The green & bio-solvents market size is estimated to be USD 1.2 billion in 2021 and is projected reach USD 1.5 billion by 2026, at a CAGR of 4.5% between 2021 and 2026. The growing bio-based chemicals industry is expected to generate a number of intermediate chemicals that are expected to mostly be the basis for the production of bioplastics. These platform chemicals are also expected to be used in the production of solvents as their petrochemical counterparts. Greater volumes of biofuels have also created an opportunity for bio-based solvents, such as bio-ethanol & its derivatives, and vegetable oil products such as bio-diesel and glycerol. The potential of these feedstocks to be converted into bio-based solvents depends upon market demand and environmental, regulatory, and legal restrictions on the use of high VOC emitting conventional petrochemical solvents.
The key market players profiled in the report include BASF SE (Germany), Archer Daniels Midland Company (US), Vertec Biosolvents Inc. (US), Stepan Company (US), Solvay (Belgium), GFBiochemicals (Netherlands), Cargill Inc. (US), Astrobio (Italy), The Dow Chemical Company (US), and India Glycols Limited (India). They are continuously undertaking developmental strategies such as expansions, acquisitions, and contracts & agreements to strengthen their position in the green & bio-solvents market.
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Players in the green & bio-solvents market are mainly concentrating on new acquisition, expansions and collaboration to meet the growing demand for various applications. The growth of the green & bio-solvents market has been largely influenced by expansions that were undertaken between 2016 and 2020. Companies such as Solvay and BASF SE have adopted expansions and agreements to enhance their market position. The companies also adopted partnership as a strategy to increase their share and market presence. For instance, in September 2020, Cargill and Virent, Inc. are working together to produce low-carbon biofuels and biochemicals by evaluating the use of Cargill’s corn dextrose as a feedstock for Virent’s bio forming technology.
Archer Daniels Midland Company is one of the leading green and bio-solvents manufacturers globally. It has a customer base in more than 140 countries in North America, Latin America, Europe, the Middle East, Africa, and Asia Pacific. The company is engaged in the manufacture of industrial-grade, high-performing green & bio-solvents, such as ethyl lactate, ethanol, and propylene. The company has been expanding its technology and has made an agreement with DuPont to develop and produce cellulase enzymes for operators of grain-based ethanol plants.
BASF SE is one of the largest manufacturers of green and bio-solvents across the globe. The company caters to the domestic demand as well exports its products worldwide. It has a strong product portfolio and serves various industries across various regions. The company is engaged in the expansion of its business in various regions. In November 2019, the company officially launched its smart Verbund project (a concept that adds value through the efficient use of resources) in Zhanjiang, Guangdong province, China and started building its first plants. This expansion has accelerated the production of green and bio-solvents in the Asia Pacific region. In May 2019, BASF-YPC Co., Ltd. starts a second production plant for propionic acid in Nanjing, China. Propionic acid is basically used in the production of solvents, crop protection chemicals, thermoplastics, and pharmaceuticals.
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