Green & Bio-Solvents Market Share

North American Market Forecast

The market share of green & bio-solvents in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 33% by the end of 2037. The growth of the market can be attributed majorly to the increasing availability of raw materials and the presence of major manufacturers in the region. The growth of the regional market can also be attributed to the growing demand for bio solvents in North America, backed by increasing public awareness, and constant product innovation in terms of quality and application development. As shale gas production increases, North American ethylene producers are shifting from petroleum-derived naphtha to natural gas-based feedstock. Sugars, glycerol, and other plant-based products are emerging as competitive starting materials for a variety of commodity chemicals. This is estimated to boost the market growth in the region. The increasing printing inks and packaging sector is driving market growth in the region. The growing bio-based solvents in the region with rising awareness of people is propelling the market growth. The U.S. printing ink value in 2021 was nearly 980 kilotons as per the estimations.

APAC Market Statistics

The Asia Pacific green & bio-solvents market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The growth of the market can be attributed majorly to the increasing bio-based cosmetics and rising usage of cosmetics among people. The growing food and beverage sector with an increasing population is propelling market growth in the region. As per the market analysis, the increasing pharmaceutical sector in the region is driving the market growth. The easy availability, less cost, and rising investment by manufacturers in the region are estimated to hike the market growth. The increasing use of sanitizers made of ethanol to improve personal hygiene post-pandemic is expected to rise the growth opportunities of the market in the region. Rising laboratories and diagnostic clinics in the region are anticipated to hike market growth. The increasing risk of infections across the region is also driving the market growth.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for bio-solvents and green solvents to reduce the negative effects on the environment. The growing industries of detergents, paper, pulp, and textiles in the region are estimated to have a positive impact on market growth. The rising use of bio-catalysts in the chemical synthesis process with increasing research labs in the region is estimated to rise the demand for market expansion during the forecast period. The government regulations to reduce the use of products made of petrochemical in the manufacturing sector of the region are driving the market growth. The growing use of natural solvents in biofuels and biomass production is also estimated to hike the growth of the market.