A solvent is generally any liquid (could be solid or gas also), which has the capacity to dissolve a substance (solute) in it resulting in the formation of a solution. The solvent market has seen a rise in the last few years, which has caused high levels of toxic emission in the atmosphere. Traditional solvents emit VOC (volatile organic compounds) and are being increasingly used in paints, aerosol, and in other similar industries. With environmental regulations to lower the emissions of VOC and bio-solvents or green-solvents have seen a growth in the past few years.
The bio-solvent market is segmented based on applications such as paints and coating, adhesive, pharmaceuticals and cosmetics, and printing ink. Based on product type, bio solvents are categorized as soy methyl esters, lactate esters, specific fatty acid esters, D-Limonene, and polyhydroxyalkanoates. Based on geography, the bio-solvent market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The primary reasons for the growth of the bio-solvents market is the increased demand for its applications like paints, and coating and printing inks.
Developing countries like India, China, Brazil, and Russia are heavily contributing to the growth in the application market. Moreover, increased environmental awareness is shifting consumer preference towards bio-based and greener products. Since bio-solvents are VOC free, the consumers are not at risk of being exposed to harmful chemicals and this is an important reason for the growth of this market.
The only point of concern for the market is cost effective production. Currently, due to limited technological expansion in the bio-solvent production process, the cost is much higher than the one involved in the production process of traditional solvents and this is acting as a major restraint for the market. The biggest opportunity lies with improving the technology to produce cost effective methods of production. There is also a great scope in applications like pharmaceuticals and cosmetics as these markets are expected to grow owing to the increasing population and disposable income of countries like India and China. Some of the key players in this market include Vertex BioSolvents Inc, Cytosol BioSolvents, Rhodia, Liberty Chemicals , and American National Bio Solvents LLC.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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