Green and Bio-Solvents Market Report 2022-27, Scope, Demand, Growth And Forecast

2022-10-08 06:41:54 UTC | Agriculture
Green and Bio-Solvents Market Report 2022-27, Scope, Demand, Growth And Forecast

According to the latest report by IMARC Group, titled “Green and Bio-Solvents Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global green and bio-solvents market reached a value of US$ 11 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18.1 Billion by 2027, exhibiting a CAGR of 8.3% during 2022-2027.

Green and bio-solvents are chemical substances derived from the processing of various crops, such as sugarcane, corn, and lactic acid, bio-succinic, refined glycerin, and soybean oil. They are eco-friendly and have a minimal odor, high boiling point, and lox miscibility. Consequently, they are widely used to manufacture cosmetics, pharmaceuticals, agrochemicals, and domestic cleaning products worldwide.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Green and Bio-Solvents Market Trends:

There is currently a rise in the utilization of green and bio-based solvents for drug discovery and development across the globe. This, along with a significant increase in the demand for environment-friendly solvents, represents one of the key factors strengthening the market growth. As green solvents are nonozone-depleting, noncorrosive, and non-carcinogenic, they are extensively used as an alternative to synthetic solvents, such as acetone, xylene, and toluene. Moreover, the growing adoption of consumer products like perfumes is catalyzing the demand for these solvents. Furthermore, there is a rise in the utilization of green and bio-solvents in the agriculture sector to increase the yield, improve product quality, and reduce the overall cost. Leading market players are investing in research and development (R&D) activities, which is also acting as a growth-inducing factor. Besides this, the market is propelled by the expanding applications of these solvents in the manufacturing of paints and coatings. Looking forward, IMARC Group expects the market to expand at a CAGR of around 6% during the forecast period (2021-2026).

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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