The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Global Bio-solvents Market: Introduction
Solvents are chemical substances that find commercial application across a diverse set of industries. Solvents are ubiquitous in that several million tons of these are used annually across industries ranging from paints & coatings, textiles, plastics & rubber, pharmaceuticals, oil & gas, construction, chemical synthesis, among others. Global solvents market is characterized by dominance of conventional petroleum feedstock based solvents across aforementioned industries. Such wide-scale use of these petroleum based solvents is reported to have engendered significant environmental ill-effects. Thus, growing environmental concern, over the past decade, has prompted regulatory authorities to implement stringent regulations directed towards addressing the menace of such harmful chemical substances. Bio-based solvents or simply bio-solvents, unlike petroleum based solvents, are produced using green, environmentally friendly feedstock and hence are carbon neutral, free from volatile organic compounds (VOCs), non-toxic and sustainable alternatives for application across industries. The commonly used feedstock for production of these bio-solvents include cellulose, sugars, oils & fats, agricultural products, among others.
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Global Bio-solvents Market: Dynamics
Global bio-solvents market is expected to witness robust growth during forecast period. Over recent past, there have been significant advances in development of sustainable bio-solvents that are efficient and efficacious as compared to petroleum based solvents, moreover, such developments are expected to gather momentum over the forecast period. This, coupled with increasing adoption and penetration of these bio-solvents across key end use industries is expected to drive growth of global bio-solvents market during forecast period. Also, steady growth of key end use industries such as paints & coatings, industrial cleaning, agrochemicals, textiles & printing inks, and adhesives & sealants, among others especially across developing regions of the globe is expected to further propel the market for bio-solvents during forecast period. However, concerns as regards the effectiveness of these alternative solvents vis-a-vis comparative grades of petroleum based solvents is one of the factors that is likely to impede the growth of global bio-solvents market during initial part of forecast period. Also, relatively less stringent or absence of regulations pertaining to use of sustainable alternatives coupled with lack of awareness regarding such alternatives is likely to act as an impediment to growth of global bio-solvents market during forecast period. Also, relatively higher prices is another factor that is likely to affect the adoption of bio-solvents in certain parts of the globe during forecast period.
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Global Bio-solvents Market: Segmentation
Various types of bio-based solvents are available in the market for industrial and commercial applications. Based on product type, global bio-solvents market can be segmented as follows:
- Glycerol Carbonates
- Lactate Esters
On the basis of end use industries, the global Bio-solvents Market can be segmented as follows:
- Paints & Coatings
- Adhesives & Coatings
- Printing inks
- Food & Beverages
- Personal Care & Cosmetics
Global Bio-solvents Market: Regional Outlook
Global bio-solvents market can be divided into seven major segments including North America, Eastern Europe, Asia Pacific, Japan, Latin America, Western Europe and Middle East and Africa. Global Bio-solvents Market is dominated by North America and Europe owing, primarily, to stringent regulations underlining the use of such products. APAC dominates supply of raw materials used for production of bio-solvents. Adoption of bio-solvents in the region is relatively low, however, it is expected to register relatively faster growth during forecast period, spearheaded by China
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Global Bio-solvents Market: Market Players
Competition landscape in global bio-solvents market is characterized by presence of companies that are channelizing efforts towards application-development so also towards improving process economics and efficiencies. Global Bio-solvents market is characterized by Some of the players operating in global bio-solvents market include Dow Chemical Company, BASF SE, BioAmber Inc., Cargill, Incorporated., Stepan Company, Archer Daniels Midland Company, Corbion, Vertec Bio-solvents & Carbon Neutral, Shenzhen Esuns Industrial Co., Ltd, Huntsman International LLC., and Florida Chemical Company, among others.
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