Industrial Solvents Market Overview
rapid industrialization in emerging economies globally, which is supporting the market to expand exponentially by 2030. The industrial solvents market and its applications are highly competitive, as it is innovative, which is leading the market players in adopting a dominant strategic approach. Market Research Report has published a report that suggests that the global industrial solvents market is poised to grow at a CAGR of 2.9% during the forecast period.
The solvent is considered as an essential substance that gets dissolved to form a solution. The purpose of a solvent is to transform into a suitable form depending on the application. Solvents can be discarded, reused, and recycled. Industrial solvents are generally in the form of liquid, but they are also available in gaseous and solid forms.
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The key players in service in the global industrial solvents market are listed as BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A. (France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati Organics (India), Sinopec (China), SK Innovation (South Korea), and LG Chemicals (Japan).
Market Drivers & Trends
The global industrial solvents market is witnessing growth due to factors such as rapid industrialization in emerging economies that have amplified the importance of industrial solvents. The growth of the industrial solvents market is also anticipated to create new opportunities for manufacturers to increase their market share. The prime players in the market are acquiring small players to augment their share in terms of volume. However, small players are also investing in research & development to introduce new products with different applications.
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Besides, some of the key players are also on the verge to make long-term contracts with the end-users. Apart from this, the introduction of environmentally friendly solvents is also likely to optimistically impact the development of the global industrial solvents market during the assessment period.
The global industrial solvents market is segmented by type and end-use industry.
On the basis of type, the global market is alienated into oxygenated and hydrocarbon solvents. The oxygenated solvents segment is also further segmented as alcohols, glycols, ketones, ethers, glycol ester. In the last, the hydrocarbon solvents segment is classified into aromatic and aliphatic
On the basis of end-use industry, the global market is segregated as chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil & gas, and other industries.
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The Asia-Pacific market is projected to have more than one-third of the market value share and is anticipated to escort the global market during the assessment period owing to the growth of the industrial sector, especially in China and India. China is estimated to have a maximum market share due to the accessibility of low-cost labor, government subsidiaries, and minimal taxes.
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North America is also predictable to be a prominent market for industrial solvents. The regional market will witness moderate growth as compared to the Asia-Pacific market. Solvents find extensive use in the manufacturing of paints & coatings. The US is one of the key manufacturers of paints & coatings globally and is contributing to the development of the regional market. The stringent REACH regulations are probable to act as a barrier in the growth of the European industrial solvents market.
In the last, the Middle East & African and Latin American markets are collectively estimated to have around one-tenth of the global market share during the review period.
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