Chemicals Industry Today

Global Solvents Market Will Procure USD 33.0 Billion by 2022

Global solvents market is expected to reach USD 33.0 billion in 2022, growing at a CAGR of 4.0% between 2017 and 2022.
Published 12 February 2018
Zion Market Research has published a new report titled “Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Cleaning Products, Paints & Coating, Printing Ink, Pharmaceutical, Adhesives, Cosmetics and Other End-Uses: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global solvents market was valued at USD 26.80 billion in 2016 and is expected to reach USD 33.0 billion in 2022, growing at a CAGR of 4.0% between 2017 and 2022. In terms of volume, global solvents stood at 31,239.5 kilotons in 2016.  
Solvents are defined as any substance that dissolves with solute to form a solution. Solvents can be in the form of solid, liquid or gas possessing the dissolving property. Solvents can be classified as polar or non polar depending on its charge. Industrial solvents are used in processing and formulation of products. Solvents are used in diverse applications in commercial, domestic or research purpose. Industrial solvents are mainly used in degreasing, cleaning, thinning oil-based paints and paint stripping. However, prolong exposure to some of the industrial solvents can led to adverse health effects.

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Increasing demand from the paint and printing industries mainly drives the industrial solvents market. Moreover, growing urbanization and rapidly expanding industrialization contributes to the growth of industrial solvents market. Yet, strict regulations led by the government for the use of solvents due to its impact on environment may impede the growth of this market. Nonetheless, growing demand of infrastructure from the emerging economics is expected to experience lucrative opportunity in the near future.

Based on products the industrial solvents can be segmented as hydrocarbons, acids, esters, glycols, aromatics, alcohols, ketones, ethers and other products. Hydrocarbon solvents emerged as the potential segment owing to its organic properties and also the regulatory pressure for use of organic solvents for several applications may trigger its demand in the market. Various application segments for industrial solvents include dissolution agent, cleaning and degreasing, paints and coatings, applications in printing products and cleaning and others. Dissolution agents accounted for 48% of total industrial solvent market due to its various uses in the industry. There has been immense growth in the infrastructure sector owing to rapid urbanization. Increasing use of paints in infrastructure is driving the market for paints and coatings which in turn expected to augment the demand for industrial solvents. The cleaning and degreasing held 24% of the total market share owing to increasing demand from the printing industry in 2015.

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The industrial solvent market is matured in North America and Europe and hence it is anticipated to experience stable growth in the coming years. The Asia Pacific and Latin America are expected to grow at the fastest pace due to rapid industrialization and increasing demand from the pharmaceuticals and other industries. The Middle East and Africa is projected to have a decent growth in the forecast period due to abundant availability of raw resources.
Some of the key players in the industrial solvents include BASF SE, Daicel Chemical Industries, Exxon Mobil Corporation, Lyondell Basell Industries N.V., Eni S.p.A., Arkema S.A., Nippon Refine Co., Ltd., Royal Dutch Shell PLC, The Dow Chemical Company, SK Innovation Co., Ltd., Petroleo Brasileiro S.A., Sinopec Corp., JX Holdings, Inc. and BP PLC among others.

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