According to a new report by UnivDatos, the Global Green Solvents Market is expected to reach USD 6,130.25 million in 2032, growing at a CAGR of 7.05%.

The increase in market growth is attributed to the rising need in several industries such as paints, coatings, adhesives, and pharmaceuticals which are environmentally friendly along with the reduction of the regulatory pressure worldwide to emit VOC (volatile Organic Compounds) standards.

Market Dynamics

The green solvents market continues to grow due to several factors. Firstly, the growing need to improve the environment and conserve resources has in turn increased the use of bio-based and renewable solvents across different applications. For example, in 2024 Jewell Paints becomes the first in the category to launch innovative ‘Twist and Pour’ packaging of Zero-VOC paint. Fresh Air sees no such compromise as it does not have any harmful emissions of so-called volatile organic compounds (VOCs) which degrade the quality of indoor air making it difficult to breathe healthily which with other paints make homes stuffy and unhealthy.

Consistent with the Kyoto Protocol and other such arrangements on a global scale, many regions are implementing stringent regulations on the emission of VOCs, which has speeded up the usage of green solvents. As of January 2022, a Revised Estimate for the Volatile Organic Compounds (VOCs) Emission Reduction Guidelines for Industrial Applications was presented by the U.S. Environmental Protection Agency (EPA), suggesting the use of green solvent alternatives by the companies. Furthermore, in March 2024, the REACH regulation of the European Union was revised, and VOC emission control was tightened leading to an increased need for green solvents within the region.

The construction industry's recovery post-COVID-19 pandemic has also contributed to increased consumption of green solvents. For instance, in 2024, according to the report published by the United States Census Bureau, the construction spending during May 2024 was estimated at a seasonally adjusted annual rate of USD 2,139.8 billion, 0.1 percent (±1.0 percent) below the revised April estimate of USD 2,142.1 billion. The May figure is 6.4 percent (±1.6 percent) above the May 2023 estimate of USD 2,011.8 billion.

In addition, the increase in the green solvents market can be attributed to the advent of green chemistry and the principles of circular economy. One can easily see the decline of conventional petroleum- based solvents in the solvent markets as different companies are more than willing to cut down on waste by sustainable means of production.

Sector Specific Growth  

Paint &Coatings: As offered products cut down on VOC emissions and help in embracing eco-friendly building practices, the paints and coatings sector is considered one of the largest users of green solvents. In 2023, Mowilex introduced Naturalle, a bio-based paint in Indonesia, which uses Primal RN Biobased Acrylic Emulsion from Dow Inc. More of such buildings are also constructed as there are increased green building certifications to encourage the use of green solvents in this sector.

Pharmaceuticals: Green solvents have become a key emerging market in the current domestic and international economies in the context of green manufacturing and the quest for sustainable procurement. This includes constructing facilities to provide processes that will be less wasteful and regarding energy as well. Pfizer intends to achieve net zero by the year 2040. To meet the above ambitious target, Pfizer aims to cut emissions of greenhouse gases generated by the company’s operations by 95% and emissions generated throughout the entire value chain by 90%, excluding renewable energy bought by the company, compared to the figures from the year of 2019, which also includes transitioning to only purchasing renewable energy. More adaptation of green chemistry has demanded and inspired the use of safer solvents. Instead of using harmful organic solvents, the pharmaceutical laboratories have the option of using water or other green solvents.

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Conclusion:

As environmental awareness, regulatory pressure, and consumer demand for environmentally friendly products increase, the market for green solvents is ready for accelerated growth. Innovation in manufacturing techniques, responsible procurement, and reclaiming of materials will promote further use in many sectors such as paints and coatings, pharmaceuticals, and adhesives. With the global in business concerns towards green chemistry, the green solvents market will flourish and become more diversified due to improved bioeconomy practices and the circular economy strategies.

Green solvents are expected to continue to be an integral element for industries striving to improve their sustainability with minimum adverse effects on the environment. The future of the market will, however, be anchored on the capacity of the market to grow in response to regulatory shifts, changes in available technologies and the readiness of consumers to embrace green alternatives.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Type and by Application.

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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