Published Date : Apr 06, 2016
The global market for green and bio-based solvents has been reporting a remarkable rise over the past few years. The volatility in the petroleum prices has stimulated the uptake of bio-based fuel across the world. This fact has increased the demand for green and bio-based solvents, boosting this market substantially. However, the high cost associated with the production of these solvents as well as the disparity of the supply of raw materials is likely to hamper the growth of the worldwide green and bio-based solvent market.
Asia Pacific to Report Fastest Growth in Future
In 2014, North America led the global market for green and bio-based solvent market with a share of more than 30%. The availability of raw materials in abundance, the increase in the demand for environment-friendly bio-based products, and the presence of technically-skilled professional for the production of green and bio-based solvents has propelled the North America green and bio-based solvent market significantly.
Asia Pacific, on the other hand, is projected to report the fastest growth in worldwide market for green and bio-based solvents in the coming years. The rising demand for solvents in printing inks, paints and coatings, cosmetics, agrochemicals, and pharmaceuticals in Asian economies such as China, Thailand, India, and Malaysia is likely to fuel the demand for green and bio-based solvents in Asia Pacific over the next few years.
Demand from Argentina and Brazil to Drive Latin America Green and Bio-Based Solvent Market
The green and bio-based solvents market is also anticipated exhibit healthy growth in Latin America. The significant demand for these solvents from Argentina and Brazil is boosting the Latin America green and bio-based solvents market.
Archer Daniels Midland Co., BioMCN, Cobalt Technologies, Galactic, Cargill Inc., Corbion NV, Vertec Biosolvents Inc., Florida Chemical Co., BioAmber Inc., and Elevance Renewable Sciences Inc. are some of the key players functioning in the global green and bio-based solvent market.