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.
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.
It is because of the rapid economic and population growth and the development in the construction and automotive industries, the demand for green and bio-solvents is increasing all over the world.
Learn about the Green & Bio-Solvents Market Growth Drivers, Challenges, and Future Prospects
Pramod has around 7 years of experience in market research and consulting services for healthcare industry.