PORTLAND – Big Market Research has added a new report covering the global green/biobased solvents market. The report, titled World Green/Bio-Based Solvents Market - Opportunities and Forecast, 2014-2020, offers in-depth industry insights with short- and mid-term impact analysis of key drivers, restraining factors and growth opportunities of the market. It provides an industry overview that evaluates key investment factors in applications and geographies. According to the report, the green/biobased solvents market volume is expected to reach 3,321 kilo tons by the end of 2020, registering a compound annual growth rate (CAGR) of 4.3 percent for the 2015 to 2020 period.
Green solvents are biobased solvents derived from different agricultural sources, which include corn, sugarcane, lactic acid, refined glycerin, bio succinic acid and vegetable oils, among others.
Volatility in global crude oil prices and the lower percentage of VOCs in biobased products are the major factors driving the growth of the biobased market globally. The increasing application of green solvents among various end users, such as paint and coatings and inks used for printing, is another factor that is driving market growth. Green solvents also find increasing applications across different construction activities, and the automobile and consumer goods industries.
Among various types, the ester solvents segment showed the largest consumption in 2014 and will continue to do so within the forecast period. Features such as a good solvency rate, high market availability and lower pricing compared to other green solvents have increased market demand for ester solvents. Among applications, domestic cleaner and industrial applications will register a CAGR of 7.3 percent, which is highest in terms of volume, within the 2015-2020 period. Among application segments, the paint and coatings segment accounted for a 44 percent share of the overall green solvents market and is expected to maintain this trend through the forecast period.
Europe and North America combined accounted for around 70 percent of market share in 2014 and will remain at that level for the forecast period. Favorable government regulations and the rapid adoption of cutting-edge technologies are key factors responsible for market growth in these regions. Inclination towards adopting environment-friendly products among consumers and stringent environmental regulations relating to VOC emissions of synthetic solvents will boost market demand in North America. However, Asia-Pacific is expected to be the fastest growing segment amid the forecast period, mainly due to rising industrial activities.
The report notes that expansion and partnership/collaboration are the dominant developmental strategies expected to be used by key market players to consolidate their presence in the market.
For more information, visit www.bigmarketresearch.com/green-solvents-bio-solvents-market.