Green Solvents Market

Green Solvents Market Analysis and Forecast by Type, Application, Region, and Country, 2023–2033

Rising Environmental Awareness Drives Growth in the Green Solvents Market

Category: Chemicals & Materials Published Date : Oct-23 ID: CVC0182 Format: PDF Pages: 300

Green Solvents Industry Outlook

As per rigorous research by ChemView Consulting, our analysts forecast that the global green solvents market is set to reach a valuation of US $4894 million and will grow at a 7.3% CAGR during the period 2023–2033.

Key Findings on the Green Solvents Market

1. Which is the largest market for green solvents?

The biggest market for green solvents is Europe. As per our analysis, Europe holds nearly 28.3% share of the green solvents market.

2. What is the largest application segment within the green solvents market?

As per ChemView Consulting, the largest segment by application is paints and coatings. As per our analysis, this segment accounts for nearly 37% of total revenues.

3. At what rate is the green solvents market expected to grow?

The green solvents market is expected to grow at a CAGR of 7.3% during the period 2023–2033.

4. What are the major trends influencing the green solvents market?

  • Industry Collaboration: Partnership among stakeholders, including government agencies, academia, and industry participants, is promoting innovation and the adoption of green solvents.
  • Sustainability: Growing awareness of sustainability and the demand for renewable and biodegradable solvents is driving the market towards greener solutions.

5. Who are the leading players in the green solvents market?

The key companies in the green solvents market are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.

Key Drivers for Green Solvents Demand

  • Growing consumer awareness of environmental issues is boosting demand for environmentally friendly products and practices. This awareness is driving demand for green solvents in a variety of consumer goods, such as household cleaners, personal care products, and others.
  • In addition, ongoing research and development activities are developing new, more efficient green solvents. These advancements improve the performance of green solvents and expand their range of applications, driving market growth.
  • Furthermore, as the production and extraction techniques for green solvents improve and become more cost-effective, industries are more likely to adopt them. Reduced costs make green solvents a more attractive option for businesses.

Key Challenges Inhibiting Demand for Green Solvents

  • Some green solvents may not be as effective as traditional solvents in certain situations. This performance gap might be an issue, especially in industries where precision and efficiency are crucial.
  • Moreover, green solvents, particularly those derived from renewable resources, may have limited availability owing to factors like seasonal changes and limited sources. This might hinder their wider acceptance.

Key Challenges and Opportunities for Green Solvent Manufacturers

  • Adhering to evolving and stringent environmental regulations and industry standards is crucial. Navigating compliance standards and staying up-to-date on new rules in several places can be difficult.
  • However, manufacturers can explore international markets where green solvent adoption may be growing at a faster rate. Understanding the specific needs and regulatory environments of different countries can help identify export opportunities.

Country/Region-wise Insights

US Green Solvents Market Forecast 

  • Strict government restrictions and programs targeted at lowering volatile organic compound (VOC) emissions in the US market are projected to observe significant growth in the estimated period.
  • Additionally, advancements in green chemistry and the development of innovative, sustainable solvents are attracting investments and fueling research and development efforts in the sector.

Europe Green Solvents Market Outlook 

  • Increasing environmental awareness and stringent regulations aimed at reducing the carbon footprint in Europe are anticipated to drive sales in the market over the assessment period. Europe is likely to remain the largest market for green solvents, holding a substantial share of approximately 28.3% in 2023.
  • In addition, the region’s dedication to a circular economy, as well as the adoption of green practices across various sectors, will drive the use of green solvents even further.

Japan Green Solvents Market Forecast

  • Increasing awareness and emphasis on sustainable and environmentally friendly solutions in Japan is anticipated to drive market growth over the forecasted period.
  • In addition, stringent government rules and policies encouraging the use of environmentally friendly products have significantly influenced the adoption of green solvents within various industries.

