The green and bio-solvents market size, in terms of value, is estimated to reach US$8.17 billion by 2020, signifying a firm CAGR of over 7.94% between 2015 and 2020.
The driving factors identified for the green and bio-solvents market are: environmental and regulatory pressure designed to reduce the emissions of ODS, VOCs, and HAPs; reduced dependency on petrochemical solvents and the exporting countries; improved competitiveness from product differentiation; and uncertainty about oil price development.
Methyl soyate is the fastest growing green and bio-solvent and it has become successful commercially as a viable green alternative industrial solvent on its own merits, as the market demand has increased exponentially from the past ten years. Alongside methyl soyate, d-limonene and lactate esters are also high growth markets.
The biggest market of bio-solvents is North America, followed by South America and Europe. It is estimated that Europe will record a moderate growth due to strong regulations for bio-solvents. The largest demand will typically be in industrialised countries, while the best production potential will be found in developing countries due to advantageous climate and abundant land.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/06012016/global-green-bio-solvents-market-8-billion-2015-2020-2074/