Published on : Apr 12, 2016
Green and bio-based solvents are biological solvents that are manufactured using corn, sugars, beet root, and other biological substances. Because of their biological composition, these products are effective and safe replacements against solvents that are petroleum-based. Solvents that are bio-based exhibit properties of higher boiling point, less odor, low toxicity, low miscibility, and easy recycling that crude-oil-based solvents d not possess. On the other hand, petroleum-based solvents emit large amounts of volatile organic compounds (VOCs) in their manufacturing that have environmental implications.
Currently, the green and bio-based solvents market is expanding due to several reasons. The rising demand for bio-based solvents in several downstream industries, particularly in developed regions will fuel the demand for bio-based solvents in the years to come. Green and bio-based solvents are used in varied applications such as commercial and domestic cleaning, paints and coatings, pharmaceuticals, printing inks, cosmetics, and adhesives and sealants.
Nevertheless, high prices of raw materials and complex manufacturing processes of bio-based solvents is hampering growth of this market. Increasing demand for green and bio-based solvents in cosmetics, pharmaceuticals, adhesives and sealants due to environmental implications of their crude-oil-based counterparts will extend opportunities to this market in the forthcoming years.
Bio-based ethanol stood as the largest product segment in 2014; the segment held a share of more than 45% in the overall market in the same year. Commercialization of bio-based ethanol and widespread applications of these products are the reasons for the same. However, methyl soyate will register the fastest-growth in the future years due to commercialization of these solvents and their extensive demand in end-use industries.
Paints and coatings application led the global green and bio-based solvents market in 2014; the application segment held a share of more than 40% in the overall market in the same year. Nevertheless, commercial and domestic cleaning is expected to emerge as a significant application segment in the comic years. In the 2015-2023 period, it is expected that adhesives and sealants will register the fastest growth rate on account of consistently increasing demand for bio-based solvents in automotive and other downstream industries. North America is the largest market for bio-based solvents due to easy availability of raw materials.