Solvents are chemical substances that find commercial application across a diverse set of industries. Solvents are ubiquitous in that several million tons of these are used annually across industries ranging from paints & coatings, textiles, plastics & rubber, pharmaceuticals, oil & gas, construction, chemical synthesis, among others. Global solvents market is characterized by dominance of conventional petroleum feedstock based solvents across aforementioned industries. Such wide-scale use of these petroleum based solvents is reported to have engendered significant environmental ill-effects. Thus, growing environmental concern, over the past decade, has prompted regulatory authorities to implement stringent regulations directed towards addressing the menace of such harmful chemical substances. Bio-based solvents or simply bio-solvents, unlike petroleum based solvents, are produced using green, environmentally friendly feedstock and hence are carbon neutral, free from volatile organic compounds (VOCs), non-toxic and sustainable alternatives for application across industries. The commonly used feedstock for production of these bio-solvents include cellulose, sugars, oils & fats, agricultural products, among others.
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Global bio-solvents market is expected to witness robust growth during forecast period. Over recent past, there have been significant advances in development of sustainable bio-solvents that are efficient and efficacious as compared to petroleum based solvents, moreover, such developments are expected to gather momentum over the forecast period. This, coupled with increasing adoption and penetration of these bio-solvents across key end use industries is expected to drive growth of global bio-solvents market during forecast period. Also, steady growth of key end use industries such as paints & coatings, industrial cleaning, agrochemicals, textiles & printing inks, and adhesives & sealants, among others especially across developing regions of the globe is expected to further propel the market for bio-solvents during forecast period. However, concerns as regards the effectiveness of these alternative solvents vis-a-vis comparative grades of petroleum based solvents is one of the factors that is likely to impede the growth of global bio-solvents market during initial part of forecast period. Also, relatively less stringent or absence of regulations pertaining to use of sustainable alternatives coupled with lack of awareness regarding such alternatives is likely to act as an impediment to growth of global bio-solvents market during forecast period. Also, relatively higher prices is another factor that is likely to affect the adoption of bio-solvents in certain parts of the globe during forecast period.
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