Bio Solvents Market Size To Reach $5.21 Billion By 2030

Bio Solvents Market Growth & Trends

The global bio solvents market size is expected to reach USD 5.21 billion by 2030, registering to grow at a CAGR of 3.9% from 2024 to 2030 according to a new report by Grand View Research, Inc. Volatile petrochemical prices coupled with growing concerns regarding VOC presence in conventional solvents are expected to remain a key driving factor for the 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 toxin-free properties. Increasing demand for green paints & coatings is expected to further complement the market growth. Increasing market penetration in the pharmaceutical and cosmetic industries is also expected to have a positive influence on market growth.

Increasing penetration of lactate esters in coatings, printing inks, and industrial cleaning applications is expected to drive its demand over the forecast period. 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 during the forecast period. Positive outlook on the global automotive industry is expected to fuel its demand over the next six years.

 Request a free sample copy or view report summary: Bio Solvents Market Report

Bio Solvents Market Report Highlights

• The bio-alcohol product segment dominated the market and accounted for a share of 45.6% in 2023 owing to its widespread adoption in industries such as pharmaceuticals, food and beverages, where bioethanol and biobutanol serve as sustainable alternatives to petrochemical solvents.

• The paint & coatings segment dominated the market share with 31.5% in 2023 driven by the increasing demand for environmentally friendly and sustainable solutions within the coatings industry. Manufacturers are increasingly adopting bio solvents to comply with stringent VOC regulations and to cater to the rising consumer demand for green products.

• North America dominated the global bio solvents market in 2023 with a share of 28.4% primarily driven by the escalating demand for environmentally friendly alternatives to traditional petroleum-based solvents, catalyzed by stringent regulatory mandates.

Bio Solvents Market Segmentation

Grand View Research has segmented the global bio solvents market based on product, end-use, and region:

Bio Solvents Product Outlook (Volume, Kilo Tons, Revenue, USD Million, 2018 - 2030)

• Bio-alcohols

• Glycerol Derivatives

• D-Limonene

• Lactate Esters

• 2-Methyltetrahydrofuran

• Others

Bio Solvents End-use Outlook (Revenue, USD Million, 2018 – 2030)

• Chemical Intermediates

• Pharmaceuticals

• Printing Inks

• Paints & Coatings

• Cosmetics & Personal Care

• Others

Bio Solvents Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Belgium

  • Netherlands

• Asia Pacific

  • China

  • India

  • South Korea

  • Vietnam

  • Thailand

  • Indonesia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in Bio Solvents Market

• Stepan Company

• Tri-Chem Specialties.

• ADM

• POET, LLC.

• BASF

• CREMER OLEO GmbH & Co.

• Corbion

• Dow

• Cargill, Incorporated.