Green and Bio-Based Solvents Market Size, Share, By Source (Sugar and Starch-Based, Cellulose-Based, Alcohol-Based, and Others), Product Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, Lactate Esters, and Others), Application (Paints and Coatings, Cleaning Products, Adhesives and Sealants, Pharmaceuticals, Cosmetics, and Others), and Region - Trends, Analysis, and Forecast till 2034

• The green and bio-based solvents market size is expected to be worth USD 8.6 billion by 2034.
• The market was valued at USD 5.25 billion in 2024.
• The market is growing at a CAGR of 5.5% during the projected period.

Green and bio-based solvents are an environmentally friendly alternative to traditional, mainly petroleum-based solvents, which are catching up with the growing global emphasis on sustainability and reducing carbon footprints. They are naturally derived from renewable resources, particularly plants, agricultural wastes, and other biomass sources. They offer various advantages compared to conventional solvents, related to lower toxicity, reduced environmental impact, and often improved biodegradability. The highly restrictive environmental regulations, corporate sustainability initiatives, and consumer awareness, is expected to drive the market growth during the forecast period.

Key Takeaways:

•  North America is expected to dominate the market during the forecast period owing to the increasing implementation of strict environmental regulations.
• Increasing environmental concerns is expected to make Asia Pacific, the fastest-growing region in the market during the forecast period.

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Environmental Problems and Strict Government Regulations to Augment Market Growth

• Growing awareness of the detrimental effects of conventional solvents on human health and the environment is exerting pressure for eco-friendly alternatives. Green solvents are biodegradable and less toxic, thus leaving lesser environmental footprints. Again, the focus on sustainable development and reducing climate change accelerates their adoption as a core element in establishing a circular economy.

• Governments worldwide are increasingly regulating VOCs and other associated harmful emissions. The drive is prompted by concerns over air quality, human health, and climate change. Industries have, to a great extent, been using green and bio-based solvents to achieve such standards in their processes. For instance, the European Union's REACH regulation and the Clean Air Act by the U.S. Environmental Protection Agency have greatly influenced the industry's shift to greener solvents.

Restraints:

Performance Limitations May Impede Market Expansion

• In many applications, the performance characteristics of bio-based solvents may not be as good as those of conventional solvents, for example, when it comes to their solvency power, evaporation rate, or drying time. Providing for optimizing the solvent properties by closing these performance gaps requires focused research and development efforts. However, proper formulation with suitable blends of solvents could also contribute to solving performance problems.

Opportunities:

Growing Application Domains to Provide Future Growth Opportunities

The green and bio-based solvents market holds immense potential in new application areas. Some potential markets for green solvents include the electronics industry, agriculture, and textiles. Composites and bioplastics are advanced material segments that will provide specific opportunities for solvent development. Such emerging applications can drive market growth and set new revenue streams for companies.

The green and bio-based solvents market is segmented into source, product type, application, and region.

Source Insights:

On the basis of source, the market is classified into sugar and starch-based, cellulose-based, alcohol-based, and others. The market is being dominated by the sugar and starch-based segment due to their wide usage in several consumer and industries applications.

Product Type Insights:

By product type, the market is divided into bio-alcohols, bio-glycols, bio-diols, lactate esters, and others. The bio-alcohols segment holds the largest green and bio-based solvents market share due to their high solvating properties and large utilization in industries, including cosmetics, pharmaceuticals, and biofuels.

Application Insights:

Based on application, the market is segmented into paints and coatings, cleaning products, adhesives and sealants, pharmaceuticals, and cosmetics. The paints and coatings segment is expected to lead the market as they are perfect for decreasing volatile organic compound content with several eco-friendly developments.

Region:

Geographically, the market is studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

• North America: The North American market for green and bio-based solvents has been heavily driven by strict environmental regulations and a high focus on sustainability. Customers' high and growing consumption of environmentally friendly products and a well-established industrial base raise the demand and investment levels in the research and development of novel bio-based solvent technologies.

Asia Pacific: A speedy growth rate is evident for the green and bio-based solvents market across the Asia Pacific, where industrialization and rising environmental concerns drive the market. Given this, countries, such as China and India are pumping serious investments into sustainable technologies associated with the use of renewable resources, thereby creating an increased price for bio-based solvents' production for manufacturing, cleaning, and cosmetics.

Green and Bio-Based Solvents Market Report Scope:

Segmentation:

By Source:

• Sugar and Starch-Based
• Cellulose-Based
• Alcohol-Based
• Others

By Product Type:

• Bio-Alcohols
• Bio-Glycols
• Bio-Diols
• Lactate Esters
• Others

By Application:

• Paints and Coatings
• Cleaning Products
• Adhesives and Sealants
• Pharmaceuticals
• Cosmetics
• Others

By Region:

North America

• U.S.
• Canada

Europe

• Germany
• U.K.
• France
• Russia
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• Israel
• South Africa
• Rest of Middle East & Africa

The major players operating in the green and bio-based solvents market are BASF SE, BioAmber Inc., Myriant Corporation, and Dow Chemicals, among others. These major players in the market are receiving funds from different investors to boost their market presence globally.

List of Key Players in the Market:

• BASF SE*
• BioAmber Inc.
• Myriant Corporation
• Dow Chemicals
• Cargill Incorporated
• Gevo Inc.
• Vertec Bio Solvents Inc.
• Florida Chemicals
• LyondellBasell
• DuPont
• Solvay SA
• Huntsman Corporation

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• In January 2024, Syensqo invested in Bioeutectics, a start-up that makes green solvents. The investment made through Syensqo's venture capital fund will help bring more environmentally friendly products and processes to market. Syensqo Ventures, the group's venture capital fund, participated in Bioeutectics' USD 5.25 million fundraising round with Fen Ventures, Atento Capital, and SOSV (IndieBio). Bioeutetics, based on cutting-edge Natural Deep Eutectic Solvents (NADES) technology, mimics how plants produce their solvents while using 100% renewable resources.
• In December 2022, Bio-based solvents may replace the hazardous and harmful compounds now utilized in organic electronics. Developing green and sustainable alternative solvents would be a significant step toward putting technology into practical use. Baran's group has discovered appropriate solvents derived from terpenes, a class of organic compounds found in plants, algae, and other creatures. They employed their terpene solvents for organic printing to create photovoltaic devices, such as solar cells, light-emitting diodes, and field-effect transistors.

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