A report on Green Solvent Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2023 and 2031. The report on Green Solvent Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter's five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.

Green Solvent Market Overview:

According to Reports and Insights analysis, the global Green Solvent Market is estimated to be US$ 2,028.2 Mn in 2022. Furthermore, the green solvent market to register a CAGR of 8.0% which is expected to result in a market forecast value for 2030 of US$ 3,740.8 Mn.

Derived from agricultural sources including sugarcane, corn, soybean oil, and other similar sources, Green solvents or Bio-based solvents possess minimum or zero toxicity. Owing to their super eco-friendly and non-hazardous nature, these solvents are used as intermediates in various manufacturing industries including cosmetics, paints & coatings, adhesives and sealants, inks, pharmaceuticals, and others. This, in the future, will lead to more prospects of growth of these solvents market globally.

Owing to environmental issues faced by major economies, various governmental bodies and agencies have put rules and regulations to develop and promote the growth of green/bio-based solvents in the paints and coatings industries. Furthermore, the surge in the rapid demand for consumer goods has witnessed more usage of green solvents as sealants and adhesives in the packaging industry.

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Less emission of VOCs into the air improved competitive strategies in the product market, and consumers’ environmental awareness for both developed and developing economies, these are also some vital driving forces behind the growth of the Green Solvents market.

This market study on the global green solvents market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, green solvent market trend, regional outlook, green solvent market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the green solvents market.

Market Report Outlook

This report on the Green Solvent market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, Green Solvent market opportunities for the major players, Green Solvent market trends, market segmentation outlook, regional outlook, Green Solvent market size, market forecast, market share, as well as the major players operating in the Green Solvent market.

Some of the key questions answered in this report: 

Which are the five top players of the Green Solvent Market?
How will the Green Solvent Market change in the upcoming years?
Which product and application will take a share of the Green Solvent Market?
What are the drivers and restraints of the Green Solvent Market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Green Solvent Market throughout the forecast period?
What is the current market size, what will the market size be in 2030 and what will the growth rate be?
What are the challenges to grow in the market?
What are the market opportunities and challenges faced by the key vendors?
Who are the major competitors and what is their strategy?
What are the barriers to entry for new players in the market?

Green Solvent Market Drivers: Sustainable and Eco-Friendly Green Solvents

Owing to environmentally friendly and sustainable product demand by consumers both in developed and developing economies, the European Commission (EC), Eco-product Certification Scheme (ECS), and many other government agencies have set various rules in front of the top manufacturers. Thereby, manufacturers are synthesizing green solvents as an alternative to conventional solvents as dispersants in paints formulations in major markets including U.S. and China. This has propelled the growth of the green solvents market globally.

Green Solvent Market Restraints: High Production Cost

Although green solvents seem to be promising solvents for both industrial and other applications, the production cost of these solvents is very high. This is because of the high cost of the raw material being used. Also, the production mechanism of green/bio-based solvents is very complex. Therefore, a majority of potential manufacturers and consumers have minimized utilizing these products. This, in turn, might lead to a fall in the market of green solvents globally.

Green Solvent Market Opportunities: Awareness Towards Environment

Owing to the increased awareness of environmental safety, more and more consumers are shifting towards green/bio-based solvents irrespective of their costs. Furthermore, stringent actions over the use of hazardous chemicals in industries are likely to augment the demand for these solvents in the market.

Increasing usage of these solvents in the paints and coatings industries, packaging industries, pharmaceuticals, cosmetics, and others, will fuel the market for green solvents globally. Hence, it will forge robust opportunities for manufacturers to incorporate these solvents more in the forthcoming years.

Key Benefits for Industry Participants & Stakeholders:

Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Green Solvent Market

Green Solvent Market: Segmentation Outlook

Green Solvent Market, by Type:

Based on the product Type, the global green solvent market is segmented into; Bio-Glycol, Ethyl Lactate, Water, Ionic liquids, D-Limonene, Bio-Based Alcohols, Methyl Soyate

Green Solvent Market, by Application:

Based on the Application, the global green solvent market is segmented into; Pharmaceutical Industries, Chemical Industries, Packaging industry, Paints & coating industry, Cosmetics & personal care

Green Solvent Market, by region:

During the projected period, the U.S. market in the North American region is a global leader in the green solvent market. This is attributed to the growing awareness of environmental threats and safety and the risk of hazardous chemicals to human health. Consumers in the U.S. tend to prefer eco-friendly products irrespective of their price. Moreover, the government in the U.S. is maintaining strict regulations over the use of chemical solvents and various environmental protection regulatory bodies are pushing the manufacturers to shift towards green solvents.

China is witnessing a rapid surge in the market for green solvents and, therefore, going to be one of the most lucrative markets for green solvents. This is due to the initiatives taken by the Government in the wake of pollution, health, and other issues. Furthermore, China has an abundant number of end-use industries along with abundant raw materials, which is further aided by cheap labor costs.

Europe also contributes a significant share in the growth of the green solvents market. This is attributed to the excellent research and development sector and uprising awareness of environmental protection which is propelling the demand for the green solvent market.

Report Spotlights

Progressive trends in the Green Solvent industry to help players develop effective long-term strategies
Business growth strategies adopted by companies to secure growth in developed and developing markets
Quantitative analysis of the global Green Solvent market from 2023 to 2031
Estimation of the demand for Green Solvent across various industries
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the Green Solvent industry
Recent developments to understand the competitive market scenario and demand for Functional Fibers
Market trends and outlook, and factors governing the growth of the Green Solvent market
Understanding the strategies that underpin commercial interest with regard to the market growth, aiding in the decision-making process
Green Solvent market size at various nodes of market
Detailed overview and segmentation of the market, as well as its industry dynamics
Green Solvent market size in various regions with promising growth opportunities

Green Solvent Market: Key Players

BASF SE., DuPont., Dow., Cargill Inc., Stepan Company, Gevo., AkzoNobel. LyondellBasell N.V. and many others are the top leading players in the green solvent market.

Recent Developments by Key Players:

In 2021, for the quick, cost-effective disintegration of photoresist patterns in chip production, MERCK has introduced AZ 910 Remover which removes the resist using a small amount, thereby lessening the environmental footprint of materials going into the global waste stream
In 2022, Solvay announced the production of a new generation solvent named Rhodiasolv IRIS, possessing excellent eco-friendly properties, is low volatile in nature and is easily bio-degradable. Rhodiasolv IRIS is used for the formulation of phytosanitary products, paint stripping, graffiti and resin clean-up, industrial cleaning, and agro-chemistry

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