As per the latest global industry analysis for historical period of 2016-2020 and upcoming assessment period of 2021-2031, the demand for green solvents is expected to grow remarkably with CAGR ranging around 6% to 8%.
The demand for such solvents is anticipated to witness such significant growth owing to rapid rise in awareness towards use of eco-friendly products among consumers over some recent years.
Solvents finds variety of applications including in Paints & Coatings, Pharmaceuticals, Adhesives, Printing Inks, Metal Cleaning, Personal care products, Polymer Manufacturing, Agrochemicals, and various others.
Solvents finds common usage in the manufacturing of several chemical products. However, the use of solvents is being inhibited substantially in modern chemical formulations owing to the presence of volatile organic compounds (VOC). Increase in stringent regulations over volatile organic compounds (VOC) are hampering the sales of solvents.
Owing to this scenario the demand for eco-friendly solvents, which contain very low to zero VOC content, is increasing at very rapid pace. In addition, growing trend of sustainability and reducing carbon footprints across the globe is also enabling demand.
These products provide alternative to traditional solvents with similar functionality, which compels the manufacturers to promote the use of these solvents and shift their production facilities towards such solvents to reduce carbon footprints.
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Volatile Organic Compounds (VOC) evaporates rapidly in air and contributes in formation of smog. Smog have its harmful effects on human health and environment. With the growing awareness towards environment protection consumers are shifting their preferences towards eco-friendly products irrespective of prices and availability.
Green solvents have high production cost which hinders the manufacturers to offer competitive pricing and hence impact overall growth of the market.
Moreover, stringent regulations over the use and production of harmful synthetic chemicals is anticipated to fuel the demand of these solvents during the upcoming assessment period of 2021-2031.
In addition, consistently growth outlook of end-use industries like paints and coatings, agricultural chemicals, personal care and various others is likely to benefit the market of green solvents and is expected to create robust opportunities for green solvents manufacturers during the next decade.
US is a leading market for green solvents owing to high awareness among the end users across the chemical sector. Consumers based in US are fully aware about the adverse effects of using non eco-friendly products over human health and environment.
Consumers in the country prefer eco-friendly products irrespective of price and efficiency. In addition, various stringent regulations imposed in country over the use and production of solvents by US government and various environment protection regulatory bodies is compelling manufacturers to shift towards production of green solvents.
China is the most lucrative market for the green solvents. The country is one of the leading consumer of solvents. Growing initiatives to reduce pollution and increase use of eco-friendly products by Chinese regulators is expected to make China a lucrative market for green solvents.
China has extra ordinary presence of end-use industries coupled with high presence of raw materials suppliers which makes the country a primary choice for the manufacturer to invest.
The country also offers various manufacture friendly policies which promotes industrialization in the country. Owing to which the country is anticipated to grow at high CAGR during the upcoming assessment period of 2021-2031.
Europe is another significant market for green solvents similar to North America. Various environment protection agencies and regulatory bodies promote the use of eco-friendly products in the region. High awareness towards environment protection among industrial consumers is fuelling the demand in the region.
Extra-ordinary investment in bio-based industries by public as well as private sector across the region over some recent years is expected to benefit the market over the forecast period.
In addition, the region is well known for its industrial presence and research and development capabilities. This factors promotes the growth of manufacturers in the region.
Key manufacturers or suppliers include
Key manufacturers are engaged in research and development of bio-based solvents that are cost efficient in production and provides high or same properties & performance as that of conventional solvents.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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