Bio-solvents are chemical compounds with a low environmental impact that come from agricultural sources. They are produced by processing crops including corn, sugarcane, lactic acid, refined glycerin, bio-succinic acid, and soybean oil. Two of the most popular green and bio-solvents are those based on water and hydrocarbons. They have a number of beneficial qualities, including a high boiling point, little smell, easy recycling, and low toxicity. When manufactured and handled, they release fewer volatile organic compounds (VOCs) than conventional petrochemical-based solvents do. Therefore, they have a wide range of uses for numerous end products.
Bio-Solvents
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The market is expected to grow further as a result of the wide applications of bio-solvents in the manufacture of various end products owing to their better characteristics. In comparison to conventional solvents, bio-based solvents perform better and have better viscosity, polarity, density, and other characteristics. Hence, bio-solvents are used in the production of paints and coatings globally. For instance, in terms of production volume and total value, the Indian paint sector had grown by roughly 13 and 16 percent, respectively, in 2019. Owing to the expansion of the real estate and automotive industries, the demand for paints and coatings is anticipated to increase further. Therefore, it is anticipated to surge the growth of the global bio-solvents market.
The global bio-solvents market is also estimated to grow majorly on account of the following:
- Increased application in pharmaceutical industries
- The growing food & beverage sector increases the demand for bio-solvents
- Elevating demand for biobased solvents owing to the rigorous guidelines for businesses to prevent pollution.
- Rising need for the production of cosmetics
Bio-Solvents
The main constraints impeding market growth include high production costs, manufacturers' sluggish adoption of bio solvents, and worries about edible feedstock driving up food costs in the food sector. Hence, these factors are expected to be the major hindrance for the growth of the global bio-solvents market during the forecast period.
Global Bio-Solvents Market Segmentation
- By Type (Bio-Alcohols, Glycols, Esters, and Others)
Given that it is replacing industrial solvents for many end users, the bio-alcohols segment is predicted to hold a significant market share by the end of 2035. It is predicted that the adoption of bio-alcohols as cleaners and disinfectants, particularly on the back of COVID-19, will accelerate the segment's growth. For instance, in March 2020, disinfectant sales in the US state of Washington soared by a staggering 1,325 percent. Whereas, in Florida, the purchase of cleaning wipes increased by over 1,200% during the pandemic in 2020.
- By Application (Paints & Coatings, Adhesives & Sealants, Printing Inks, and Others)
- By End-User (Automotive, Pharmaceutical, Others)
- By Region
The market in the North America region is anticipated to expand significantly over the forecast period as a result of growing environmentalism among the populace and the use of biofuels and bio solvents by chemical, paints & coatings, ink, and other product producers. According to the United States Energy Information Administration, the United States’ biodiesel production accounted for 1.8 billion gallons in the year 2020 and imports equalled to 197 million gallons. Additionally, it is predicted that increasing the use of bio-solvents in the pharmaceutical sector will spur market expansion in the region.
The market research report on global bio-solvents also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Bio-Solvents Market
Some of the key players of the global bio-solvents market are Archer Daniels Midland Company, Stepan Company, Solvay S.A., GF Biochemicals, The Dow Chemical Company, India Glycols Ltd., Liberty Chemicals srl, DuPont de Nemours, Inc., BASF SE, Vertec Biosolvents Inc, and others.
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