China and India Green Solvents Market Forecast

  • The shift towards cleaner and greener technologies in various industrial processes in China and India is anticipated to fuel the market over the forecast period.
  • In addition, the increased investments in renewable energy and environmentally friendly technology by China and India are projected to promote the use of green solvents across a variety of industries.

Green Solvents Market Outlook and Forecast by Segmentation

By Type 

Based on type, the lactate esters segment is expected to remain at the forefront of green solvents market share over the assessment period. The growth is mainly because they are obtained from renewable resources such as corn or sugar beets. They are biodegradable and have a lower environmental impact than many traditional solvents, which makes them appealing to industries and consumers seeking to decrease their carbon footprint.

Furthermore, lactate esters have lower volatility and vapor pressure than other conventional solvents. This property can help to minimise VOC emissions into the atmosphere, resulting in enhanced air quality and compliance with environmental standards.

By Application

Based on application, the paints and coatings segment is set to account for 37% of the green solvents market share over the assessment period. The growth is because people are becoming more environmentally conscious and actively seeking products that are less hazardous to the environment and human health. Manufacturers of paints and coatings are responding to this need by incorporating green solvents into their formulations in order to sell their products as environmentally friendly.

Furthermore, organizations in the paints and coatings industry are always seeking ways to obtain a competitive advantage. Using green solvents can be a competitive advantage and market differentiator, allowing businesses to position themselves as sustainability leaders.

Which Company Owns the Largest Share in the Green Solvents Market?

The key companies in the green solvents market are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.

Recent Developments:

  • In March 2023, The University of York teamed up with Circa Group, a sustainable chemicals company, to establish the CRCI (Circa Renewable Chemistry Institute). The new institute’s goal is to develop and market natural goods that are safer and more sustainable for the chemical industry.
  • In April 2022, Solvay, a Belgian multinational chemical company, announced the creation of the excellently eco-friendly next-generation solvent, Rhodiasolv® IRIS. Formerly manufactured in China, this solvent will soon be manufactured at Solvay’s Melle plant in France, beginning in 2023.
  • In July 2021, Merck, a leading science and technology company, announced the introduction of a new line of complimentary green solvents for use in photolithographic processes in semiconductor production.

As per our analysis, the companies that hold the largest share of the market are

Click Here to Request Company-wise Data


Founded in 1865 and headquartered in Ludwigshafen, Germany, it is a multinational corporation and the world’s largest chemical producer.


Founded in 1994 and headquartered in Amsterdam, Netherlands, it is a multinational firm that produces paints and performance coatings for industry and consumers worldwide.

GF Biochemicals

Established in 2008 and with headquarters in Paris, France, it is a biochemical firm.

Dow Chemical Company

Founded in 1897 and with headquarters in Midland, Michigan, United States, the firm is one of the world’s top three chemical makers.

Cargill Incorporated

Founded in 1865 and with headquarters in Wayzata, Minnesota, United States, it is a multinational food corporation.

What Makes this Report More Insightful than Others?

With ChemView Consulting, we’re redefining market research for the next generation. Go beyond traditional analysis and immerse yourself in a holistic exploration of business opportunities. We offer:

Actionable Business Opportunity Assessments: Navigate the business landscape with precise, actionable insights tailored for future growth.

Strategic Competitive Intelligence: Stay ahead with in-depth analysis, ensuring you always have a competitive edge.

Customer Insights Like Never Before: Understand your customer’s evolving needs, aspirations, and behaviors to drive brand loyalty and value.

Dynamic Price Tracking: Stay agile in a fluctuating market with real-time pricing intelligence.

Profitability Analysis with Precision: Dive deep into data-driven strategies that ensure optimal returns on investment.

MandA and Alliances Mastery: Navigate the complex world of mergers, acquisitions, and alliances with expert foresight.

Startup Ecosystem Tracking: Discover the next big disruptors before they make headlines.

Up-to-the-minute Regulations and Compliance Updates: Stay ahead of the regulatory curve, ensuring business continuity and compliance.

