Green & Bio-based Solvents Market for Paints & Coatings, Printing Inks, Commercial & Domestic Cleaning, Adhesives & Sealants, Pharmaceutical, Cosmetics, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015
NEW YORK, Sept. 7, 2016 /PRNewswire/ — Solvents are liquids with the capability to dissolve other materials without any chemical change in the solvent or the material. Based on the type or source of raw material, solvents can be classified into bio-based or petroleum-based. Petroleum-based solvents emit high amount of volatile organic compounds during their manufacturing process. This makes them environmentally unsafe. Additionally, these solvents are typically dependent on the prices of crude oil, leading to constant fluctuations in the prices of final products. On the other hand, green & bio-based solvents are characterized by low toxicity, low miscibility, higher boiling point, less odor, and easy recycling process. Thus, green & bio-based solvents are eco-friendly. These properties or inherent advantages makes them suitable for usage in various applications such as paints & coatings, printing inks, commercial & domestic cleaning, adhesives & sealants, pharmaceutical, and cosmetics. Rising demand for these solvents in paints & coatings, printing inks, and industrial cleaning applications has increased their usage in various end-user industries. This is likely to drive the green & bio-based solvents market in the next few years. However, availability of various low-cost petroleum-based substitutes and high costs associated with the production of green & bio-based solvents are projected to hamper market growth during the forecast period. High demand for these solvents in adhesives & sealants, pharmaceutical, and personal care industries is estimated to act as a major opportunity in the near future.
This report analyzes and forecasts the market for green & bio-based solvents at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2015 to 2023, considering 2014 as the base year. The study includes drivers and restraints of the global green & bio-based solvents market. It also covers impact of these drivers and restraints on demand for green & bio-based solvents during the forecast period. The report highlights opportunities in the green & bio-based solvents market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global green & bio-based solvents market. Porter’s Five Forces model for the green & bio-based solvents market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
The report segments the global green & bio-based solvents market as follows: