Research Nester published a report titled “Renewable Solvent Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global renewable solvent market in terms of market segmentation by type, raw material, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global renewable solvent market is anticipated to grow with a CAGR of 5% during the forecast period, i.e. 2022.2031. The market is segmented by application into paints & coatings, pharmaceuticals, adhesives, home & personal care, industrial cleaning, plastics & polymers, agrochemicals, food & beverage, and others. Out of these, paints & coatings market is anticipated to garner the largest revenue by the end of 2031, owing to increasing adoption of renewable solvent in the constructive and automotive industry for various applications. The rising population is expected to increase the housing construction which is further anticipated to fuel the demand of renewable solvents in the forecast period.
The global renewable solvent is anticipated to garner a revenue of ~USD 7 billion by the end of 2031. The benefits of renewable solvents over traditional solvents such as less toxicity and biodegradable in nature. Moreover, other properties of renewable solvents such as lesser emission of Violate Organic Compounds (VOC) makes them more adaptable to the industry. These are some of the key factors anticipated to drive the market growth during the forecast period, supported by their properties.
Geographically, the global renewable solvent market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific is estimated to garner the largest market share by the end of 2031, backed by the rising construction and pharmaceutical spending in the region. Additionally, the market in the North America region is also estimated to gain the significant growth during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Expansion of Urbanization and Industrialization Drives the Market Growth
The recent increment in per capita is expected to fuel urbanization and propel the population to live in urban areas. The result is anticipated the rise in the demand for construction, food & beverages, automobiles, and others. The gradual rise in industrialization and urbanization thus are expected to fuel the demand of renewable solvents for its varied uses. As of May 2018, United Nations Organization states that approximately 55% of the global population lived in urban areas, which is further projected to increase to 68% by 2050.
However, the high fluctuation in raw material prices along with the complex production process and rising cost of renewable solvent production are expected to operate as key restraints to the growth of the global renewable solvent market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global renewable solvent market which includes company profiling of Neste, AstroBio, NexantECA, Godavari Biorifineries Limited, CREMER OLEO GmbH & Co. KG, Cargill company, Braskem S.A., Vertec BioSolvents Inc., Archer Daniels Midland Company, InKemia Green Chemicals, Inc., Merck Group and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global renewable solvent market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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