Renewable Solvent Market Size

Renewable Solvent Market size was valued at USD 4.2 Billion in 2023 and is expected to reach USD 8.02 Billion by 2036, expanding at around 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of renewable solvent is evaluated at USD 4.4 Billion.. In the year 2022, the industry size of renewable solvent was over USD 4 billion. The benefits of renewable solvents over traditional solvents like less toxicity, biodegradable in nature, and lesser emission of Volatile Organic Compounds (VOC) are estimated to be the primary growth factor for the global renewable solvent market in the forecast period as these characteristics make the renewable solvents an ideal component in a wide range of industries. As per recent estimates, the United States emitted approximately 11,880 tons of VOC in 2021 – a considerable decrease from 2018 with 12,930 tons. Such a decrease in VOC emission is expected to prompt the market size of renewable solvents.

Renewable solvents are manufactured through the process of fermentation of renewable resources. In general, the raw materials used are cellulose, starch, or oil, making renewable solvents environmentally friendly and a perfect substitute for traditional solvents, which is expected to drive market growth during the forecast period. Additionally, traditional solvents are not considered to be an optimum option because of their highly flammable and toxic content. They highly impact the environment by creating air pollution and diseases such as lung infection, nausea, headache, and skin irritation. In 2019, as per World Health Organization, 99% of the world’s population was living in places where the WHO air quality guidelines levels were not met. The high level of air pollution is anticipated to foster the demand for renewable solvents thereby creating growth opportunities for the renewable solvent market. Also, renewable solvents are biodegradable in nature and release less amount of VOC which is projected to increase their usage for various applications in numerous industries including paints & coatings, pharmaceuticals, adhesives, home & personal care, industrial cleaning, plastics & polymers, agrochemicals, and food & beverage. Hence, the high utilization rate is anticipated to create a positive outlook for market growth in the forecast period.