Competition in Green and Bio-based Solvents Market Intensifies
Developed countries in Europe and North America have taken strong initiatives to reduce VOC emissions and exposure levels, thus leading to a growth in the green and bio-based solvents market.
According to a report published by Transparency Market Research (TMR), the global green and bio-based solvents market is expected to expand at a 7.2% CAGR between 2015 and 2023. The market, which was valued at US$4.32 bn in 2014, is expected to rise to US$8.05 bn by 2023.
TMR analysts address three important questions that companies operating in the green and bio-based solvents market have:
Q. What are the major factors contributing to the growth of the global green and bio-based solvents market?
Crude oil is typically used as a primary raw material in solvents. Instability in the prices of crude oil and the rising awareness about the impact of petroleum-based solvents among end-user industries has led to a shift towards bio-based products. Manufacturers of paints and coatings, printing inks, agrochemicals, pharmaceuticals, and commercial cleaning products are increasingly developing innovative bio-based products to avoid environmental problems associated with petroleum-based products.
The threat of new entrants in the global green and bio-based solvents market is currently high and is expected to remain so. This is due to the rising commercialization of green and bio-based solvents and the broad scope of applications in various end-user industries, which they offer, thus attracting several new players. Additionally, since the global market for many of the bio-based solvents is still in the nascent stage, it provides lucrative opportunities for new players. As such, new players are entering the market with low-cost products and innovative technologies, thereby intensifying the competition with existing players.
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