Organic solvents market size was valued at over USD 35 billion in 2015 and is expected to be worth more than USD 50 billion by 2023, with estimated gains of 4.5% from 2016 to 2023. In terms of volume, global demand was over 18,500 kilo tons in 2015 and is likely to increase more than 24,550 kilo tons over the forecast period, growing an approximate CAGR of 3% from 2016 to 2023.
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Asia Pacific, dominated by China and India organic solvents market size accounted for more than 40% of the global demand in 2015. China was the leading consumer globally and accounted for approximately 24% of the total consumption. Rapid industrialization and increasing manufacturing set up and investment from other countries were among the key factors to drive demand in the region.
U.S. organic solvents market size was the second largest region and is expected to witness nominal growth due to saturated solvent market and increase in environment regulations. Growth in construction and building industries in Saudi Arabia and Qatar is likely to positively influence Middle East & Africa organic solvents market growth.
Increasing environmental concerns has led to various laws and acts such as Registration, Evaluation and Authorization of Chemicals (REACH) legislation of 2007 and Clean Air Act revisions of 1996. These reforms have put limitations on toxic materials usage and promoting less harmful and low content solvents. Volatile raw material cost is likely to be among the key factors to influence organic solvents market price trend.
Growth in end-use industry applications such as cosmetics, electronics, and pharmaceutical coupled with manufacturers shift in preference to renewable resources is anticipated to create opportunity for bio-based solvents.
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Organic solvents market share is dominated by BASF, Dow Chemical Company, ExxonMobil, and Sinopec. These solvents are renewable and have less VOC emissions However, initially extensive R&D and performance enhancements are required before commercialization.
Other key players include Solvay Chemicals, Celanese Corporation, Sasol, Shell, Maruzen Petrochemical, and DuPont.
This latest Organic Solvents market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Organic Solvents industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Organic Solvents Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.” in detail along with the table of contents:
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Key Insights in this Report
- Organic Solvents market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Organic Solvents market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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