Green Solvents Market Expected to Reach $13 Billion
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.