Solvent usage forms a range of functions across industries: they
are used to make adhesives, paints and coatings, used a component of inks and
printing, serve numerous function in semiconductor manufacturing, metal
cleaning and pharmaceutical industry. During the past few years, the usage of
conventional petroleum-based solvents has been increasingly restricted due to
their toxic environmental effect. Their usage have been greatly discouraged,
primarily owing to constant regulatory pressures on the harmful effect of volatile
organic compounds (VOC) used in the making of these conventional solvents. Various
industrial and commercial applications have lately come to rely on different
environmentally safe substitutes–bio-based solvents–that leaves no residue and
successively reduce handling and operating costs over time.
Bio-based or Green Solvents as they are called, contain
negligibly low volatile organic compound (VOC) content, have low toxicity &
high biodegradability. These bio-based/green solvents as the name suggest are
derived from different agricultural sources including sugarcane, corn, refined
glycerin, bio succinic acid, lactic acid, soybean oil among others. Able to comply with new carbon emission
standards, these bio-based solvents are being increasingly being preferred by
industries, a large part of whose functions are to degrease parts, strip highly
chemical-resistant paints and remove ink. These are also used for making
coatings which can be applied for different exterior and indoor applications. In
addition, these solvents significantly improve lubrication that saves wear on
equipment, reducing money and time spent on expensive equipment overhauls. As
per a recent report by Allied Market Research, in 2014, the market for Green Solvents was estimated at 2,600 kilotons and driven by ample growth
opportunities, the global market is expected to grow at a CAGR of 4.3% during
2015-2020 forecast period.
Reduced disposal costs, improved worker safety in manufacturing
facilities and the trend “green consumerism” gaining prominence across
production processes are the key factors that would offer growth momentum to
the growth of the green/bio-based market across the world. However, at present,
the high production cost of bio-based solvents hinders the market growth, but
over time, its large scale adoption would lead to significant cost-reduction. Bio-based
solvents would offer next-generation renewable solutions in paints and coating
industries. Over time, these solvents would excel are as renewable lubricants, high-performing
hydraulic fluids and commercial cleaners, creating immense opportunities in the
solvent market.
Industries looking towards finding a worthy substitutes for their organic
and halogenated solvents have at their disposal ample options to choose from in
the solvent market. Many premier paint and coating manufacturers continue to
launch bio-based solvents and showcase their increased functionality and
advantages over conventional solvents, driving key market dynamics of
competitive landscape in global solvents market. These product offerings range
from green paint remover (so called since they are based on natural
ingredients) for various tool cleanup & surface preparations to some
high-end state-of-the-art coating protection systems. Recently this month,
Berger Paints, has decided to unveil new products at gulfInteriors 2016 exhibition
in Bahrain scheduled next month. The exhibition organized by Bahrain-based
Hilal Conferences and Exhibitions (HCE) under the Prime Minister of the Kingdom
of Bahrain, is expected to be attended by prominent architects, global
designers, real estate developers, and manufacturers. The company also intend
to unveil some of its latest products at the event including Weathercoat Ultra,
an advanced coating systems.
Last year, Elevance Renewable Sciences, which pioneers in making
specialty chemicals using natural oils, has launched Elevance Clean 1000
expanding its Elevance Clean product line. Elevance Clean 1000, a
high-performing, bio-based solvent used as cleaning ingredient are
predominantly used in various asphalt/tar removal and degreasing applications.
Furthermore, it addressed instability in price and supply for d-limonene buyers
and enhances performance of many d-limonene formulations. The product, as the
manufacturer claims, can be easily blended into d-limonene formulas increasing
its functional benefits of d-limonene for use in green solvents and cleaning
products.
Based on types, the consumption of esters in the Global Green Solvents Market will be maximum during the analysis period. North American region would continue to lead
the market through the forecast period, primarily owing to growth in the
construction industry across US & Mexico. Asia Pacific is expected to be
the fastest growing market and would grow at a CAGR of 6.2% during 2015-2020
forecast period. Key market players extensively profiled in this report
includes BASF SE, BioAmber Inc., Myriant Corporation, Dow Chemicals, Cargill
Incorporated, Gevo Inc., Vertec Bio solvents Inc., Florida Chemicals,
Lyondellbasell and E.I du Pont de Numerous and Company, Solvay S.A and Huntsman
Corporation.
