Environmentally friendly solvents, also known as green solvents, are produced from agricultural products such as corn, sugarcane, soybean oil, bio succinic acid, refined glycerin, lactic acid, and others. These solvents, including acetone, ethanol, methanol, 2-propanol, ethyl acetate, isopropyl acetate, methyl ethyl ketone, 1-butanol, and tert-butanol, are among the least toxic and are utilized as intermediates in the manufacturing of a variety of products, such as cosmetics, detergents, inks, adhesives and sealants, pharmaceuticals, and paints and coatings. The use of green solvents has been driven by regulations and certification schemes such as those established by the European Commission (EC) and the Eco-product Certification Scheme (ECS) in both developing and developed economies.

Water, ionic liquids, supercritical water, and other fluids are among the environmentally friendly solvent forms. There has been a rise in demand for eco-friendly paints and coatings due to the rules and regulations favouring environmentally friendly products. Additionally, the increased demand for consumer products has resulted in significant growth in the packaging industry, where green solvent-based adhesives and sealants are used for bonding applications. These factors are anticipated to contribute to the growth of the green solvent market over the forecasted period.

The COVID-19 pandemic has negatively impacted the green/bio-based solvents industry. The construction industry, which relies heavily on paints and coatings, adhesives and sealants, and ink production, has seen a drop in demand due to halted projects. However, the pharmaceutical industry has seen increased sales, which has boosted the demand for bio-based solvents used as intermediates in drug formulations. Although the market demand for green solvents has been impacted by the pandemic due to the closure or reduced operations of paints and coatings production companies, the industry is expected to recover post-COVID-19. This is because green/bio-based solvents are widely used in the pharmaceutical industry and are expected to play a crucial role in the development of sustainable products in the future.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Advanced Biopolymer AS, Agratech International, INC, Golden-Shell Pharmaceutical Co. LTD, G.T.C. BIO Corporation, HEPPE Medical Chitosan GMBH, Kitozyme S.A, Novamatrix , PANVO ORGANICS PVT LTD, Primex EHF, Qingdao Yunzhou Biochemistry Co., Ltd

By Product: Based on the Product, Global Green Solvents Market is segmented as; Bio-Alcohol, Bio-Glycols, Lactate Esters, D-Limonene, Methyl Soyate, Others

By End Use: Based on the End Use, Global Green Solvents Market is segmented as; Chemical Intermediate, Pharmaceuticals, Printings Inks, Paints and Coating, Cosmetics & Personal Care, Others

By Region: This is due to an increase in demand for greener solvents, which has compelled politicians and the government to replace old petroleum-based solvents with more environmentally friendly alternatives. Moreover, the North American area is anticipated to see significant expansion because to the presence of key manufacturers such as Stepan Corporation and Cargill, Incorporated, among others. Because of increased demand from end-use sectors such as paints and coatings, cosmetics, pharmaceuticals, and industrial, the Asia Pacific area is one of the fastest expanding regions in the product market. Furthermore, China's paint and coatings sector is rapidly increasing, which has spurred manufacturers to develop high-quality green and bio-based solvents for use in dispersing the chemicals in paint formulas.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.