Volatile petrochemical prices coupled with growing concerns regarding VOC presence in conventional solvents is expected to remain a key driving factor for global bio solvents market. The Global Bio Solvents Market is expected to reach USD 9.31 billion by 2020, according to a new study by Grand View Research, Inc. Bio solvents have been gaining acceptance across key end-use industries and are expected to replace most of the conventional solvents on account of its biodegradability and toxic free properties. Increasing demand for green paints & coatings is expected to further complement the market growth. Increasing market penetration in pharmaceutical and cosmetic industries is also expected to have a positive influence on the market growth. Lactate ester emerged as the leading product segment and accounted for 30% of total market volume in 2013. Increasing penetration of lactate esters in coatings, printing inks and industrial cleaning applications is expected to drive it