Renewable Solvent Industry - Regional Synopsis
APAC Market Statistics
Asia Pacific industry is set to dominate majority revenue share by 2037. This is attributed to an increase in the construction sector in this region owing to the advantages of renewable solvent. It is estimated that Asia-Pacific is projected to account for USD 7.4 trillion of global construction output by 2030. Furthermore, the rise in pharmaceutical spending in Asia-Pacific countries such as Japan and Korea is anticipated to drive the expansion of the renewable solvent market size. As per Organization for Economic Co-operation and Development, pharmaceutical spending in Japan held 2.27% of the GDP in 2019 whereas, in Korea, it was 1.63% of the GDP in 2021.
North American Market Forecast
On the other hand, the North American renewable solvent market is also projected to garner a significant share with a steady CAGR value. The major factor that is attributed to the growing market in this region is the increasing use of renewable solvents in end-use industries including paints & coatings, cosmetics, pharmaceuticals, industrial, and others. In addition, the rising investments made in research and development activities to escalate the production rate of renewable solvents in the upcoming years. Furthermore, the presence of major key players and rapidly growing end-use industries is also anticipated to bring supportive options for market expansion.
