The Asia-Pacific market is expected to report the highest growth in the years 2019-2027. Currently, it has a good market share, but in the forecast period, it is expected to grow at a high pace to reap huge sums of revenues. Emerging economies like China, India, Malaysia and Thailand are expected to report brisk growth in this market. The reason for this is increasing disposable income, more consumer goods consumption, government initiatives and growing construction activities. The global green solvents market is poised to grow from 2019 to 2027 approximately at a CAGR of 10.34% during 2019-2027.
There are various reasons for the growth of the green solvents market, for instance, its eco-friendly nature, low volatility and high adoption rate due to the demand from end-use industries and strict environmental regulations formulated by numerous governments in the region. Their low volatile organic compound emission and as these solvents are improving the global economy that will lead to higher demand and favorable government regulations.
Ester solvents have the highest market share due to the low price, good quality and easy availability. An increase in demand and more availability will lead to the good growth of methyl solvents in the forecast period. Lactate esters and D-limonene are also expected to report good CAGR during the forecast period. Huge investment cost to start production, decreasing the price of oil and gas and slow reaction rate compared to chemical solvents are expected to restrain the market in the coming years.
Sasol Limited, Huntsman Corporation, Merck & Co., Inc., AkzoNobel, Cargill Incorporated, PPG Industries Inc., Bayer AG, Solvay S.A., Koninklijke DSM N.V., BASF SE, DowDuPont and Ashland Inc. are the major market players in the Asia Pacific green solvents and bio solvents market.