During the forecast period, the renewable solvent market is expected to grow at a CAGR of 4.2%. The renewable solvent market is expected to reach US$ 4.12 billion by 2032, thanks to rising environmental consciousness, which has raised worries about pollution around the world.
Chemical substance which can completely dissolve, extract or suspend other materials is known as solvents. Solvents are one of essential part of this modern industrial world as they serve numerous purposes in various industries. Renewable solvents are the type of solvents which are manufactured by fermentation process from renewable resources. Renewable solvents are used as an alternative solution for the traditional solvents which also aid in reducing costs and consumption of solvents in routine processes.
Renewable solvents release lesser VOC emissions than traditional solvents and are less toxic and biodegradable in nature. In the recent years renewable solvents have gained significant attraction from paints & coatings, pharmaceuticals, home care & personal care products, food processing and industrial cleaning among others. Most of the renewable solvents are manufactured through molasses process. Renewable solvents have also getting attraction from bio plastics and bio polymer industry. Increasing number of regulations on the solvents derived from petroleum feedstock is significantly changing the industrial scenario for solvents.
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Renewable Solvents Market: Dynamics
Most of the petroleum based traditional solvents contain high amount of VOC content and are toxic & highly flammable. Growing environmental awareness has elevated the concerns regarding environmental pollution across the world. Due to rising environmental concerns and ill effects of traditional solvents on public health due to prolong exposure. Increasing number of stringent regulations on traditional solvents is projected to boost up the renewable solvents market.
Increasing urbanization has led to rise in building and construction activities, which in turn has resulted into increase in the consumption of paints and coatings. Growing consumption of paints and coatings is expected to propel the demand for renewable solvents. Rise in urban population coupled with increase in disposable income has led to the growth of pharmaceuticals and personal care & home care industries, which is anticipated to have positive impact on the renewable solvents market.
Rapidly growing industrialization across the world is expected to up surge the demand for industrial cleaners, rise in the demand for industrial cleaners is estimated to positively influence the renewable solvents market. Requirement of novel manufacturing technologies, high cost and less popularity in developing countries is the cause of concern for renewable solvents market. Recently, a ReSolve project worth € 4.3 Mn has been initiated by University of York and other European universities for the research & development of novel renewable solvents.
Renewable Solvents Market: Regional Outlook
Growing concerns regarding environmental pollution has led to the implementation of stringent regulations and industrial norms on traditional petroleum based solvents in the regions of North America and Europe. Due to which various industries in these regions are looking for bio-based and ecofriendly solvent alternatives, owing to which North America and Europe can be attributed as prominent market regions for renewable solvents. Growth paints and coating industry along with rapid industrialization in Asia Pacific region has led to the rise in demand for solvents.
However, in the recent years there has been implementation of stringent government norms and regulations regarding environmental pollution in the countries such as China and Japan, owing to which Asia Pacific can be considered as a promising market for renewable solvents. Rising environmental concern and growing industrial development is anticipated to make LAMEA a potential market for renewable solvents.
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Renewable Solvents Market: Key Participants
Examples of some of the market participants operating in the global renewable solvents market are:
Neste, AstroBio Solvents, InKemia Green Chemicals, Inc. Archer Daniels Midland Company, Vertec Biosolvents, Cargill Incorporated, DowDuPont Inc., Cremer Oleo Gmbh & Company KG, Sucrogen Bioethanol Pty Ltd., Godavari Biorefineries Limited and Bioamber Inc.
The Renewable Solvents market research report presents a comprehensive assessment of the Renewable Solvents market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Renewable Solvents market research report provides analysis and information according to Renewable Solvents market segments such as geographies, application and industry.
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