Volatile petrochemical prices coupled with growing concerns regarding VOC presence in conventional solvents is expected to remain a key driving factor for global bio solvents market. Bio solvents have been gaining acceptance across key end-use industries and are expected to replace most of the conventional solvents on account of its biodegradability and toxic free properties.
Increasing demand for green paints & coatings is expected to further complement the market growth. Increasing market penetration in pharmaceutical and cosmetic industries is also expected to have a positive influence on the market growth. Lactate ester emerged as the leading product segment and accounted for 30% of total market volume in 2013. Increasing penetration of lactate esters in coatings, printing inks and industrial cleaning applications is expected to drive its demand over the forecast period.
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Growth of paints & coatings industry on account of increasing construction spending particularly in emerging markets of Asia Pacific and Latin America is expected to further drive its demand. Glycols are expected to be the fastest growing product segment at an estimated CAGR of 5.4% from 2014 to 2020. Positive outlook on global automotive industry is expected to fuel its demand over the next six years.
Further key findings from the study suggest:
Paints & coatings emerged as the largest application segment and accounted for 44.2% of total market volume in 2013. Increasing construction spending in emerging markets of Brazil, China and India on account of increasing urbanization and industrialization rates is expected to remain a key driving factor for this segment. Adhesives & sealants is expected to be the fastest growing application segment at an estimated CAGR of 5.3% from 2014 to 2020. Growing demand for bio-based adhesives & sealants from various end-use industries such as automotive, construction and packaging is expected to remain a key driving factor for this segment.
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North America was the largest regional bio solvents market and accounted for 35% of total market volume in 2013. Favorable regulatory scenario coupled with increasing demand for sustainable chemicals particularly in developed economies of the U.S. and Canada is expected to drive the regional demand. Various initiatives taken by the U.S. government to improve public infrastructure is expected to drive paints & coatings and adhesives & sealants demand. This in turn is expected to have a positive impact on the regional bio solvents market.
Asia Pacific is expected to witness the highest growth rate over the forecast period. The region is expected to grow at an estimated CAGR of 5.5% from 2014 to 2020. Growth of major end-use industries particularly in China and India is expected to drive the regional market.
Global Bio Solvents Market is highly concentrated with top four companies accounting for over 60% of the total market in 2013. Major companies operating in the global market include BASF, DuPont, The Dow Chemical Company, Cargill, AkzoNobel, LyondellBasell, Gevo, BioAmber, Hunstman Corp., Myriant, Florida Chemicals and Vertec Biosolvents.
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