Market Overview: Green Solvent Market
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Green Solvent Market Insights 2023-28
The Green Solvent Market is estimated to grow at a CAGR of around 7% during the forecast period 2023-28.
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Driving Innovation: Exploring the Green Solvent Market and its Key Drivers
Global Green Solvent Market Key Driver: Supporting Government Regulation for Green Solvent
The stringent regulation of the government to reduce carbon emissions from the environment is driving the market growth of green solvents during the historical years. Many countries, like Germany, the US, etc., have been restricting the use of synthetic solvents to reduce carbon emissions from various industries. In the European Union, the usage of various solvents has lowered, such as chloroform, 1,2-DCE, carbon tetrachloride, NMP, DMF, DMAc, benzene, hexane, 1,4-dioxane, 1,2-DME, diethyl ether, etc., due to their adverse effect on human health & the environment. Therefore, various sectors, such as pharmaceutical, chemical, cosmetic, etc., are adopting these solvents to follow government norms for reducing carbon footprints. Hence, the growing demand for environment-friendly solvents from industries to minimize the carbon footprint from the environment is driving the market growth.
Top Players in the Green Solvent Market:
BASF SE, Stepan Company, DuPont, Akzoobel, Lyondell Basell, Cargill Incorporated, Florachem Corporation, Total Corbion PLA, Solvay, Vertical Biosolvent, GF Biochemicals, Astrobio, BIOMCN, Galactic, Others
Green Solvent Industry Recent Development:
- 2022: Akzo Nobel acquires Grupo Orbis to expand & strengthen its presence in South America. This transition includes Pintuco paints & coatings, adhesive, and chemical businesses of the company.
- 2022: Solvay announced the production of its new generation green solvent Rhodiasolv IRIS, to offer a more sustainable solution in many industrial & agriculture applications. This solvent is expected to be also produced in 2023 in France.
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Segmentation Analysis of Green Solvent Market
Green Solvent Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Type
-Bio-alcohol
–Bio-ethanol
–Bio-methanol
–Bio-propanol
–Bio-butanol
-Bio-glycols
–Bio-based Propylene Glycol
–Bio-bases ethylene Glycol
-Bio-diols
-Ethyl Lactate
-D-lime Stone
-Methyl Soyate
By Application
-Paint & Coatings
-Industrial & Domestic Cleaning
-Printing Inks
-Cosmetic
-Pharmaceutical
-Agriculture
-Other (Adhesive Sealant, Textile)
- the Paints & Coatings application accounts for the majority of demand for green solvents in the market
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A Comprehensive Geographical Analysis:
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
- Among all, Asia-Pacific is predicted to emerge as a significant regional market in the forecast years.
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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