Biosolvents to Experience Faster Market Growth than Fossil-Derived Counterpart

Expansion Attributed to Government Desire to Reduce Carbon Dioxide Emissions and Dependence on Oil-Based Products

February 08, 2019

WELLESLEY, Mass., Feb. 08, 2019 – Due to increasing demand from manufacturers of printing inks, cleaning products, pharmaceuticals, foods and adhesives, the global market for green solvents has exhibited impressive growth, especially in comparison to the fossil-derived solvents market.

In 2018, the global market for green solvents was worth $3.9 billion. BCC Research predicts that this market will increase to $5.9 billion by 2023, indicating a compound annual growth rate (CAGR) of 7.0%, according to the report “Green Solvents: Technologies, Emerging Opportunities and Markets.” In contrast, the global fossil-derived solvents market is forecast to see just a 1.2% CAGR over the forecast period.

Major players in the industry include: 3M (MMM), Akzo Nobel (AKZOD), Procter & Gamble Co. (PG), Roche (RHHBY) and Solvay (SOLVY).

Research Highlights

• By product, bioethanol is the largest segment of the global green solvents market, with a 64% share of the 2017 global green solvent market in terms of value.
• By country, the U.S. is the largest segment, with a 29.1% share of the 2017 global market in terms of value. By region, Asia is the largest segment, with a 32.2% share of the 2017 global market in terms of value.
• By application, cosmetics is the largest segment, with a 19.5% share of the 2017 global market in terms of value.

“Rising concerns about the sustainability and chemical toxicity of solvents, as well as external regulatory pressures, are driving global demand for green solvents,” said BCC Research analyst and report author Jason Chen. “Currently, the main green solvent materials used in the market include bio-based alcohols/diols/triols, fatty acid methyl esters, lactate esters and d-limonene. Custom blends of the biosolvent materials are also often produced for industrial and domestic uses.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Green Solvents: Technologies, Emerging Opportunities and Markets( CHM087A )
Publish Date: Jan 2019    

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