PORTLAND - According to a new report by Allied Market Research, titled World Green Solvents- Market Opportunities and Forecast, 2014-2020, the market for green solvents is projected to reach 3,321.4 kilotons by 2020, registering a CAGR of 4.3 percent during 2015-2020. The paint and coatings application segment contributed 43.6 percent to the green solvents market and is expected to maintain this trend during the forecast period.
Green solvents are bio-based solvents that are derived from various agricultural sources, such as corn, sugarcane, lactic acid, refined glycerine, bio-succinic acid and vegetable oils, among others. Volatility in crude oil prices, lower content of VOCs and the environment-friendly attributes of green solvents are the major factors fostering the growth of this market across the globe. Furthermore, increasing adoption of green solvents among end-users (including paint and coatings, printing inks and others), increased construction activities, and the automobile and consumer goods industries will also supplement market growth. High production cost due to capital-intensive production techniques coupled with heavy research and development investments are the major factors that will hamper market growth.
The ester solvents segment accounted for the highest consumption in 2014. It is expected this trend will continue going forward, primarily due to its high solvency rate, easy availability and lower pricing when compared to other green solvents.
The study found that the industrial and domestic cleaner application segment is projected to register the highest CAGR at 7.3 percent, in terms of volume, during the forecast period. The paint and coatings market is forecast to be the largest revenue-generating segment for the North America green solvents industry throughout the analysis period. The study also projects that solketal will be the fastest-growing segment in the alcohols, glycols and diols market during the forecast period. The lactate esters segment accounted for around one-fourth of the total consumption in the overall green solvents market in 2014. The study found that North America was the largest consumer of D-limonene across the globe in 2014.
North America and Europe collectively accounted for about 70.3 percent share of the market in 2014 and are expected to maintain that lead over the forecast period. Favorable government regulations and rapid adoption of innovative technologies are the key factors responsible for market growth in these regions. Rising environmental awareness among consumers and stringent environmental regulations on VOC emission of synthetic solvents have fostered demand for green solvents in North American. Asia-Pacific is projected to be the fastest-growing region during the forecast period. This is due to increasing industrial activities coupled with rising environmental awareness among consumers. China and Japan are the prime markets supplementing the growth of the Asia-Pacific green solvents market, owing to booming manufacturing sectors and favorable government initiatives.
For additional information about this report, visit https://www.alliedmarketresearch.com/green-solvents-bio-solvents-market.