by Solvents Market: Introduction
The solvents market is expected to grow in response to the increasing demand for solvents in construction and manufacturing sectors, finds Transparency Market Research (TMR) in a new study. Leading companies operating in the market will, therefore target opportunities prevalent in these sectors to establish a strong foothold. Besides this, they are likely to adopt various marketing strategies to create a brand image across the world. TMR profiles some of the leading players operating in the global solvents market and studies in detail various strategies they have adopted over the years. These include Dow Chemical Company, Celanese Corporation, BASF SE, Maruzen Petrochemical, Exxon Mobil Corporation, Sasol Solvents, Shell Chemical, and Solvay Chemicals.
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As per TMR, the global solvents market stood at US$ 31.3 Bn in 2020. By the end of 2031, the market is poised to reach US$ 45.2 Bn. The global solvents market is expected to expand at a CAGR of 3.4% between 2021 and 2031. Among products available in the market, the alcohol-based solvents segment is forecast to emerge dominant. The segment held 30.3% of the market on the basis of volume in 2020.
Regionally, Asia Pacific held major share of the global solvents market in 2020. As per TMR, Asia Pacific accounted for nearly 43.4% of the global market in the year. Rise in demand for solvents in paints, pharmaceutical, and cosmetics industries, which are the key end users of solvents, is expected to boost the market in Asia Pacific.
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Rising Demand for Solvents in Construction and Manufacturing Industries
The global solvents market is likely to witness steadily rising demand from construction and manufacturing industries. Therefore, exemplary growth of these industries in emerging markets will tip scales in favor of the global solvents market. The demand for solvents in the construction sector in BRIC nations is expected to rise considerably over the next few years. Solvents are increasingly used in pharmaceuticals, printing inks, adhesives & sealants, and other applications. Besides these, demand for organic solvents is high across the globe, creating lucrative prospects for the market growth.
Stringent Regulations to Hinder Market
On the downside, volatility in crude oil prices in international markets and soaring environmental concerns is likely to create obstacles in the growth for the global solvents market. Additionally, the market may find it difficult to continue at a strong pace in the U.S. due to rising legislations controlling the use and production of solvents in the country.
Favorable regulatory measures encouraging the use of organic solvents have bolstered opportunities for “green solvents”, which are more environment-friendly. Furthermore, the market is likely to derive benefits from the steady demand across developed markets.
The market is likely to gain impetus from the rise in residential and commercial projects worldwide. This, coupled with the increasing demand for automobiles in emerging nations, is expected to boost the market through the forecast period. Given the scenario, rise in demand for solvents in emerging nations such as India and China is estimated to drive the solvents market in the near future.
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Global Solvents Market: Segmentation
Solvents Market, by Product Type
- Alcohol-based Solvents
- Hydrocarbon Solvents
- Ketone-based Solvents
- Ester Solvents
- Chlorinated Solvents
- Other Solvents (including Bio-solvents and Glycols)
Solvents Market, by Application
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Cosmetics and Adhesives
- Others (including Cleaning and Deicing)
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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