Renewable Solvent Segmentation
Application (Paints & Coatings, Pharmaceuticals, Adhesives, Home & Personal Care, Industrial Cleaning, Plastics & Polymers, Agrochemicals, Food & Beverage)
The global renewable solvent market is segmented and analyzed for demand and supply by application into paints & coatings, pharmaceuticals, adhesives, home & personal care, industrial cleaning, plastics & polymers, agrochemicals, food & beverage, and others. Out of these, the paints & coatings segment is anticipated to garner the highest revenue by 2037. The growth of the segment can be attributed to the growing demand for renewable solvent solutions for the construction and automotive industries. Furthermore, with increased housing construction and income levels in countries such as Brazil, China, India, and Mexico, demand for paints and coatings is expected to rise significantly. As per the World Bank, the population and GDP of China were 1.4 billion and USD 13.89 trillion respectively. This figure rose to a 1.41 billion population and USD 17.73 trillion GDP in 2021. Furthermore, the utilization rate of renewable solvents in industrial coatings for producing lightweight automobiles for reducing VOC emissions is also estimated to impetus revenue generation in the upcoming years.
Raw Material (Cellulose, Starch, Oil)
The global renewable solvent market is also segmented and analyzed for demand and supply by raw material into cellulose, starch, and oil. Out of these three segments, the cellulose segment is estimated to garner the most significant share of the market during the assessment period. The major factor for segment growth is the easy availability along with the low cost of cellulose-based renewable solvents. Another factor for the higher adoption of cellulose is its advantages such as high tensile strength, a higher flexibility for adaptability, and robust properties that could be advantageous for varied processes in different industries. All these factors couple up to create favorable opportunities to impetus revenue generation of the segment.
Our in-depth analysis of the global market includes the following segments:
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