LONDON–Technavio has announced the top five leading vendors in their recent global bio-based solvent market report from 2017-2021. This market research report also lists five other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
The leading vendors in the global bio-based solvent market include Archer Daniels Midland Company, BASF, Cargill, Huntsman, and The Dow Chemical Company. Globally, these vendors possess huge production facilities and have a vast geographical presence. There are several small regional vendors that have substantial shares in the market, regardless of the presence of these key players. Operational costs, innovations, price, and product quality are some of the factors for competition among the vendors. Some of the players decrease the market prices by offering products that are priced lower than that of their counterparts.
According to Ajay Adikhari, a lead analyst at Technavio for specialty chemicals research, “For survival of the vendors in the competitive market, the factors that are crucial are financial resources and technological innovations. Profit margins are influenced by technological innovations, changing consumer preferences, and volatility in the market. Prices of raw materials and end products, increase in demand, capacity expansion plans, and supply flows are some of the factors that are expected to increase competition.”
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Technavio market research analysts identify the following key vendors:
Archer Daniels Midland Company
The company is engaged in the procurement, transportation, storage, processing, and merchandising of agricultural commodities. Agricultural services, corn processing, oilseeds processing, wild flavors and specialty ingredients, and financial are the five business segments of the company. Key products offered by Archer Daniels Midland Company are used in major industries such as food and beverages (F&B), biochemicals, and biotechnology. The company provides a wide range of sustainable alternatives to petroleum-based chemicals. Some of them include acidulants, biopolymers and cottonseed hulls.
BASF is involved in the production and supply of chemicals and intermediates including plasticizers, solvents, monomers, glues, and electronic chemicals. The company offers raw materials to plastics, detergents, textile fibers, plant protection, pharmaceuticals, and paints and coatings industries. BASF offers a wide range of highest purity aprotic solvents. Glymes, acetals, and carbonates offered by the company exhibit superior properties than the traditional aliphatic and aromatic solvents.
Cargill is a US-based company that has a presence in over 70 countries. The company offers solvents that are widely used in industrial and consumer applications. They perform numerous functions such as dissolving resins and polymers (inks and paints), carrying functional ingredients (agrochemical formulations), cleaning (degreasing formulations), plasticizing (rubbers and adhesives), and diluting reactants to control heat during production, and maintaining product viscosity.
The Dow Chemical Company
The Dow Chemical Company offers bio solvent under the brand name DIAMOSOLV. Their products are an ideal solution for various end-use applications like paint strippers, concrete cleans, graffiti removers, adhesive removers, ink cleaners and many more. The product exhibits only a mild odor which makes it an excellent option for household and industrial cleaner formulators in search of high performing, ultra-low VOC products.
Huntsman designs, manufactures, and markets various organic and inorganic chemical products worldwide. The company serves industries such as chemicals, plastics, automotive, furniture, and packaging. Chemtura Corporation and Huntsman entered a joint venture and formed Rubicon. They offer a range of products including nitrobenzene and aniline. Huntsman is a leading global supplier of alkylene carbonates. These carbonates are used as alternatives to volatile and hazardous solvents.
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