Green Solvents Market Share

APAC Market Statistics

The Asia Pacific green solvents market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the significant rise in pharmaceutical spending in Asia-Pacific countries such as Japan and Korea, which is anticipated to boost the market growth of green solvents throughout the region during the projected timeframe. According to the Organization for Economic Cooperation and Development (OECD), pharmaceutical spending in Japan was 2.27% of the GDP in 2019, while it was 1.63% of the GDP in Korea in 2021. In addition to this, the increasing initiatives to reduce air pollution and the surge in the use of eco-friendly products are also anticipated to boost the market growth during the forecast period in the APAC region. Moreover, rapid urbanization is propelling the huge use of architectural coatings to coat buildings is also a significant factor that is anticipated to boost the growth of the green solvents market throughout the forecast period in the region.

North American Market Forecast   

Furthermore, the North American green solvents market is also estimated to display lucrative market growth by the end of 2037. The growth of the market can be attributed to the rising concern regarding environmental safety among people and end-use sectors which is fueling up the deployment of eco-friendly products. For instance, approximately 3 quarters of Americans say they are conscious about the environment. More than 80% admit they attempt to live in ways that help safeguard the environment. In addition to this, the rising use of green solvents in the paint and coatings industry, along with the stringent rules by the government regarding the use of traditional solvents are some further factors that are anticipated to accelerate the market growth further throughout the projected time frame in the region.