The global bio-solvents market is very fragmented and competitive by the attendance of many big and small companies. Major companies in the global bio-solvents market comprise BASF SE, Archer Daniels Midland Company, Huntsman Corporation, Bioamber Inc, DOW Chemical Company, Dupont, Florida Chemicals Company Inc, Vertec Biosolvents Inc, Solvay, Cargill Inc, Gevo, LyondellBasell, Myriant, Galactic, and Pinova Holdings INC.
According to the researchers at Zion Market Research, global bio-solvents market was capitalized at USD 6.01 Billion in 2016. The global bio-solvents market is likely to cross USD 9.43 Billion in 2022 and is likely to develop at a CAGR of 7.8% from 2017 to 2022.
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Low Volatile Organic Compound Emission, Eco-Friendly Nature, And Strict Environmental Laws To Power The Growth Of Bio-Solvents Market
The global bio-solvents market has been seeing strong development over the last few years. Low volatile organic compound emission, eco-friendly nature, strict environmental laws, and high demand & acceptance rate from end user industries are likely to power the bio-solvents market in years to come. Moreover, the speed of usage of bio-solvents in the domestic & industrial cleaning sector is likely to be highest in the years to come. This is owing to rising health concerns and hygiene issues among users. Various measures by governmental and academic organizations are set to pace the growth of bio-solvents market. For example, in November 2017, the first product standard was published all over the world for bio-based solvents.
Increasing Issues About The Environment To Act As Catalysts For The Growth Of Bio-Solvents Market
Bio-solvents are used all over a broad range of sectors such as domestic & industrial cleaners, adhesives, paints & coatings, printing inks, and others. In 2016, the paints & coatings ruled the bio-solvents market and added up for almost 40% of the global bio-solvents market. Paints & coatings application division is likely to rule the global bio-solvents market in the foreseeable future. Increasing issues about the environment have pressurized paints & coatings makers to shift toward solvents that have low VOC presence.
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Methyl Soyate To Rule The Global Bio-Solvents Market In The Years To Come
The bio-solvents market has been divided by type as glycols, solvent alcohols, lactate esters, diols, methyl soyate, d-limonene, and others. The usage of lactate esters in the general bio-solvents market is likely to be more in the upcoming future owing to its comparatively lower price, broad application area, and easy availability in comparison to other bio-solvents. Methyl soyate is one more major type division in the bio-solvents market. It is likely to see noteworthy income development of almost 11% in the foreseeable period. This development can be credited to the rising requirement for methyl soyate.
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