Pioneering Technological Insights: Explore the forefront of innovation, capturing trends before they shape the market.

The future is data-rich and insights-driven, and with ChemView Consulting, you are poised at the forefront. Every report is crafted to inspire, and every insight is designed to catalyze growth. Partner with us, and let’s co-create the future of your business.


The green solvents market is projected to reach a significant value of US $4894.0 million by 2033, driven by a robust 7.3% CAGR during the period 2023–2033. Key industry players actively contributing to its growth are Solvay, Merck, BASF SE, DuPont, Dow Chemical Company, Cargill Incorporated, Gevo, LyondellBasell N.V., AkzoNobel, Archer Daniels Midland Company, Stepan Company, Vertec Biosolvents Inc., GF Biochemicals, Astrobio, India Glycols Limited, Florida Chemicals, Myraint Corporation, and Huntsman Corporation.  The largest market segment by application is paints and coatings, while Europe emerges as the dominant region in this market.

Follow Us On Our Social Media Pages 

Facebook and Linkedin

1.1. Global Market Outlook

1.2. Technology Roadmap

1.3. Supply and Demand Side Trends

1.4. Strategic Success Factors

1.5. Analysis and Recommendations

2.1. Market Taxonomy

2.2. Market Definitions

2.3. Inclusions and Limitations

3.1. Supply Side Overview

3.2. Demand Side Overview

4.1. Macroeconomic Factors

4.2. Forecast Factors

4.3. PEST Analysis

4.4. Porter’s Five Forces

4.5. Value Chain Analysis

4.6. Market Dynamics

4.6.1. Drivers

4.6.2. Restraints

4.6.3. Opportunities

4.7. Patent Analysis

4.8. Trade Analysis

4.9. Investment Feasibility Matrix

4.10. Challenges for New Entrants

4.11. Regulations Overview

4.12. Covid-19 Impact Assessment

4.12.1. Economy/Cluster Projections

4.12.2. Covid-19 Economic Assessment

4.12.3. Potential Impact on Target Market

4.12.4. Recovery Scenario

5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis

5.2. Demand Y-o-Y Growth Rate Analysis

5.3. Total $ Opportunity Analysis

5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis

6.1. Regional Pricing Analysis By Source

6.2. Regional Price Forecast

6.3. Profit Margin Analysis

6.4. Future Price Impact Factors

7.1. Introduction

7.2. Market Trends

7.3. Historical Market Analysis and Market Forecast Analysis

7.3.1. Bio-Alcohols

7.3.2. Bio-Glycols

7.3.3. Lactate Esters

7.3.4. D-Limonene

7.3.5. Methyl Soyate

7.3.6. Others

7.4. Market Attractiveness Analysis

8.1. Introduction

8.2. Market Trends

8.3. Historical Market Analysis and Market Forecast Analysis

8.3.1. Chemical Intermediate

8.3.2. Pharmaceuticals

8.3.3. Printing Inks

8.3.4. Paints and Coatings

8.3.5. Cosmetics and Personal Care

8.3.6. Others

8.4. Market Attractiveness Analysis

9.1. Introduction

9.2. Market Trends

9.3. Historical Market Analysis and Market Forecast Analysis

9.3.1. North America

9.3.2. Latin America

9.3.3. Western Europe

9.3.4. Eastern Europe

9.3.5. East Asia

9.3.6. South Asia Pacific

9.3.7. Middle East and Africa

9.4. Market Attractiveness Analysis by Region

10.1. Introduction

10.2. Key Market Trends

10.3. Pricing Analysis

10.4. Historical Market Analysis and Market Forecast Analysis

10.4.1. By Country The U.S. Canada

10.4.2. By Type

10.4.3. By Application

10.5. Market Attractiveness Analysis

