The Global Bio Solvents Market
is expected to reach USD 9.31 billion by 2020, according to a new study by
Grand View Research, Inc. Volatile petrochemical prices coupled with growing
concerns regarding VOC presence in conventional solvents is expected to remain
a key driving factor for global bio solvents market. Bio solvents have been
gaining acceptance across key end-use industries and are expected to replace
most of the conventional solvents on account of its biodegradability and toxic
free properties. Increasing demand for green paints & coatings is expected
to further complement the market growth. Increasing market penetration in
pharmaceutical and cosmetic industries is also expected to have a positive
influence on the market growth.
Lactate ester emerged as the
leading product segment and accounted for 30% of total market volume in 2013.
Increasing penetration of lactate esters in coatings, printing inks and
industrial cleaning applications is expected to drive its demand over the
forecast period. Growth of paints & coatings industry on account of
increasing construction spending particularly in emerging markets of Asia
Pacific and Latin America is expected to further drive its demand. Glycols are
expected to be the fastest growing product segment at an estimated CAGR of 5.4%
from 2014 to 2020. Positive outlook on global automotive industry is expected
to fuel its demand over the next six years.
In depth research report on Bio Solvents Market
Further key findings from the study suggest:
•
Global bio solvents demand was
2,505.0 kilo tons in 2013 and is expected to reach 3,569.6 kilo tons by 2020,
growing at a CAGR of 5.2% from 2014 to 2020.
•
Paints & coatings emerged
as the largest application segment and accounted for 44.2% of total market
volume in 2013. Increasing construction spending in emerging markets of Brazil,
China and India on account of increasing urbanization and industrialization
rates is expected to remain a key driving factor for this segment.
•
Adhesives & sealants is
expected to be the fastest growing application segment at an estimated CAGR of
5.3% from 2014 to 2020. Growing demand for bio-based adhesives & sealants
from various end-use industries such as automotive, construction and packaging
is expected to remain a key driving factor for this segment.
•
North America was the largest
regional bio solvents market and accounted for 35% of total market volume in
2013. Favorable regulatory scenario coupled with increasing demand for
sustainable chemicals particularly in developed economies of the U.S. and
Canada is expected to drive the regional demand. Various initiatives taken by
the U.S. government to improve public infrastructure is expected to drive
paints & coatings and adhesives & sealants demand. This in turn is
expected to have a positive impact on the regional bio solvents market.
•
Asia Pacific is expected to
witness the highest growth rate over the forecast period. The region is
expected to grow at an estimated CAGR of 5.5% from 2014 to 2020. Growth of
major end-use industries particularly in China and India is expected to drive
the regional market.
•
Global bio solvents market is
highly concentrated with top four companies accounting for over 60% of the
total market in 2013. Major companies operating in the global market include
BASF, DuPont, The Dow Chemical Company, Cargill, AkzoNobel, LyondellBasell,
Gevo, BioAmber, Hunstman Corp., Myriant, Florida Chemicals and Vertec
Biosolvents.
For the purpose of this study,
Grand View Research has segmented the bio solvents market on the basis of
product, application and region:
Global Bio Solvents Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2012 - 2020)
•
Lactate Ester
•
Soy Methyl Ester
•
Alcohol
•
Glycols
•
Others
Global Bio Solvents Applications Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2020)
•
Paints & Coatings
•
Adhesives & Sealants
•
Printing Inks
•
Others
Global Bio Solvents Regional Outlook (Volume Kilo Tons;
Revenue, USD Million, 2012 - 2020)
•
North America
•
Europe
•
Asia Pacific
•
RoW
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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