“Global Solvents Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global solvents market report has been segmented on the basis of source, product type, application, and region.
Global Solvents Market: Overview
Solvent is a substance used to form a solution by dissolving a solute. Solvents are classified in two categories i.e., polar and non-polar. The polar solvents contain bonds between different electronegative atoms such as oxygen and hydrogen whereas the non-polar solvents contain bonds with similar electronegative atom such as carbon and hydrogen. Solvents are used in various applications such as pharmaceuticals, metal cleaning, adhesives, personal care, agricultural chemicals, and others.
Global Solvents Market: Dynamics
Increasing demand for solvents in paints & coatings applications in order to dissolve colors and binders for consistency, coupled with growing construction and automotive industries are major factors expected to drive growth of the global solvents market over the forecast period. Additionally, increasing adoption of petrochemical-based solvents in agricultural chemicals, polymer manufacturing, metal cleaning, and other applications is another factor anticipated to propel growth of the target market to a certain extent. Furthermore, increasing demand for bio-diols and bio-alcohols in various applications owing to growing carbon emission concerns is among some of the other factors expected to support revenue growth of the target market in the years to come.
However, high production and maintenance cost is a major factor which may hamper growth of the solvents market. In addition, stringent rules and regulations on use of petrochemical solvents is expected to be another factor restraining growth of the target market.
Increasing adoption of soy oil and glycol-based solvents and growing demand for solvents from developing countries are among some other factors expected to create revenue opportunities for major manufacturers, and is anticipated to support revenue growth of the market, globally.
Global Solvents Market: Segment Analysis
Among the source segments, the petrochemical-based solvents segment is estimated to hold highest revenue share in the global market, owing to increasing demand for petrochemical-based solvents from various end-use industries.
Among the product type segments, the oxygenated solvents segment is anticipated to account for significant revenue share in the coming years, and is to be followed by hydrocarbon solvents segment in terms of revenue share.
Among application segments, the paints & coatings segment is expected to dominate with highest share in terms of value in years to come, owing to growing automotive and construction industries.
Global Solvents Market: Regional Analysis
Currently, the Asia Pacific solvents market is estimated to account for major revenue share, and is expected to dominate in the global solvents market in the years to come. Rapid industrialization, coupled with growing automotive and construction industries in countries such as China and India is a major factor expected to fuel growth of the Asia Pacific solvents market. Asia Pacific solvents market is projected to grow at a rapid rate in the next few years, owing to increasing use of solvent in various industries such as pharmaceuticals, cosmetics, and others. The solvents market in North America is anticipated to register for moderate growth rate in the global market, followed by the solvents market in Europe.
Global Solvents Market Segmentation:
Segmentation on the Basis of Source:
- Petrochemical-based Solvents
- Bio & Green Solvents
Segmentation on the Basis of Product Type:
- Oxygenated Solvents
- Hydrocarbon Solvents
- Halogenated Solvents
- Acetic Acid
Segmentation on the Basis of Application:
- Paints & Coatings
- Printing Inks
- Polymer Manufacturing
- Others (Metal Cleaning, Personal Care, and Agricultural Chemicals)
Segmentation on the Basis of Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Eastman Chemical Company
- BASF SE
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Ashland Global Holdings Inc.
- LyondellBasell Industries Holdings B.V.
- Celanese Corporation
- Huntsman Corporation
- Solvay SA
- Honeywell International Inc.
- INEOS AG
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