According to the UnivDatos, as per their “Green Solvents Market” report, the global market was valued at USD million in 2023, growing at a CAGR of about 7.05% during the forecast period from 2024-2032 to reach USD 6,130.2 million by 2032.

The global green solvents market has witnessed substantial growth in recent years, driven by increased environmental awareness, stricter regulations on VOC emissions, and the need for sustainable alternatives in industries such as coatings, pharmaceuticals, and personal care. The market is further fueled by consumer demand for eco-friendly products, advancements in green chemistry, and cost savings from reduced waste management, all of which support their adoption across diverse industries. Additionally, supportive government incentives, expanding application areas, corporate sustainability goals, and the pursuit of supply chain resilience are driving companies to integrate bio-based and locally sourced solvents into their operations.

Transitioning to Eco-Friendly and Low-VOC Solvents

The use of conventional solvents, that most commercial products emit volatile organic compounds (VOCs) which are injurious to the health and air cleanliness, has been brought under control by enacting tough restrictions by Governments and regulatory organs in different parts of the globe. For this reason, industrialists are now embracing the technologies of producing green solvents which do emit VOCs. For instance, in 2024, a leading chemical corporation Solvay increased the output of Augeo® Clean Multi, a bio-based alternative solvent utilizing glycerin as the main ingredient, due to the rising need for eco-friendly solvents within the coatings and cleaning sectors. Due to its nontoxic profile and environmental friendliness, Augeo® Clean Multi has become a popular product and as a result positioned Solvay on the frontline in the green solvents industry.

Regulatory Push for Low-Impact Manufacturing

The green solvents industry is adapting to the new regulatory framework which encourages the use of cleaner production methods. In the European Union, stricter requirements were, however, instituted under the REACH regulation which requires the adoption of low-VOC solvent usage in production processes. As a result, within the first quarter of 2024, there was a 15% growth in the demand for bio and low-emission solvents in Europe especially in paints and coatings. BASF and the like have modified their offerings to have a greener product line. In accordance with phase 2 of REACH restrictions, BASF developed several products based on renewable resources that comply with high environmental standards and at the same time functional similar to conventional solvents.

Innovations in Bio-Based Solvents and Recycling

The advancement of bio-based and recyclable solvents has opened new possibilities for sustainable chemical processes. Major companies operating in the market are shaking hands for the development of new and upgraded products. For instance, in May 2024, Circa Group AS, a sustainable biochemicals firm joined forces with IXOM Operations Pty Ltd, a top water treatment and chemical distribution company in Australia and New Zealand, to promote Cyrene™, a renewable industrial solvent from Circa, in the ANZ region. The aim of building the market in the territory through IXOM channels and at the end to make a supply and distribution agreement is the focus of this collaboration. This partnership is a significant step towards enhancing customer service in Australia and New Zealand because it will utilize IXOM’s knowledge and leadership core to introduce Cyrene™ to the relevant customers and applications that need alternatives to paint stripping solvents.

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Conclusion

The green solvents market across the globe is undergoing a rapid transformation due to compliance with environmental regulations, development in sustainable production, and introduction of bio-based and recyclable solvents. More so, with the increased emphasis on sustainability by different sectors, the demand for green solvents is projected to grow further with extra capacity and improvement in technologies expected in developing economies. Going forward, the new applications of green solvents in the market is likely to increase especially in sectors such as agriculture, automotive, and industrial manufacturing. The global green solvents market is poised for massive growth because of the increased focus on environmental sustainability and government policies encouraging green industries which will assist in the greening processes of industries.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Type and by Application

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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