The Green And Bio Solvent Market is being driven by Acceptance of green and bio-based solvents among numerous end-user industries
The Green And Bio Solvent Market is expected to grow at a CAGR of 11.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 9227.8 million. The global green and bio solvent market is experiencing significant growth due to the increasing expansion of production facilities by key players in the industry. For instance, Sekab, a leading international company, announced in May 2023 its plans to expand its European production facility for bio-based solvents and acetic acid. This expansion aims to meet the rising demand for bio-based raw materials in various sectors, including plastics, adhesives, personal care, paints, solvents, and pharmaceuticals. By enhancing its production capabilities, Sekab aims to reduce its carbon footprint by up to 50% and provide a substantial supply of eco-friendly acetic acid to the market. This strategic move underscores the growing importance of green and bio solvents as sustainable alternatives to traditional petroleum-based solvents.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
247 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.5% |
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Market growth 2025-2029 |
USD 9227.8 million |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
10.1 |
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Key countries |
US, China, UK, Canada, Germany, France, Italy, India, Brazil, Japan, US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Green and Bio Solvent Market encompasses various applications, including bio-based extraction, sustainable coatings, renewable chemicals, and pharmaceutical and cosmetic applications. Biorefinery processes are utilized to produce these solvents, which are essential in food processing, agriculture, material science, chemical engineering, process engineering, and environmental engineering. Solvent formulation, blending, and mixtures are crucial aspects of this market, with solvent characterization, purification, degradation, efficacy, selectivity, polarity, viscosity, boiling point, and density being key factors in their production and usage.
In the realm of specialty chemicals, the subsegment of plant-based, bio-derived, and renewable solvents, collectively referred to as green and bio-solvents, is experiencing significant growth. These eco-friendly alternatives to traditional petroleum-based solvents are gaining traction in various industries due to their sustainability and alignment with green chemistry principles. The global specialty chemicals market, which encompasses high-value-added chemicals used in the production of a diverse range of products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings, is expected to expand substantially. According to Technavio's market analysis, the market's expansion will be fueled by the increasing demand for specialty adhesives and sealants, which are integral to numerous applications across industries. This shift towards more sustainable and high-performance adhesive and sealant solutions is a key market driver, making green and bio-solvents an essential component of the specialty chemicals market's growth trajectory.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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