In 2021, the green & bio-solvents market stood at $3,128.5 million, and it is expected to generate $5,322.2 million in revenue by 2030, progressing at a rate of 6.1% CAGR, ascribed to the expansion of the industry due to rising health & environmental concerns of synthetic solvents. Moreover, the paints & coatings category generates revenue worth over $1 billion, due to the economic surge and population growth, resulting in the expansion of the automotive and construction industries. Both the industries are major consumers of paints & coatings. It is expected to experience snowballing demand for eco-friendly solvents in the near future.
The next-largest green & bio-solvents market share is acquired by adhesives, attributed to the growing requirement for the eco-friendly adhesives solution in both automotive and construction industries. Moreover, the population explosion in developing countries such as India & China leads to the advancement of major industries such as automotive, building & construction, and furniture resulting in an increased demand for bio-solvents.
The growing use of chemicals worldwide resulted in governments imposing multiple regulations to reduce the technologies used for paints and coatings manufacturing, resulting in the green & bio-solvents market propulsion. Synthetic solvents pose a great threat to the workers of factories. It includes various health risks such as eyes, nose, and skin irritation. Moreover, conventional solvents cause volatile organic compound emissions to the environment. Therefore, regulatory authorities are focusing on curbing the manufacturing of these solvents by controlling technologies used in their production. Companies are also investing to improve their production processes and hence reduce toxic emissions.
North America captures significant green & big-solvents market share, and it is expected to garner $2.0 billion in revenue by 2030, advancing at a rate of 6% during the forecast period 2021-2030, attributed to the dominance of the market players in the region such as Cargill Incorporated, and Dow Chemical Co., and Gevo Inc., that have developed capabilities for eco-friendly and cost-effective solvents with their advanced product research.
Thus, the demand for green & bio-solvents is rising to minimize the VOC emission to the environment caused by conventional solvents.
