Global Bio-based Solvent Market: Introduction
A shift towards bio-based economy creates huge demand for bio-based solvents across numerous industries. Bio-based solvents are more environment friendly, less hazardous, obtained from renewable feed-stock, having recyclability using eco-efficient procedures, and have relatively higher biodegradability without producing toxic metabolism, etc. Furthermore, bio-based solvents exhibit better performance & properties – viscosity, polarity, density, etc. as compared to conventional solvents.
Based on these properties, bio-based solvents finds wide range of applications across paints & coatings, adhesive & sealants, polymer manufacturing, chemical industry, cosmetic, pharmaceuticals, and among other applications.
Global Bio-based Solvent Market: Market Dynamics
Growing regulatory scrutiny and increasing public awareness surrounding issues such as health and environment are stimulating demand for bio-based solvents in paints and coatings and among other industries. The harmful volatile organic compounds emitted by various synthetic solvents are a cause of increasing concern in the industry and bio-based solvents are looked at as a suitable solution for this problem. Further, the need to decrease fossil dependence in the downstream sectors is expected to boost the global bio-based solvents market over the assessment period.
Various organizations such as the US Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB) and South Coast Air Quality Management District (SCAQMD) work in a direction to set restrictive limits on the Volatile Organic Compound (VOC) content in architectural and industrial maintenance (AIM) coatings. To reduce the VOC emission, manufactures of paints and coatings are demanding bio-based solvents. This is expected to fuel the global bio-based solvents market by end of forecast period. However, availability of substitutes such as dihydrolevoglucosenone, dipolar aprotic solvents, etc. act as high threat for the global bio-based solvents market.
Sustainability is key trend for global bio-based solvents market. Businesses are regulated to prevent pollution and to keep their own carbon emissions low. There are incentives to installing renewable power sources in our homes and businesses. This factors can act as key trends for the global bio-based solvent market.
Global Bio-based Solvent Market: Market Segmentation
The global Bio-based Solvent market segmented into four segments – product type, applications, end-use, and regions. On the basis of product type, the global bio-based solvent can be segmented as mentioned below:
On the basis of applications, the global bio-based solvent can be segmented as mentioned below:
On the basis of end-use, the global bio-based solvent market can be segmented as mentioned below:
Global Bio-based Solvent Market: Regional Outlook
Geographically, the global bio-based solvent can be segmented into – North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. Increasing environment concerns across the globe especially in North America and Europe regions, the inclination towards bio-based solvents is anticipated to upsurge. Attributing to this factor, North America and Europe collectively holding more than one-fourth market share in the global bio-based solvent market. Further, rising infrastructure activities across Asia Pacific region especially in China, Malaysia, Indonesia, Thailand, India, etc. is expected to boost the market growth in South and East Asia regions.
Furthermore, in Middle East & Africa, manufactures are emphasis on low carbon economy and sustainable primary production in region is witness healthy growth in the bio-based solvents market.
Global Bio-based Solvent Market: Industry Participants
The global market for bio-based solvent is estimated to be fairly fragmented due to the presence of major as well as international manufactures of bio-based solvents. Few of them identified across the value chain of the global bio based solvents market which is –
The research report on the Bio-based Solvent Market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Bio-based Solvent market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, product type, application, grades.
The report covers exhaustive analysis on:
Regional analysis includes:
The global Bio-based Solvent market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.