LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global green solvent and bio solvents market is expected to grow at a CAGR of over 9% until 2020.
This research report titled ‘Global Green Solvent and Bio Solvents Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including paintings and coatings, printing inks, cleaning products, and adhesives and sealants.
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“Chemicals used as reagents and solvents are components of crude oil. Therefore, fluctuations in crude oil prices can affect the price of conventional solvents. Plus, conventional solvents are hazardous to the environment and human health. Volatility in crude oil prices has the potential to result in additional cost implications for the producers of these solvents,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for bio-chemicals and bio-materials research.
“The healthcare industry, in particular, has generates large volumes of data for record keeping, better patient care, and legislative regulations. Technavio analysts note that most healthcare data is still maintained in paper form, and this necessitates a need for rapid digitization, keeping in mind the rapid rate of data proliferation in modern healthcare. Electronic medical records, digital medical imaging, and enhanced healthcare service delivery mechanisms such as telemedicine will witness a heightened adoption of ITMaaS during forecast period,” added Chandrakumar.
Global green and bio solvents market by type 2015
- Paintings and coatings 42.18%
- Printing inks 20.09%
- Cleaning products 15.03%
- Adhesives and sealants 10.89%
Source: Technavio research
Global green and bio solvents market in paints and coatings industry: largest segment
The market for green and bio solvents in the paints and coatings industry recorded a revenue of close to USD 2.75 billion in 2015. The growing consumption of green and bio solvents in the paints and coatings industry is because of increased environmental awareness. It has forced paints and coatings manufacturers including powder coatings, high-solids, and waterborne coatings to shift toward solvents that contain less toxins and low VOC content. We expect the share of this industry to increase significantly during the forecast period due to the implementation of stringent restrictive coatings regulations that are predicted to come into effect in the US and the EU during the forecast period.
Global green and bio solvents market in printing inks industry
The market for green and bio solvents in the printing inks industry reported a revenue of close to USD 1.31 billion in 2015. In the printing inks industry, green and bio solvents are used to adjust the viscosity of the inks. This also allows the ink to flow smoothly, without damaging the printing rollers or sprayers. Several combinations of solvents are selected for different types of ink based on printability, drying speed, economy, and odor.
The global green and bio solvents market in the printing inks industry will grow at a steady rate owing to the demand for printing inks across the packaging industry, thereby increasing the overall consumption of ink solvents.
Global green and bio solvents market in cleaning products industry
The market for green and bio solvents market in the cleaning products industry was valued at around USD 980 million in 2015. Green and bio solvents are used for industrial cleaning applications such as mechanical cleaning of motor parts, cleaning bodywork or workpieces before further surface treatment. These solvents are also used to remove oily grease, metal swarf, dust, and other impurities and protect against corrosion.
Green and bio solvents are necessary for cleaning high precision mechanical parts such as ball bearings for proper functioning and safety. The microelectronics industry uses electronic-grade solvents (with very low levels of metal ions) to produce micro-circuitry and clean sensitive components.
Global green and bio solvents market in adhesives and sealants industry
The market for green and bio solvent in the adhesives and sealants industry was valued at close to USD 710 million in 2015. Manufacturers of bio-based products have to comply with different regulations mandated by the EU and EPA to reduce greenhouse gas emissions. Vendors in regions such as North America and Europe are therefore focusing on reducing VOC emissions. VOC emissions can affect the quality and quantity of the building material applied. Building materials when exposed to high temperatures or high moisture levels emit high VOC. It has resulted in the growing preference for hotmelts and water-based adhesives over solvent-based products.
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Technavio is a leading global technology research and advisory company. The company develops over 2,000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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