Technavio, a leading provider of market research reports, has released its latest study on Green and Bio Solvent Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
The global green and bio solvents market is a significant segment of the larger specialty chemicals industry, according to Technavio's market research. This market encompasses businesses producing high-value-added chemicals utilized in the manufacturing of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Technavio's market analysis estimates the size of the global specialty chemicals market based on the consolidated revenue generated by these high-value-added chemical manufacturers. Key growth drivers for the specialty chemicals market include the increasing demand for specialty adhesives and sealants, which are expected to significantly contribute to market expansion throughout the forecast period. - The Green and Bio Solvent Market is experiencing significant growth, fueled by the Increase in adoption of green and bio solvents among numerous end-user industries. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The market size is estimated to grow by USD 7287.95 million, at a CAGR of 10.13% during the forecast period. Increase in new product launches by market vendors | Increasing investments in R and D activities | Expansion of green and bio solvent production facilities
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In the North American market, the surge in demand for eco-friendly products, particularly in the sectors of paints and coatings, adhesives, and sealants, is driving the growth of the green and bio solvents industry. Technological advancements and substantial investments from key players are expected to fuel sales of these sustainable alternatives. Since the turn of the millennium, North America has grappled with environmental issues, including climate change, resulting from unsustainable production processes and high chemical usage in various industries. Consequently, the adoption of green and bio solvents, such as in the automotive, chemicals, and construction sectors, is escalating, leading to a substantial increase in demand for bio solvents in North America throughout the forecast period.
The Green and Bio Solvent Market is witnessing significant growth due to the increasing demand for bio-based products and stricter environmental regulations. Bio-based solvents derived from renewable feedstocks such as soybean oil, citrus peels, and vegetable oils, are gaining popularity as alternatives to traditional mineral spirits and petroleum-derived solvents. The production process of bio-based solvents is more complex than that of mineral spirits due to the need for refining raw materials like soybean oil into bio succinic acid, refined glycerin, and other intermediates. However, the benefits of using bio-based solvents in various industries are substantial. Pharmaceuticals, adhesives and sealants, inks, detergents, sanitizers, and household cleaning products are some of the major industries that are adopting bio-based solvents. Bio-alcohols like ethanol and methanol are widely used in the production of bio-based solvents for these industries. D-Limonene, derived from citrus peels, is another popular bio-based solvent used in various applications such as cosmetics, medications, and household cleaning products. Polyethylene glycols, triethanolamine, and diethanolamine are other bio-based solvents used in the production of various products, including coatings, paints, agrochemicals, and adhesives. Environmental regulations are driving the demand for bio-based solvents as they emit fewer VOCs compared to their mineral spirit counterparts. Vegetable-sourced solvents are also used in the production of bio-based inkjet and offset printing inks, which are gaining popularity due to their lower environmental impact. Overall, the Green and Bio Solvent Market is expected to continue growing as more industries adopt bio-based solvents to meet the increasing demand for sustainable and eco-friendly products.
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