Global bio solvents demand was 2,505.5 Kilotons in 2013. It is expected to grow at 5.2% CAGR from 2014 to 2020. The global market will continue to be driven by fluctuating petrochemical prices and growing health concerns from VOCs in conventional solvents. REACH, EPA and DEFRA have imposed strict regulations regarding the toxicity conventional solvents. This has led to a shift towards biosolvents. This trend is expected have a positive effect on global market growth.
Paints and coatings use solvents to dissolve various compounds. This makes it more suitable for the intended application. Solvent-based paints dry quicker than other types, while maintaining a higher production rate. The use of bio-solvents has been increasing due to increased health concerns and stringent government regulations about VOC emission. Bio solvents are becoming more popular due to their easy-to-use and eco-friendly nature.
Global market growth will be further driven by the increased penetration of bio solvents in paints, coatings and printing inks. Paints & coatings demand will be driven by the growth of the construction and automotive industries in emerging countries of Asia Pacific, Latin America and Latin America due to urbanization and industrialization. The market's growth is expected to be further boosted by a growing paints & coats market. The demand for bio solvents will continue to grow as people become more aware of the dangers of traditional solvents in personal and pharmaceutical products.
Market participants will be able to benefit from the widespread R&D that is being done to expand bio solvents' application in cosmetics and pharmaceutical applications. Market entrants have been hindered by high production costs for bio solvents. These challenges will be overcome by technological advances and product innovation over the forecast period.
The report segments bio solvent products into lactate esters, soy methyl esters, alcohol, and glycols among others such as d-limonene, diols, and polyhydroxyalkanoates. The market volume for lactate ester was 30.04% in 2013. The market is expected to grow due to the increasing demand for lactate ester solvents in coatings, printing and industrial applications.
Glycol solvents will experience the greatest growth due to its increased penetration in paints, automotive coatings and printing inks. Glycol solvents are preferred because of their slow evaporation and high resistance to blushing.
The market for bio solvents can be divided into three categories based on their application: paints & coatings adhesives & sealants and printing inks. There are also niche applications like pharmaceuticals and cosmetics. Paints & coatings demand will rise due to rising construction spending in emerging markets like Brazil, China and India. Bio solvents demand will be driven by a shift in the trends to use eco-friendly paints and a growing construction industry.
Paints and coatings was the most popular application segment, with 1,106.5 kilo tonnes of demand in 2013. The major driver of bio solvents demand has been the growing demand for paints and coatings in the construction and automotive industries. The fastest-growing segment of bio solvent applications is expected to be adhesives & sealants, growing at a CAGR of 5.3% between 2014 and 2020.
North America was the largest bio solvent consumer, accounting for 34.97% in total market volume. This market is characterised by high awareness about the environmental and health effects of conventional solvents, as well as strict environmental regulations. The U.S. government is increasing spending on public infrastructure to increase paint & coatings consumption, which is expected to boost North American biosolvents market demand over the forecast period.
Due to the growing construction and automobile industries, Asia Pacific is expected to experience significant growth. The rapid industrialization of emerging markets like India and China is expected to increase adhesives and sealants demand. The Asia Pacific market is expected to grow due to this trend and growing concern about the degradation of conventional solvents.
The global market is highly concentrated, with the top four companies holding more than 60% market share in 2014. The Dow Chemical Co. and AkzoNobel N.V. are major players in the global market. du Pont de Nemours & Co.; BASF SE. LyondellBasell BioAmber Huntsman Corp. Myriant Corp. Vertec Biosolvents, and Florida Chemicals.
Joint ventures and M&A are common in bio solvent product development and market positioning. The market will be more competitive due to the increasing number of small-scale producers in Europe, China and elsewhere. To improve production technology and expand application possibilities, companies are investing heavily in R&D.
Up Market Research published a new report titled “Bio Solvents Market research report which is segmented by Application (Adhesives & Sealants, Paints & Coatings, Printing Inks), by Product (Lactate Ester, Soy Methyl Ester, Alcohol, Glycols), By Players/Companies Myriant Corp, BioAmber, Huntsman Corp, AkzoNobel NV, The Dow Chemical Co, LyondellBasell, Vertec Biosolvents and Florida Chemicals, Cargill Inc, EI du Pont de Nemours & Co, BASF SE”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Bio Solvents Market Research Report |
By Application | Adhesives & Sealants, Paints & Coatings, Printing Inks |
By Product | Lactate Ester, Soy Methyl Ester, Alcohol, Glycols |
By Companies | Myriant Corp, BioAmber, Huntsman Corp, AkzoNobel NV, The Dow Chemical Co, LyondellBasell, Vertec Biosolvents and Florida Chemicals, Cargill Inc, EI du Pont de Nemours & Co, BASF SE |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 218 |
Number of Tables & Figures | 153 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Adhesives & Sealants, Paints & Coatings, Printing Inks), by Product (Lactate Ester, Soy Methyl Ester, Alcohol, Glycols).
Bio Solvents Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Bio Solvents Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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