International. The market size, in terms of value, of green and biological solvents is estimated at around US$5.58 billion in 2015 and is expected to reach US$8.17 billion in 2020, at a CAGR of 7.94% between 2015 and 2020.
The parameters identified for the green and biological solvents market are environmental and regulatory pressure designed to reduce EMISSIONS of ODS, VOCs, and PAHs; reducing dependence on petrochemical solvents and exporting countries; improving the competitiveness of product differentiation; and uncertainty about the development of the price of oil.
Countries such as China, the USA, and Brazil are the main markets for these solvents. The market in the countries of the Middle East and Africa are also growing. In developed countries, such as the US, Spain, Germany, Japan and Italy, the market is growing at a low to moderate pace.
The researchers say the opportunities for the industries are paving asphalt and roof tiles, extracting bitumen and heavy oil from Canada's Tar Sands, and replacing the petroleum solvent in key applications.
