18 Mar
2016
Over the past 6 years the bio -based chemical market has expanded in size globally. Bio – based solvents including glycerol and 2-methyltetrahydrofuran are considered as vital inclusions in the conventional range of solvents. But, industries are slow in adopting new innovations. Thus, industry experts predict that neoteric solvent system such as ionic liquids would stay niche. They also add that renewable ways to historically developed solvents would continue to gain importance.
Study conducted by James H. Clark, Thomas J. Farmer, Andrew J. Hunt and James Sherwood shows the market backed order of about 20 MMT in 2015. Their research in International Journal of Molecular Sciences further indicates that industry was on order worth $ 10 billion to the world economy. European solvent production contributes close to 1.5 quarter of the global market, with yearly Bio -Based Solvent Market by application estimated to rise over 1 million metric tons by 2020. Prominent business verticals such as pharmaceuticals and paints would be the key end – users. In these industries solvent acts as a prime component of reaction, extraction as well as formulation. Besides this, the two influencing factors that dictate the use of such solvents include strict regulations and organizational preferences. Regulation play a vital role in controlling the application of specific solvents as well as permissible residues in finished products.
This is relevant in case of plant extraction sector mainly for foodstuff. After certain regulations are defined the solvents are used considering legal perspective and individual enterprises can choose their preferred their solvents on the basis of green chemistry principles. Today, consumer pressure often influences solvent preference indirectly, depending on how much environment friendless or greenness an organization values.
There are two prime options available for long term application of renewable chemical production in petrochemical industry. The first option emphasizes on discarding the old techniques used over centuries in the sector, developing at times new products with advanced technology that suits the feedstock. The second option is to lower the biomass to hydrocarbons. It also lays stress on phasing this alternative feedstock into already existing production structure, mainly as a mix of biomass as well as petrochemical feedstocks.
Many fine chemical enterprises depend on solvents, but not more than pharma companies. At production scale bio -solvents are over half the mass of material needed to manufacture an active pharma component as per the data from GSK, increasing to approximately 80 percent if water is included. Considering the modern application of bio -solvent Allied Market Research has published a report titled “World Green/Bio-Based Solvents Market.” As per the report the green solvents would register a CAGR of 4.3 percent by 2020. The study reveals that Asia -Pacific market would grow fast and is believed to register a CAGR of 6.2 percent between 2015 – 2020.
Akhilesh Prabhugaonkar
Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.
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