The Global Market for Solvents is Projected to Exceed 28.2 Million Metric Tons by 2022

Stable End-Use Markets & Rising Preference for ‘Green’ Solvents to Drive Demand for Solvents, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Solvents market. The global market for Solvents is projected to exceed 28.2 million metric tons by 2022, driven by stable demand in major end-use markets including paints & coatings, adhesives, and cleaning products; and rising preference for ‘Green’ solvents amid growing environmental concerns.

The global market for solvents is exhibiting growth supported by numerous factors including the stable growth in end-use markets such as paints and coatings, adhesives, cleaning products, printing inks, pharmaceuticals, personal care and cosmetics, and packaging. The market is indirectly benefiting from growing industrial and commercial activity and upward momentum in core and heavy industries such as mining, oil & gas, metal, and infrastructure across major regional markets. Solvents market is also benefiting from prevailing socio-economic trends such as rapid pace of urbanization, rising disposable incomes, growing middle class population, and changing lifestyle patterns, all of which are fuelling the demand for manufactured and processed goods and products.

A solvent is a liquid formulation that is capable of suspending, dissolving or extracting various substances, without influencing any chemical changes to the subject material and the end-product. Solvents function on the principle of 'like dissolves like' and are used for separating, cleaning and processing of materials. These solutions are selected or applied on the basis of numerous factors including safety and health and environmental effects, along with inherent features such as dissolving strength, evaporation and viscosity rates, flammability, and toxicity. For various end-use level requirements, different categories and classes of solvents are available such as Oxygenated Solvents including alcohols, ketones, esters, and ethers; Chlorinated Solvents; Hydrocarbon Solvents; and Green Solvents. Each of these solvents integrate unique features to fully support the end-use level requirements of the intended application.

While majority of solvents are practically non-harmful to the environment, some types of solvents such as chlorinated solvents tend to be extremely harmful because of their carcinogenic, toxic, corrosive, non-biodegradable profiles. The negative impact of certain solvents has been a cause for concern for regulatory agencies across the world. Over the years, several regulatory legislations have been formulated to restrict and minimize the use of hazardous solvents in numerous end-applications. These regulatory legislations are fuelling the adoption of Green Solvents and Bio-based solvents, which integrate environmental friendly attributes with low- to zero-toxicity, and biodegradable, recyclable, and non-corrosive features. These solvents, when used in any of the conventional solvent application, substantially minimize the release of hazardous materials into atmosphere, while helping enterprises comply with relevant regulatory legislations in place pertaining to manufacture, use, storage and application of solvents.

As stated by the new market research report on Solvents, Asia-Pacific represents the largest market worldwide. Trailing at a CAGR of 3.8% over the analysis period, the region also ranks as the fastest growing market led by positive economic cues and stable GDP forecasts in several Asian economies and rising public and private investments in manufacturing and industrial sectors.

Major players covered in the report Ashland, Inc., BASF SE, BioAmber, Inc., BP Plc, Celanese Corp., Chevron Phillips Chemical Company LLC, CITGO Petroleum Corp., The Dow Chemical Co., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International, Inc., Huntsman Corp., INEOS Group Ltd., LyondellBasell Industries N.V., Occidental Chemical Corp., Sasol Ltd., Shell Chemicals Ltd., Solvay S.A., Total SA, and Union Carbide Corp. among others.

The research report titled “Solvents: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and strategic industry activities of global companies. The report provides market estimates and projections for Solvents in Metric Tons for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. The report analyzes the Solvents market by Product Group/Segment - Oxygenated Solvents (Alcohols, Ketones, Esters, and Ethers), Chlorinated Solvents, Hydrocarbon Solvents, and Green Solvents at the global and regional market level. The report also analyzes the global solvents market by application – Cleaning, Paints and Coatings, Adhesives, and Others (Printing ink, and Pharmaceuticals among others) at the global level.

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