Green Solvents Market

Green Solvents Industry Outlook

As per rigorous research by ChemView Consulting, our analysts forecast that the global green solvents market is set to reach a valuation of US $4894 million and will grow at a 7.3% CAGR during the period 2023–2033.

Key Findings on the Green Solvents Market

1. Which is the largest market for green solvents?

The biggest market for green solvents is Europe. As per our analysis, Europe holds nearly 28.3% share of the green solvents market.

2. What is the largest application segment within the green solvents market?

As per ChemView Consulting, the largest segment by application is paints and coatings. As per our analysis, this segment accounts for nearly 37% of total revenues.

3. At what rate is the green solvents market expected to grow?

The green solvents market is expected to grow at a CAGR of 7.3% during the period 2023–2033.

4. What are the major trends influencing the green solvents market?

• Industry Collaboration: Partnership among stakeholders, including government agencies, academia, and industry participants, is promoting innovation and the adoption of green solvents.
• Sustainability: Growing awareness of sustainability and the demand for renewable and biodegradable solvents is driving the market towards greener solutions.

5. Who are the leading players in the green solvents market?

The key companies in the green solvents market are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.

Key Drivers for Green Solvents Demand

• Growing consumer awareness of environmental issues is boosting demand for environmentally friendly products and practices. This awareness is driving demand for green solvents in a variety of consumer goods, such as household cleaners, personal care products, and others.
• In addition, ongoing research and development activities are developing new, more efficient green solvents. These advancements improve the performance of green solvents and expand their range of applications, driving market growth.
• Furthermore, as the production and extraction techniques for green solvents improve and become more cost-effective, industries are more likely to adopt them. Reduced costs make green solvents a more attractive option for businesses.

Key Challenges Inhibiting Demand for Green Solvents

• Some green solvents may not be as effective as traditional solvents in certain situations. This performance gap might be an issue, especially in industries where precision and efficiency are crucial.
• Moreover, green solvents, particularly those derived from renewable resources, may have limited availability owing to factors like seasonal changes and limited sources. This might hinder their wider acceptance.

Key Challenges and Opportunities for Green Solvent Manufacturers

• Adhering to evolving and stringent environmental regulations and industry standards is crucial. Navigating compliance standards and staying up-to-date on new rules in several places can be difficult.
• However, manufacturers can explore international markets where green solvent adoption may be growing at a faster rate. Understanding the specific needs and regulatory environments of different countries can help identify export opportunities.

Country/Region-wise Insights

US Green Solvents Market Forecast 

• Strict government restrictions and programs targeted at lowering volatile organic compound (VOC) emissions in the US market are projected to observe significant growth in the estimated period.
• Additionally, advancements in green chemistry and the development of innovative, sustainable solvents are attracting investments and fueling research and development efforts in the sector.

Europe Green Solvents Market Outlook 

• Increasing environmental awareness and stringent regulations aimed at reducing the carbon footprint in Europe are anticipated to drive sales in the market over the assessment period. Europe is likely to remain the largest market for green solvents, holding a substantial share of approximately 28.3% in 2023.
• In addition, the region’s dedication to a circular economy, as well as the adoption of green practices across various sectors, will drive the use of green solvents even further.

Japan Green Solvents Market Forecast

• Increasing awareness and emphasis on sustainable and environmentally friendly solutions in Japan is anticipated to drive market growth over the forecasted period.
• In addition, stringent government rules and policies encouraging the use of environmentally friendly products have significantly influenced the adoption of green solvents within various industries.

China and India Green Solvents Market Forecast

• The shift towards cleaner and greener technologies in various industrial processes in China and India is anticipated to fuel the market over the forecast period.
• In addition, the increased investments in renewable energy and environmentally friendly technology by China and India are projected to promote the use of green solvents across a variety of industries.

Green Solvents Market Outlook and Forecast by Segmentation

By Type 

Based on type, the lactate esters segment is expected to remain at the forefront of green solvents market share over the assessment period. The growth is mainly because they are obtained from renewable resources such as corn or sugar beets. They are biodegradable and have a lower environmental impact than many traditional solvents, which makes them appealing to industries and consumers seeking to decrease their carbon footprint.

Furthermore, lactate esters have lower volatility and vapor pressure than other conventional solvents. This property can help to minimise VOC emissions into the atmosphere, resulting in enhanced air quality and compliance with environmental standards.

By Application

Based on application, the paints and coatings segment is set to account for 37% of the green solvents market share over the assessment period. The growth is because people are becoming more environmentally conscious and actively seeking products that are less hazardous to the environment and human health. Manufacturers of paints and coatings are responding to this need by incorporating green solvents into their formulations in order to sell their products as environmentally friendly.

Furthermore, organizations in the paints and coatings industry are always seeking ways to obtain a competitive advantage. Using green solvents can be a competitive advantage and market differentiator, allowing businesses to position themselves as sustainability leaders.

Which Company Owns the Largest Share in the Green Solvents Market?

The key companies in the green solvents market are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.

Recent Developments:

• In March 2023, The University of York teamed up with Circa Group, a sustainable chemicals company, to establish the CRCI (Circa Renewable Chemistry Institute). The new institute’s goal is to develop and market natural goods that are safer and more sustainable for the chemical industry.
• In April 2022, Solvay, a Belgian multinational chemical company, announced the creation of the excellently eco-friendly next-generation solvent, Rhodiasolv® IRIS. Formerly manufactured in China, this solvent will soon be manufactured at Solvay’s Melle plant in France, beginning in 2023.
• In July 2021, Merck, a leading science and technology company, announced the introduction of a new line of complimentary green solvents for use in photolithographic processes in semiconductor production.

As per our analysis, the companies that hold the largest share of the market are

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BASF SE

Founded in 1865 and headquartered in Ludwigshafen, Germany, it is a multinational corporation and the world’s largest chemical producer.

AkzoNobel

Founded in 1994 and headquartered in Amsterdam, Netherlands, it is a multinational firm that produces paints and performance coatings for industry and consumers worldwide.

GF Biochemicals

Established in 2008 and with headquarters in Paris, France, it is a biochemical firm.

Dow Chemical Company

Founded in 1897 and with headquarters in Midland, Michigan, United States, the firm is one of the world’s top three chemical makers.

Cargill Incorporated

Founded in 1865 and with headquarters in Wayzata, Minnesota, United States, it is a multinational food corporation.

What Makes this Report More Insightful than Others?

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Summary

The green solvents market is projected to reach a significant value of US $4894.0 million by 2033, driven by a robust 7.3% CAGR during the period 2023–2033. Key industry players actively contributing to its growth are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.  The largest market segment by application is paints and coatings, while Europe emerges as the dominant region in this market.

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