Green, Bio-Based Solvents Market to Reach $13 Billion by 2024
The global green and bio-based solvents market is expected to reach a market size of $13.7 billion by 2024.
The global green and bio-based solvents market is expected to reach a market size of $13.7 billion by 2024, according to a recent report from Research and Markets. The green and bio-based solvents market is expected to witness significant growth over the forecast period owing to the stringent regulations imposed on chemical-based industrial solvents in relation to VOC emissions.
The rising demand from key application segments such as coatings and adhesives is expected to propel the market demand over the forecast period. The growing application scope of green and bio-based solvents in the aforementioned segments can be attributed to the minimal environmental impacts caused by the products, mainly as they are derived from organic and renewable sources. Globally, coatings and adhesives application segments are expected to see significant volume growth during the forecast period, growing at a compound annual growth rate (CAGR) of over 5% during the forecast period. This can be attributed to rapidly growing demand for eco-friendly solvent solutions from end-users in industries such as construction and automotive.
North America dominated the green and bio-based solvents market in 2015, with estimated revenue of over $2 billion; it is projected to grow significantly over the coming years due to the stringent environmental regulations imposed by the U.S. Environment Protection Agency (EPA) on industrial solvents for VOC emissions. Globally, the Asia-Pacific region is expected to witness the highest revenue growth during the forecast period, projected to grow at a CAGR of over 11%. The market in the region is dominated primarily by China, which is expected to see growth at a CAGR of over 12% during the forecast period
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