Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-based, Bio & Green), and Region - Global Forecast to 2023
The solvents market is projected to grow at a CAGR of 3.9%
The solvents market is projected to grow from USD 47.37 billion in 2018 to USD 57.34 billion by 2023, at a CAGR of 3.9% during the forecast period. Growth in the automotive and construction industries is expected to drive the demand for petrochemical-based solvents during the forecast period. While stringent environmental regulations for the reduction in the use of Volatile Organic Compounds (VOCs) are expected to drive the demand for bio & green solvents. VOCs are compounds which form ground-level ozone and particulate matter and are the main ingredients of smog. Smog is known to have adverse effects on human health. The harmful effects of petrochemical-based solvents act as a challenge to the growth of the petrochemical-based solvents market.
The paints & coatings application segment is expected to lead the petrochemical-based solvents market during the forecast period, in terms of both, value and volume
By application, the paints & coatings segment is expected to lead the petrochemical-based solvents market during the forecast period. This is due to the demand for construction chemicals which is expected to lead to lead to their increasing usage in the paints & coatings application. In addition, rapid growth in population, accompanied by the growing automotive industry in the region, is expected to boost the growth of petrochemical-based solvents segment in the paints & coatings application. Also, growth of the automotive, OEM, machinery, and appliances markets globally are expected to drive demand for this application segment during the forecast period globally.
The industry and domestic cleaners application segment is expected to lead the bio & green solvents market during the forecast period, in terms of both, value and volume
By application, the industry and domestic cleaners application segment is expected to lead the bio & green solvents market during the forecast period. The growing demand for more sustainable and green cleaning formulations are expected to lead to the growth of bio & green solvents segment in this application segment. In addition, major industrial and domestic cleaning product manufacturers are following the guidelines outlined by the European Community (for example, REACH) and the Environmental Protection Agency (EPA) which are expected to drive the demand for the industry and domestic cleaners application in the bio & green solvents segment.
The APAC is projected to lead the solvents market between 2018 and 2023, in terms of both, value and volume
The solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is expected to lead the solvents market during the forecast period, owing to the increasing demand from emerging economies, such as China and India. In addition, rapid industrialization and urbanization accompanied by the rising demand for automobiles are expected to contribute to the growth of the solvents market in the region. Middle East & Africa is estimated to grow at the highest CAGR during the forecast period. The region accounts for half of the world’s oil reserves and 40% of the world’s gas reserves. This is driving the production of petrochemicals, which in turn, is expected to fuel the growth of the solvents market. Additionally, rapid growth in building & construction activities and rising demand for automobiles are expected to drive the demand for solvents in the paints & coatings application. Also, the personal care market is growing in the region, and, in turn, fueling the growth of the solvents market.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the solvents market. The breakdown of primary interviews has been depicted below:
By Company Type: Tier 1 - 31%, Tier 2 - 46%, and Tier 3 - 23%
By Designation: C-Level Executives - 11%, Directors - 22%, and Others - 67%
By Region: Asia Pacific - 56%, North America – 22%, Europe - 11%, and RoW - 11%
Key companies supplying solvents are:
Royal Dutch Shell Plc. (Netherlands)
Eastman Chemical Company (US)
BASF SE (Germany)
ExxonMobil Corporation (US)
LyondellBasell Industries Holdings B.V. (Netherlands)
Ashland Global Holdings Inc. (US)
Celanese Corporation (US)
Huntsman Corporation (US)
Solvay SA (Belgium)
Honeywell International Inc. (US)
INEOS Group AG (UK)
This report segments the solvents market on the basis of source, product type, application, and region. It provides estimations for the overall value of the solvents market and its subsegments across various regions. A detailed analysis of key players in the solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, agreements, joint ventures, and new product launches.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the solvents market in the following ways:
Provide a better understanding of the solvents market
Provide information on the drivers, restraints, challenges, and opportunities influencing the growth of the solvents market
Gain insights regarding competitors and their positions in the solvents market
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