A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Bio
Solvents
Market. The
study, titled “Bio
Solvents Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2016 - 2024”,
is available for sale on the firm’s website.
Bio
Solvents Market: Drivers and Trends Snapshot
The
global bio solvents market is primarily driven by volatile
petrochemical prices associated with growing health concerns due to
VOC presence in conventional solvents. In addition, stringent
regulations by DEFRA, EPA and REACH with respect to toxicity content
in conventional solvents have fueled the growth of bio solvents. This
trend is projected to have a positive impact on the global market
growth over the next six years. Further, increasing penetration of
bio solvents in coatings, paints, sealants and adhesives and printing
inks is projected to have a positive impact on the growth of bio
solvent market.
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Furthermore,
increasing spending on construction coupled with positive outlook of
the automotive industry specifically in emerging markets of Asia
Pacific and Latin America due to growing industrialization and
urbanization rates are expected to drive demand for paints and
coatings. Growing demand for paints and coatings is expected to
further boost the global bio solvents market growth. In addition,
increasing consciousness regarding harmful effects of conventional
solvents in personal care and pharmaceutical products is expected to
further drive bio solvents demand in the respective applications.
Understanding
the market demand, manufacturers are focusing on increasing
investment on R&D to increase bio solvents application scope in
cosmetics and pharmaceutical applications. High production costs
combined with bio solvents is expected to remain a key challenge for
industry participants. New product innovation and advancements in
production technologies are expected to counter such challenges
during the forecast period.
Bio
Solvents Market: Segmentation
Global
bio solvents market is segmented into product type, application type
and geography. Based on product type the market is segmented into soy
methyl esters, glycols, lactate esters, and alcohol among others such
as polyhydroxyalkanoates, d-limonene and diols. On the basis of
application, bio solvents market is segmented into paints &
coatings, printing inks, adhesives and sealants among other niche
applications such as cosmetics and pharmaceuticals. The major product
segment lactate ester accounted for just below one-third of total
market in terms of volume in 2013. Increasing lactate ester solvents
demand in printing inks, coatings and industrial applications is
projected to drive the market growth during the forecast period.
Furthermore,
glycol solvents are expected to grow with highest growth rate due to
its increasing penetration in paints and printing inks, industrial
coatings and automotive coatings industries. Its high blush
resistance and slow evaporation rate are driving its demand over
other solvents in the respective applications. Apart from this,
increasing spending on construction in different emerging markets
such as India, China, Brazil and Mexico on account of rapid
urbanization and industrialization rates is expected to remain a
major driving factor for the application segment.
Changing
trends towards using eco-friendly paints coupled with growing
industries of construction is expected to drive bio solvents demand.
Paints & coatings application segment emerged as the largest
segment accounting for a major chunk in the global market. Growing
paints & coatings demand in automotive and construction
industries has been a key factor driving bio solvents demand.
Sealants and adhesives are expected to experience the highest growth
rate during the forecast period.
Bio
Solvents Market: Region-wise Insight
North
America dominated the bio solvents market and accounted for over
one-third of total market in terms of volume in 2013. High level of
consciousness regarding environmental and health effects due to usage
of conventional solvents and stringent environmental regulations have
prompted the shift towards developing bio solvents. Asia Pacific is
expected to register significant growth rate due to growing
automotive and construction industries. In addition, rapid
industrialization in emerging markets of India and China are expected
to drive adhesives and sealants demand. Furthermore, growing concerns
regarding degradability of conventional solvents is expected to
further drive the Asia Pacific market growth.
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Bio
Solvents Market: Key Players
Some
of the key players operating in the bio solvents market are The Dow
Chemical Co., E.I. du Pont de Nemours & Co.,AkzoNobel N.V., BASF
SE, Cargill Inc., LyondellBasell, Vertec Biosolvents, BioAmber,
Myriant Corp., Huntsman Corp., Florida Chemical Company, Inc.
The
report offers a comprehensive evaluation of the market. It does so
via in-depth insights, understanding market evolution by tracking
historical developments, and analyzing the present scenario and
future projections based on optimistic and likely scenarios. Each
research report serves as a repository of analysis and information
for every facet of the market, including but not limited to: Regional
markets, technology developments, types, applications, and the
competitive landscape.
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