Global Green Solvents Market is anticipated to grow significantly in the coming years owing to the developments in the solvent sector and increasing applications of green solvents in several industries. Green solvents are the bio solvents derived from agricultural crops. They comprise properties that are used for the development of green and efficient chemical processes. They are increasingly gaining importance due to their eco-friendly nature, which is also an alternative to the petrochemicals. These are widely used in analytical chemistry, synthetic chemistry, and crystallization in the chemical industry.
The major driver of green solvents market is increasing focus of manufacturers for green solvents due to low release of volatile organic compound content than traditional solvents. Moreover, increasing spending power of consumers, developing metal, automotive, and construction industries, and growing infrastructural developments are also fueling the market growth. However, significant prices of bio-solvent production process due to restricted technological advancements are hampering the market growth.
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Increase in demand from the developing economies, favorable government protocols, and steady increase in demand for soy-based solvents are some of the trends observed in the market. Moreover, technological developments to introduce effective production techniques and scope of application in cosmetics and pharmaceuticals industry are expected to offer opportunities in the market.
Green solvents market is categorized on the basis of product type, source, application, and geography. On the basis of product type, market is divided into alcohols, esters, glycols & diols, D-limonene; etc. Esters segment is expected to lead the market since it is comparatively economical and holds wide application.
Based on source, the market is split into bio & green solvents and petrochemical-based solvents. Bio & green solvent segment is expected to hold larger share of the green solvents market due to its eco-friendly nature and increasing preference by manufacturers.
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In terms of application, market is bifurcated into printing inks, paints and coatings, industrial & domestic cleaning, adhesives & sealants. Paints and coating segment is expected to lead the market due to growing awareness among consumers for environment-friendly products.
Geographically, market is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market owing to the increasing development in the construction industry and high penetration for eco-friendly products. Asia Pacific region is also expected to hold significant share of the market owing to huge market size and potential growth expected in future.
The key players in green solvents market include Archer Daniels Midland Company, Cargill Incorporated, VertecBiosolvents, Hunstman Corporation, Akzo Nobel NV, The DOW Chemical Company, BASF SE, Bioamber Inc., Florida Chemical Company Inc., ShenzenEsun Industrial Company Ltd., Pinova Holdings Inc., Genomatica Inc., Cremer Oleo Gmbh & Company KG, Myriant Corporation, E.I. Du Pont de Nemours & Co., Finasucre S.A., and Gevo Inc.
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