[FURL=https://www.industryarc.com/Report/11696/green-solvents-biosolvents-market.html?utm_source=BriefingWire.com&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Green Solvents & Bio Solvents Market[/FURL] is forecast to reach $6.3 billion by 2026, after growing at a CAGR of 9.2% during the forecast period from 2021-2026. In a wide variety of industries, such as paints & coatings, printing inks, adhesives & sealants, and industrial & domestic cleaning, green solvents are consumed. The application segment of paints and coatings will continue to dominate the global market for green solvents over the forecast timeframe. Increasing environmental issues, together with increasing market awareness about environmentally sustainable goods, are pushing green solvent adoption in the paints & coatings industry.COVID-19 Impact on Market
The emergence of the current pandemic COVID-19 has had a huge influence on the growth of a variety of industrial sectors. In particular, the demand for green solvents & bio solvents from the end-use sectors is projected to decline in 2020. Companies operating in the new market of green solvents & bio solvents are required to revisit their future development strategies and focus on optimizing their development activities due to the COVID-19 pandemic.
Key Takeaways
Green solvents and bio-solvents are environmentally friendly solvents, which are extracted from crop production. As a more organic alternative to petrochemical solvents, green solvents have been developed.
Government funding and benefits can differ greatly, as it depends on the individual circumstances of each region. There are a variety of geographical variations in the dependence of the bio-solvent industry on government assistance, depending on the price of crude oil and the cost of bio-solvent production. In developed and emerging countries, the market is still dependent on U.S. and European Union bio-solvent initiatives, where aggressive goals can hardly be reached domestically.
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Green Solvents & Bio Solvents Market Drivers
Rising demand
During the forecast timeframe, the global demand for bio-solvents is expected to see robust expansion. Significant progress has been made in the production of renewable bio-solvents that are productive and competitive relative to petroleum-based solvents in the recent past, and these advances are also projected to gain traction over the forecast period.
Stringent Regulation on VOC Emissions
Green solvents, such as maize, sugarcane, lactic acid, distilled glycerin, bio-succinic acid, soybean oil and the like are extracted from agricultural sources.
Green Solvents & Bio Solvents Market are Dow Chemical Company, BASF SE, BioAmber Inc., Cargill, Stepan Company, Archer Daniels Midland Company, Corbion, Vertec Bio-solvents & Carbon Neutral, Shenzhen Esuns Industrial Co., Ltd, Huntsman International LLC., and Florida Chemical Company.
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