International. The global biological solvent market is expected to reach $9.31 billion by 2020, according to a new study by Grand View Research, Inc. Volatile petrochemical prices coupled with growing concern about the presence of VOCs in conventional solvents remains a key driver for this global market.
This class of solvents has been gaining acceptance in all key end-use sectors, and is expected to replace most conventional solvents due to its biodegradable and toxic-free properties. In addition, the increasing demand for green paints and coatings is estimated to further complement the growth of the market. The increasing market penetration in the pharmaceutical and cosmetic industries is also expected to have a positive influence on the growth of the market.
Paints and coatings emerged as the largest application segment and accounted for 44.2% of the total market volume in 2013. Increased construction spending in the emerging markets of Brazil, China and India due to rising rates of urbanization and industrialization are expected to remain a key driver for this segment.
The study also indicates that the adhesives and sealants market is the fastest growing application at an expected CAGR of 5.3% from 2014 to 2020.
