Biosolvents Market to be dominated by North America through 2027
The growing popularity of
bio-fuels and increasing penetration of biosolvents across key end-user
industries are expected to drive the demand for the global biosolvents market
in the forecast period, 2023-2027.
According to TechSci Research
report, “Biosolvents Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global biosolvents market
is anticipated to witness moderate growth over the forecast period, 2023-2027.
The market is driven by the rise in health and environmental concerns regarding
the use of synthetic solvents and increasing awareness about environmentally
sustainable goods. Usage of conventional solvents has an adverse impact on both
human health and the environment. They can cause air, land, water, and noise pollution
as they emit hazardous materials like volatile compounds, greenhouse gases
emission, and heavy metals that can influence human health and other species.
They have accelerated the demand for biosolvents. Biosolvents are derived from
agricultural sources, including lactic
acid,
corn, sugarcane, refined glycerin, soyabean oil, and bio-succinic acid, among
others. They offer several benefits over the traditional solvents, such as
worker safety, biodegradability, reduced toxicity, and are environment
friendly. They are highly effective and do not release the same number of
volatile organic compounds during manufacturing. Biosolvents enhance worker
safety as they are non-corrosive, noncarcinogenic, and nonozone-depleting in
nature.
The growing bio-based
chemical industry is expected to generate a number of intermediate chemicals
for the production of bioplastics. They are also expected to be used in the
production of solvents as their petrochemical counterparts. Large volumes of
biofuels are expected to create growth opportunities for bio-based solvents
such as bio-diesel and glycerol, amongst others. Furthermore, rapid
industrialization, favorable government regulations, and growing investments by
the market players are expected to contribute to the global biosolvents market
growth.
However, the high production
cost of biosolvents and the complex production process may restrain the global
biosolvents market growth in the forecast period.
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on "Global
Biosolvents Market"
The global biosolvents
market is segmented into type, application, regional distribution, and
competitive landscape.
Based on type,
the global biosolvents market is divided into alcohols, diols & glycols,
esters, and others. Esters are expected to capture the highest market share in
the forecast period, 2023-2027. The rise in awareness about the benefits of
personal hygiene habits is driving the segment growth. Biosolvents are used as
an intermediate in manufacturing industrial cleaning agents, detergents, and
other products. The high demand for esters to be used in printing inks,
coatings, and industrial and other end-user applications is expected to bolster
the global biosolvents market growth in the coming years.
Based on
application, the global biosolvents market is divided into industrial &
domestic cleaners, paints & coatings, adhesives & sealants, printing
inks, and others. Paints & coatings are expected to account for a
significant market share in the forecast period, 2023-2027. The booming
automotive and construction industries and the rapid population and economic
growth are driving the segment demand. The rise in environmental concerns and
the high demand from end-user industries are expected to fuel the demand for
environment-friendly solvents or biosolvents in the coming years.
Major market players
operating in the global biosolvents market are:
·
Archer
Daniels Midland Company
·
BASF
SE
·
Solvay
SA
·
CREMER
OLEO GmbH & Co. KG
·
Vertec
Biosolvents Inc.
·
Cargill,
Inc.
·
Stephan
Company
·
Corbion
NV
·
Dow
Inc.
·
GF
Biochemicals Limited
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“North America dominates the
global biosolvents market and is expected to maintain its dominance over the
forecast period, 2023-2027. The presence of a large number of market players in
the region, such as Cargill Incorporated and The Dow Chemical Co., has advanced
product research and development capabilities to produce cost-effective and
environment-friendly solvents. Increasing demand for environment-friendly
solvents and the ongoing technological advancements to meet stringent
regulations on VOC emissions from solvents are expected to propel the global
biosolvents market growth till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Biosolvents Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented
By Type (Alcohols, Diols & Glycols, Esters, Others), By Application
(Industrial & Domestic Cleaners, Paints & Coatings, Adhesives &
Sealants, Printing Inks, Others), and By Region”, has evaluated the future
growth potential of global biosolvents market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global biosolvents market.
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