Green & Bio-based Solvents Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023

NEW YORK, May 4, 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.

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