chemical Company, Inc., Solvay S.A, and Huntsman Corporation.