Global Green Solvents Market Report and Forecast 2024-2032

Global Green Solvents Market Outlook

The global green solvents market size reached approximately USD 2.00 billion in 2023. The market is further projected to grow at a CAGR of 7% between 2024 and 2032, reaching a value of USD 3.70 billion by 2032.

Key Trends in the Market

Green solvents, also known as biosolvents are obtained by processing agricultural crops. These solvents are significantly less toxic and hazardous as compared to traditional volatile organic compounds and are available in different types including supercritical fluids and ionic liquids, among others.

• Growing shift towards sustainable products due to rising environment consciousness is fuelling the green solvents market demand. Due to the environment friendly nature of green solvents, manufacturers are using them in their products, in order to make their products more appealing to the environmentally conscious population.

• Application of green solvents is rising across various end use sectors such as paints and coatings, cleaning products, personal care, adhesives, printing inks, and pharmaceutical owing to their versatility. Moreover, the solvents pose no risk to the health of the workers or the environment, making them suitable for a wide range of applications.

• The increased efforts of manufacturers towards development of cost efficient green solvent production methods is aiding the market expansion. Moreover, the production of green solvents with higher solvency power, better compatibility, and lower evaporation rates, among others, is also boosting the product demand.

Global Green Solvents Market Analysis 

Based on product, the market is divided into bio-alcohols, bio glycols, lactate esters, D-limonene, and methyl soyate, among others. By end use, the market is categorised into chemical intermediate, pharmaceuticals, printing inks, paints and coatings, and cosmetics and personal care, among others. Based on region, the green solvents market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• The Dow Chemical Company

• Cargill, Incorporated

• Clariant International Ltd.

• Bio Brands LLC

• Archer Daniels Midland Company

• Corbion NV

• CREMER OLEO GmbH & Co. KG

• Vertec BioSolvents Inc.

• Florachem Corp. 

• Solvay S.A.

• Stepan Company

• Gemtek Products

• Others

Market Share by Product

Lactate esters account for a significant green solvents market share owing to the rising demand from pharmaceutical, personal care, and industrial solvent application sectors. The utilisation of lactate ester as an alternative to traditional petroleum-based solvents is a major factor supporting the segment growth. Rising demand from paints and coating industries due to the biodegradable, easy to recycle, non-ozone depleting, and non-corrosive nature of lactate ester is further boosting the product demand.

Market Share by Region

North America holds a significant share of the market owing to the growing requirement for eco-friendly alternatives to traditional petroleum-based solvents. Introduction of new government schemes to encourage the replacement and increase the awareness regarding the advantages of green solvents is supporting the green solvents market growth in North America. Presence of key market players such as Cargill Incorporated and Stepan Company, along with increased research and development activities are further aiding the market expansion.

Competitive Landscape

The Dow Chemical Company was founded in 1897 and is headquartered in Michigan, United States. The chemicals company delivers innovative and sustainable solutions for customers in infrastructure, customer care, and packaging industries.

Cargill Incorporated is a private food company that was founded in 1865 and is headquartered in Minnesota, United States. The company is known for processing beef, value-added egg and meats, and poultry products for various food service companies.

Clariant International Ltd.  was established in 1995 and has its headquarters located in Liestal, Switzerland. The chemical manufacturing company deals with speciality chemicals, additives, functional minerals, home care, and petrochemicals, among others.

Other green solvents market key players include Bio Brands LLC, Archer Daniels Midland Company, Corbion NV, CREMER OLEO GmbH & Co. KG, Vertec BioSolvents Inc., Florachem Corp., Solvay S.A., Stepan Company, and Gemtek Products, among others.

Key Highlights of the Report