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Research Nester published a report titled “Bio-Solvents Market : Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global bio-solvents market in terms of market segmentation by type, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global bio-solvent market is anticipated to attain a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of application into paints & coatings, adhesive & sealants, printing ink, and others, out of which, the paints & coatings segment is anticipated to hold largest market size over the forecast period on the back of increasing demand for paints in construction and automotive industries, backed by growing global population. On the basis of end-user, the pharmaceuticals segment is estimated to gain significant share owing to the increasing use of bio-solvents for making sanitizers and other disinfectants, as they do not cause any harmful effects and are recyclable.
The global bio-solvent market is estimated to grow on the back of increasing adoption of bio-fuels backed by increasing environmental awareness amongst people. Bio-fuels offer a cleaner and greener alternative for the petrochemicals, that cause air and water pollution, and are non-biodegradable. According to a study by the Environment Protection Agency (EPA), the use of biodiesel has the potential to reduce greenhouse gas emissions by 57% to 86%. Bio-solvents, such as, bio-alcohols and esters, are being highly used in pharmaceutical and chemical industries, as cleaners, paints and printing inks, amongst others. The mounting application of bio-solvents are estimated to boost the market growth.
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On the basis of geographical analysis, the global bio-solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to gain the largest share over the forecast period owing to increasing awareness among the major companies and the masses in the region regarding the use of bio-solvents in place of petrochemicals. According to the data by the U.S. Energy Information Administration, 44.38 million barrels of biodiesel were used in the U.S. in 2020.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Environmental Awareness to boost the Market Growth
Petroleum based chemicals produce toxins that are responsible for ozone layer depletion and air pollution, along with polluting water bodies with non-biodegradable chemicals. To overcome this, the bio-solvents, made of biomass, are being increasingly adopted by the end-user industries. This is expected to boost the market growth.
However, high cost of production is expected to operate as key restraint to the growth of the global bio-solvents market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global bio-solvents market which includes company profiling of BASF SE, Vertec Biosolvents Inc., Archer Daniels Midland Company, Stepan Company, Solvay S.A., GF Biochemicals, The Dow Chemical Company, India Glycols Ltd., Liberty Chemicals srl, and DuPont de Nemours, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio-solvents market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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