The global solvents market is expected to reach USD 51.65 billion by 2025, from USD 38.36 billion in 2017 growing at a CAGR of 3.8% during the forecast period of 2018 to 2025. The upcoming market report contains data for the historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Solvents are chemicals, which form a solution when they are dissolved in a chemically different solute. In a solution, there is a uniform distribution of molecules and the proper mixing of solute & solvents. Organic solvents are mainly used in all traditional solvent applications and in manufacturing industries. Whereas, conventional solvents on the other hand can be classified into chlorinated solvents, ketones, glycol ethers, hydrocarbons, acetate esters and alcohols based on their chemical composition. The extensively used applications of solvents are pharmaceuticals, sealant & adhesives and printing-inks. There is an abundant requirement of paints & coatings by the construction industries, which is a major factor for the exemplary growth of the market.
The report includes market shares of solvents market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa. The key players operating in the global solvents market are –
- Royal Dutch Shell PLC
- Eastman Chemical Company
- BASF SE
- Exxon Mobil Corporation
- LyondellBasell Industries Holdings B.V.
- Ashland
- Celanese Corporation
- Huntsman International LLC.
- Solvay,
- Honeywell International Inc.,
- INEOS,
- Arkema SA,
The other players in the market are Bharat Petroleum Corporation Limited, BP p.l.c., Cargill, Incorporated, Chevron Phillips Chemical Company, DowDuPont, Flotek Industries, INVISTA, Monument Chemical, Olin Corporation, Reliance Industries Limited and TOP SOLVENT CO., LTD. The global solvents market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. In July, 2018, Brilliant polymers launched a new innovative solvent-free adhesive which are very flexible for packaging application.
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Market Drivers:
- Demand from construction and automotive industry
- Oxygenated based industrial solvents
- Environmental regulations to reduce VOC (volatile organic compounds) emissions
Market Restraint:
- Industries shifting focus to green solvents
- Effects of petrochemical-based solvents
- High production cost and performance issue
Segmentation: Global Solvents Market
By Source
- Petrochemical-Based Solvents
- Bio & Green Solvents
By Type
- Oxygenated Solvents
- Esters
- Ketones
- Glycol Ethers
- Glycol
- Hydrocarbon Solvents
- Halogenated Solvents
- Acetic Acid
By Application
- Paints & Coatings
- Pharmaceuticals
- Polymer Manufacturing
- Adhesives
- Printing Inks
- Metal Cleaning
- Personal Care
- Agricultural Chemicals
- Other Applications
By Geography
- North America
- US
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Russia
- Turkey
- Belgium
- Netherlands
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Singapore
- Thailand
- Malaysia
- Indonesia
- Philippines
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Egypt
- Saudi Arabia
- United Arab Emirates
- Israel
- Rest of Middle East & Africa
Key Insights in the report:
- Historical and current market size and projection up to 2025.
- Market trends impacting the growth of the global solvents market.
- Analyze and forecast solvents market on the basis of source, type and application.
- Trends of key regional and country-level markets for source, type and application.
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis.
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