Bio-Solvents Market Size

Bio-Solvents Market size was over USD 2.11 Billion in 2023 and is set to cross USD 4.12 Billion by the end of 2036, witnessing more than 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bio-solvents is estimated at USD 2.21 Billion. The growth of the market is anticipated to be backed by the surge in the development of products that are alternative to petroleum-based solvents owing to the fluctuating prices of petrochemical as well as the raising health concerns due to their utilization. The Digest in December 2018 report stated that Circa Group received authorization from the European Chemicals Agency (ECHA) to manufacture or import up to 100 metric tons/year of its bio-based solvent Cyrene in the European Union, after receiving REACH Annex VIII approval.

Bio-solvents or green solvents are an environmentally friendly alternative to traditional and conventional solvents. These are chemical compounds derived from crops. Hence, as they come from agricultural sources and are produced by processing crops such as sugarcane, corn, bio-succinic acid, lactic acid, refined glycerin, and soybean oil, they have a low environmental impact. Bio solvents examples include water, ethanol, methanol, tetrachloroethylene, toluene, acetone, methyl acetate, and ethyl acetate. Today, bio-solvents are rapidly replacing the organic solvents derived from fossil raw materials and are considered a promising and important strategy to move towards sustainable chemical processing. Green solvents serve many purposes including making workplaces safer and limiting worker exposure to harmful chemicals. These natural resources work well as a coating for wood, metals, and other substances, replacing lactate ester and making an effective paint stripper and cleaner for metal surfaces. Moreover, the increasing demand for biofuels globally is also expected to boost the market growth as a successful conversion of biomass into a better biofuel, requires a carefully chosen solvent.

The augment of green chemistry as well as the persistent development of novel industrial processes along with a move towards less toxic, sustainable, biodegradable, carbon neutral, and greener materials is anticipated to boost the market of bio solvents in the upcoming years. Bio-based feedstocks such as carbohydrates, carbohydrate polymers, proteins, alkaloids, plant oils, and animal fats have been used to produce bio-based solvents. Therefore, the expanding research & development by key market players to develop sustainable solvents is estimated to expand the bio-solvents market growth. For instance, Japan, which uses acetone, a volatile solvent for everything from removing nail polish and manufacturing plastics to cleaning textiles, in a recent development of 2021, propelled the production of bio-acetone with a new bacteria strain called Moorella thermoacetica.