Green & Bio-solvents Market- Global Size, Graph, Segmentations, Industry Analysis, Top Key Players, Opportunities, Key Development and Forecast to 2027
The global green & bio-solvents market will grow to USD 1.6 Billion by 2027, at a CAGR of 5.6% from USD 1.2 Billion in 2022. Increasing market penetration and the need to decarbonize economy is expected to support the growth of the green & bio-solvents market. However, high production cost and performance issue is restraining the growth of the market. On the other hand, increasing focus of governments on bio-based products has created opportunities for manufacturers.
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Archer Daniels Midland Company (US), BASF SE (Germany), Cremer Oleo (Germany), Solvay (Belgium), Stepan Company (US), Dow Inc. (US), and GF Biochemicals (Netherlands), among others are the major players in this market.
Archer Daniels Midland Company is a diversified agrochemical and food ingredient company. It processes oilseeds, corn, wheat, cocoa, and other agricultural commodities to provide protein meal, vegetable oil, corn sweeteners, flour, biodiesel, and ethanol for various industrial applications. The company operates globally through its subsidiaries with 725 facilities and offers products to over 140 countries. It has operations across North America, Latin America, Europe, the Middle East, Africa, and Asia Pacific.
- In November 2019, Archer Daniels Midland Company acquired Florida Chemical Company (FCC), a division of Flotek Industries (NYSE: FTK). The company produces D-Limonene, a biodegradable solvent, and degreaser extracted from the peel of oranges.
BASF is one of the largest chemical companies in the world. It manufactures and sells a wide range of chemicals and intermediate solutions. The company offers various products, including chemicals, additives, plastics, functional solutions, performance products, agricultural solutions, and crude oil. It operates through six business segments, namely, surface technologies, material, chemicals, industrial solutions, agricultural solutions, nutrition care, and others. It has a presence in more than 60 countries in Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
In May 2019, BASF-YPC Co., Ltd. started a second production plant for propionic acid in Nanjing, China. Propionic acid is basically used in the production of solvents, crop protection chemicals, thermoplastics, and pharmaceuticals.
Cremer Oleo GmbH & Co. Kg. is a division of CREMER, a family-owned business that deals with the production and distribution of oleochemicals since the late 1970s. Under the companys green and biosolvents product portfolio, it provides vegetable-based fatty acids, fatty alcohols, bioethanol, glycerin, soap noodles, animal feed fats, methyl esters, vegetable oils, and innovative care ingredients in different grades and packaging. The company possesses sales offices in Brazil, the Czech Republic, France, and the UK. It has plants for oleochemical products in Cincinnati (US), Wuxi (China), and Uetersen (Germany).
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In March 2021, Cremer Oleo GmbH & Co. Kg. inaugurated its Latin American headquarters in Bogota, Colombia. The company aims to coordinate all its production, trading, and logistics activities from Bogota.
Asia Pacific emerges as the fastest-growing market for green & bio-solvents, driven by abundant biomass resources and supportive factors like corporate collaborations, private investments, and government incentives. Key players include Purac, PTT, India Glycols Ltd., Greencol Taiwan, Henan Jindan, Ecomann, Kaneka, and Teijin Ltd.
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