Zion Market Research has published a new report titled “Bio-Solvents Market (Alcohols, Glycols, Diols, Lactate Esters, D-Limonene, Methyl Soyate & Others) for Industrial & Domestic Cleaners, Paints & Coatings, Adhesives, Printing Inks & Other Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”.According to the report, global bio-solvents market was valued at USD 6.01 billion in 2016, is expected to reach USD 9.43 billion in 2022 and is anticipated to grow at a CAGR of 7.8% between 2017 and 2022.
Bio-solvents are solvents made from naturally occurring resources such as plants, fruits, seeds and other. Bio-solvents are non-emitting VOCs (Volatile Organic Compounds), and their properties are low miscibility, low toxicity, and biodegradable. Bio-solvent products have been considered as an alternative to conventional solvents. As they bear a close resemblance to existing petroleum derived solvent products, bio-solvents can be readily absorbed into the fine chemical industries.
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High demand for bio-solvents in different end user industries is expected to upsurge the bio-solvents market in the near future. Furthermore, eco-friendly nature and low volatile organic compound (VOC) content emission than conventional solvents are expected to boost the market within the forecast period. However, its high production cost may limit the market growth in near future. Nevertheless, shifting government rules and regulations for rising environmental awareness would give many significant opportunities for the growth of the bio-solvents market in coming years.
The bio-solvents market is segmented on the basis of type, application, and region. On the basis of type, segment market is classified into alcohols, glycols, diols, lactate esters, d-limonene, methyl soyate, and others. In 2016, lactate ester was a major type segment on account of the growing demand for printing inks, coatings, and industrial applications. The glycol solvents are expected to register the highest growth owing to its increasing penetration in ends user industries such as automotive coatings, industrial coatings, paints and printing inks. Moreover, it's slow evaporation rate and high blush resistance is driving its demand over other solvents. On the basis of application, the bio-solvents market is segmented as industrial & domestic cleaners, paints & coatings, adhesives, printing inks, others. Paints & coatings emerged as the largest application segment accounting for a major chunk of the global market in 2016.
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In 2016, North America was the largest market for bio-solvents followed by Europe. High level of awareness regarding health and environmental effects of conventional solvents coupled with stringent environmental regulations lead to higher market share in the region. Furthermore, robust improvement in the U.S. & the Mexican construction industry is expected to further boost the market growth in the forecast period. Asia Pacific is expected to register a significant growth rate on account of growing automotive and construction industries. In addition, rapid industrialization in developing markets of India and China is expected to drive bio-solvents demand in the region.
The bio-solvents industry remains fragmented, with the presence of a large number of companies. Key players profiled in the report include Archer Daniels Midland Company , BASF SE , Bioamber Inc , Huntsman Corporation , Dupont , DOW Chemical Company , Vertec Biosolvents Inc , Florida Chemicals Company Inc , Cargill Inc , Solvay , LyondellBasell , Gevo , Galactic , Myriant , and Pinova Holdings INC among others. The key players are taking active measures to develop their product portfolio, and escalate the production capabilities to a strong position in the global market.
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