10.5.1. By Country

10.5.2. By Type

10.5.3. By Application

10.6. Market Participants Presence Mapping

11.1. Introduction

11.2. Key Market Trends

11.3. Pricing Analysis

11.4. Historical Market Analysis and Market Forecast Analysis

11.4.1. By Country Brazil Mexico Rest of L.A.

11.4.2. By Type

11.4.3. By Application

11.5. Market Attractiveness Analysis

11.5.1. By Country

11.5.2. By Type

11.5.3. By Application

11.6. Market Participants Presence Mapping

12.1. Introduction

12.2. Key Market Trends

12.3. Pricing Analysis

12.4. Historical Market Analysis and Market Forecast Analysis

12.4.1. By Country Germany Italy France U.K. Spain BENELUX Nordics Rest of Western Europe

12.4.2. By Type

12.4.3. By Application

12.5. Market Attractiveness Analysis

12.5.1. By Country

12.5.2. By Type

12.5.3. By Application

12.6. Market Participants Presence Mapping

13.1. Introduction

13.2. Key Market Trends

13.3. Pricing Analysis

13.4. Historical Market Analysis and Market Forecast Analysis

13.4.1. By Country Poland Russia Baltics Balkans Rest of Eastern Europe

13.4.2. By Type

13.4.3. By Application

13.5. Market Attractiveness Analysis

13.5.1. By Country

13.5.2. By Type

13.5.3. By Application

13.6. Market Participants Presence Mapping

14.1. Introduction

14.2. Key Market Trends

14.3. Pricing Analysis

14.4. Historical Market Analysis and Market Forecast Analysis

14.4.1. By Country China Japan South Korea

14.4.2. By Type

14.4.3. By Application

14.5. Market Attractiveness Analysis

14.5.1. By Country

14.5.2. By Type

14.5.3. By Application

14.6. Market Participants Presence Mapping

15.1. Introduction

15.2. Key Market Trends

15.3. Pricing Analysis

15.4. Historical Market Analysis and Market Forecast Analysis

15.4.1. By Country India ASEAN ANZ Rest of SAP

15.4.2. By Type

15.4.3. By Application

15.5. Market Attractiveness Analysis

15.5.1. By Country

15.5.2. By Type

15.5.3. By Application

15.6. Market Participants Presence Mapping

16.1. Introduction

16.2. Key Market Trends

16.3. Pricing Analysis

16.4. Historical Market Analysis and Market Forecast Analysis

16.4.1. By Country GCC Countries Turkey South Africa Rest of MEA

16.4.2. By Type

16.4.3. By Application

16.5. Market Attractiveness Analysis

16.5.1. By Country

16.5.2. By Type

16.5.3. By Application

16.6. Market Participants Presence Mapping

17.1. Market Concentration Analysis

17.2. Tier Structure Breakdown

17.3. Market Share Analysis

17.4. Production Capacity Analysis

17.5. Key Strategies Adopted by Top Players

17.6. Start-up Ecosystem

17.6.1. New Player Entry

17.6.2. Strategies Adopted by New Players

17.7. Company Footprint Analysis

17.7.1. Vehicle Type Footprint

17.7.2. Regional Footprint

17.8. Competitive Dashboard

18.1. Solvay

18.1.1. Company Overview

18.1.2. Product Portfolio

18.1.3. Locations

18.1.4. Financial Analysis

18.1.5. Recent Developments

18.1.6. SWOT Analysis

18.1.7. Strategy Overview

18.2. Merck

18.3. BASF SE

18.4. DuPont

18.5. Dow Chemical Company

18.6. Cargill Incorporated

18.7. Gevo

18.8. LyondellBasell N.V.

18.9. AkzoNobel

18.10. Archer Daniels Midland Company

18.11. Stepan Company

18.12. Vertec Biosolvents Inc.

18.13. GF Biochemicals

18.14. Astrobio

18.15. India Glycols Limited

18.16. Florida Chemicals

18.17. Myraint Corporation

18.18. Huntsman Corporation.