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Bio-solvents Market Analysis & Opportunity Assessment, 2014 - 2020

Oct 15, 2014 | Chemicals & Materials | FMI

Bio-solvents, also known as green solvents, are widely used in a number of industries including paints & coatings, personal care products, pharmaceuticals, and other chemical industries. Conventional solvents have significant concentration of volatile organic compounds, which are also toxic in nature. Increasing concerns regarding emission of VOC is leading to considerable growth in consumption of bio-solvents across the globe. Majorly used bio-solvents include soy methyl esters, fatty acid esters, and PHA. Absence of VOC in bio-solvents makes them hazard-free and user-friendly. Bio-solvents find  wide application in industrial and domestic cleaners, paints and coatings industries, and printing inks, personal care, and pharmaceuticals markets. Greater availability of biomass across the globe and known methods or processes of production technology support promising growth prospects for utilization of bio-solvents across the above-mentioned verticals. These solvents are available in the market at premium prices,due to some technical limitations such as increased production time compared to conventional solvents and high viscosity. However, due to growing preferences for utilization of bio-based products among manufacturers, the market is expected to grow between CAGR of 6% and 8% over the next five years.

The existing capacities of bio-based chemicals and their growing popularity among end-user segments are driving suppliers and manufacturers to opt for utilization of environment-friendly products in their processes. Many companies use the label ’bio-based’ for product differentiation. Advancements in technology, new product development initiatives, and shifting focus of companies from petroleum-based chemicals to bio-based chemicals are expected to drive growth in the market. DuPont, Vertec Biosolvents, BASF, the DOW Chemical Company, Gevo, and Myriant Corporation are some of the players in the market.