Green Solvents Market Projection, Technological Innovation And Emerging Trends 2030
The increasing adoption of environment-friendly solvents and volatility in the prices of petrochemical solvents owing to frequent price fluctuations, are some of the major factors fuelling the adoption of green solvents in various industries such as printing inks and paints and coatings across the world. In addition to this, the stringent initiatives adopted by numerous organizations such as the initiative adopted by the United States Environmental Protection Agency (EPA) for curtailing toxic emissions into the environment are significantly pushing the demand for green solvents all over the world.
Propelled by the above-mentioned factors, the global green solvents market is expected to record substantial growth over the next few years. In simpler terms, green or bio based solvents are defined as the solvents derived from the processing of various agricultural crops such as soybean and corn. These solvents are being increasingly adopted in several industries, mainly because of their eco-friendly nature and the severe environmental implications associated with the large-scale utilization of petrochemical solvents. One of the most commonly used green solvents is Ethyl lactate, which is derived from the processing of corn.
Green solvents are extensively used in a wide array of applications— adhesives, industrial and domestic cleaners, printing inks, and paints and coatings. Out of these, the usage of green solvents is currently observed to be very high in the paints and coatings applications. This is mainly attributed to the rising environmental pollution caused due to the extensive utilization of petrochemical solvents in the paints and coatings industry, surging consumer need for environment-friendly products, and rising preference for products having extremely lower quantities of volatile organic compounds (VOCs).
One of the major trends currently being observed in the green solvents market is the increasing consumer preference for environment-friendly paints and coatings products throughout the world. The paints and coatings products made with petrochemical solvents usually contain higher quantities of VOCs and various other emission-producing chemical compounds that cause major environmental damage. Therefore, in order to reduce the harmful emissions into the environment, many paints and coatings manufacturing companies are increasingly adopting green solvents in their manufacturing processes.
Globally, North America is currently observing large-scale incorporation of green solvents in several industrial processes. This is primarily credited to the presence of strict government policies and regulations regarding emission levels and the huge investments being made by the governments of various North American countries for promoting the development of environment-friendly chemicals. In addition to this, the existence of a large number of industries in the region requiring solvents for producing end-products is massively pushing the demand for green solvents in the region.
Therefore, it is clear that the utilization of green solvents will surge in various industries across the world in the years to come, owing to the rising need for eco-friendly chemicals in industrial processes and the presence of favorable government measures for the adoption of these chemicals in industries in several countries around the world.
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