Rising demand of green solvents in end-use industries, rising awareness regarding environment protection, developing economies and volatile prices of crude oils are the main growth factors for the global green solvents market. The global green solvents market was valued at USD 4.3 billion in 2018 and is expected to reach USD 7.3 billion in 2026, growing at a CAGR of 6.6% during the forecast period.
The global green solvents market during the forecast period is expected to have a positive influence on the high demand for renewable solvents from the end-use industries. Essentially, solvents are additives, which are blended with other substances to produce new material. Growing health and environmental concerns among the consumers regarding the usage of conventional solvents are anticipated to play a significant role in the growth of the global green solvents market.
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The conventional solvent market is negatively affected by the volatile prices of crude oil and it will lead to the growth of the green solvents market. Increasing the application of green solvents in various industries over the past few years is also anticipated to drive the global market. Rebounding the global economy during the forecast period is presumed to assist green solvent end-use industries such as construction, coating, cleaning products, industrial applications, toiletries, and cosmetics. Growing concerns of consumers regarding high VOC contents of conventional solvent has led them to shift their preference in favour of green solvents. Moreover, increasing investment of industry participants in R&D initiatives to develop cheaper and superior green solvents and implementation of several rules and regulations by the Government and Environmental Protection Agency (EPA) in favouring green solvents are expected to boost the growth of green solvents during the forecast period. The global market is expected to receive more support from efforts like the Montreal Protocol to protect the environment.
Green solvents generally require more operational time due to having a slower reaction rate compared to conventional solvents. Technological difficulties, as well as more operation time and Requirement of the high investment amount to start the production of green solvents, are expected to hamper the growth of the market during the forecast period.