Green Solvents: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Green solvents, also known as biosolvents, are environmentally beneficial solvents that come from the processing of agricultural commodities. The majority of chemical processes rely heavily on petrochemical solvents, however doing so has negative environmental effects. As an eco-friendlier substitute for petrochemical solvents, green solvents were created. For instance, a green solvent made from the processing of maize is called ethyl lactate.

Market Insights

Commercially available green solvent materials include d-limonene, fatty acid methyl esters (mostly methyl soyate), lactate esters (most commonly ethyl lactate), bio-based alcohols/diols (for example, bio-based glycols)/triols (for example, glycerol), and several others. To accomplish a certain combined aim of cost, function, and performance, these materials can either be employed directly as solvents or mixed with other materials in a solvent formulation.

Due to rising consumer awareness and environmental concerns, leading applications are anticipated to include cosmetics, printing inks, paints & coatings, and cleaning. The use of green solvents in formulations is growing across the U.S., Europe, and other continents and nations. Manufacturers frequently create unique mixtures of the aforementioned bio solvents. For instance, Vertec Bio solvents Inc. produces specialized mixes of bio solvents that are principally based on ethyl lactate (a lactate ester), fatty acid methyl esters, d-limonene, and bioethanol.

Asia consumes more solvent materials than any other region in the world each year in terms of volume. China alone is responsible for nearly 60% of all the solvent materials used in Asia. Green solvents only make up a small portion of the market in Asia, where the majority of solvents are still made from fossil fuels. About 9% of the solvents used in Asia in 2022 will be bio-based, which is significantly less than the percentage used in North America and Europe. However, Asia continues to be the world’s top location for both volume and dollar use of green solvents.

Green solvent is viewed as one means to achieve these aims. Governments and industry all over the world are looking for ways to minimize carbon dioxide emissions as well as their dependence on oil-based products. Growing environmental concerns and encouragement from the makers of paints, coatings, cosmetics, and many other products have recently given green solvents a significant boost.

Supply of green solvents increases as demand rises. The use of bio-based products as solvents in numerous industries is being promoted by many firms. Bioethanol is commonly regarded as an essential solvent element in the personal care and cosmetics industries. By substituting bio-based low volatile organic compounds (VOCs) for traditional solvents, the paint and coatings industry aims to have a smaller negative impact on the environment. Demand for various kinds of green solvents is also rising among producers of printing inks, cleaning supplies, pharmaceuticals, foods, adhesives, and other goods. Over the next five years, all of these factors will cause the global market for green solvents to expand at a CAGR of 7.4%.

Market Dynamics: Drivers

Growth in Printing Inks Market

As methyl soyate and propanol-based solvents continue to gain ground as alternatives to hydrocarbons, changes in demand within the huge printing ink market will also be impacted by this trend. The following are some examples of green solvents that have been utilized to replace compounds produced from fossil fuels:

• Solvents based on soy and propanol continue to gain popularity as alternatives to hydrocarbons in the production of green inks.
• Inks frequently use the green solvent materials glycerol and solketal.
• The creation of green inks also uses ethyl lactate as a solvent.

Market Dynamics: Challenges

Solvent-Free Trends

In order to employ less solvents, solvent-free technologies are used in a variety of applications, particularly for paints and coatings. These technologies, such as waterborne, powder coating, and radiation curing, will discourage the use of solvents derived from fossil fuels and biomass.

Market Segmentation

• Based on Material, the Global Green Solvents market is segmented into
  • Bio-based alcohols/glycols/diols
    • Bioethanol
    • Biobutanols
      • Bio-based n-butanol
      • Bio-based isobutanol
    • Glycerol and derivatives
    • Bio-PG
    • Other
  • D-limonene
  • Fatty acid methyl esters
  • Lactate esters
    • Ethyl lactate
    • Other
  • Others
• Based on Application, the Global Green Solvents market is segmented into
  • Cosmetics
  • Paints & Coatings
  • Printing Inks
  • Cleaning
  • Pharmaceuticals
  • Adhesives
  • Food
  • De-icing
  • Other
• Based on Sales Channel, the Global Green Solvents market is segmented into
  • Direct
  • Retail
  • Others
• Based on Geography, the Global Green Solvents market is segmented into
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar, while the market volumes are given in tons.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

 Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Green Solvents Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Green Solvents Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Green Solvents Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Green Solvents Market study?