Global Special Boiling Point Solvents Market - Segmented by Solvent Base, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global special boiling point solvents market is expected to register a steady CAGR between 2018 and 2023. The market is mainly driven by the increasing demand from the growing paints & coatings industry. Furthermore, owing to their extensive use as solvents, growth in the global rubber industry is projected to boost the demand for special boiling point solvents.
Growing Demand for Paints and Coatings
During the curing phase, solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, as compared to water-based coatings. Owing to this major advantage, solvent-based coatings are preferred. Due to rapid growth in decorative and industrial coatings, Asia-Pacific is one of the fastest growing regions for paints and coatings. The investments in the Chinese transportation sector have increased in the recent times. China’s Transport Ministry and National Development and Reform Commission (NDRC) have planned to invest USD 724 billion between 2016 and 2018, to construct 303 key transportation projects, including railways, highways, waterways, airports, and urban rail. This investment plan is expected to enhance the country’s connectivity between the major cities, thus augmenting regional economic and social development. This robust growth in infrastructure, automotive, and industrial activities is expected to boost the demand for paints & coatings across the globe, thus augmenting the demand for special boiling point solvents.
Petroleum Ether - The Dominating Segment
Petroleum ether is a petroleum distillation fraction. Petroleum ether is commonly used as a non-polar solvent for oils, fats, and waxes. Petroleum ether is used in pharmaceutical industries, as a solvent to isolate compounds. For example, petroleum ether can extract stigma sterol and beta-sitsterol from the aerial parts of Ageratum conyzoides and compounds with immunomodulatory activity, from Anacyclus pyrethrum.
Germany - One of the Leading Consumers
Germany is among the leading producers of paints & coatings in the European region. It is home to around 300 paints and printing inks manufacturers, with several small- and medium-sized companies. The German industrial coatings segment contributes to 39% by volume and 62% by revenue. Germany has the largest construction industry in Europe. According to industry experts, the demand for new houses is estimated to be around 350,000 per year until 2020, which is expected to boost the construction industry. Furthermore, Germany is known as a manufacturing hub for automobiles. Due to the increasing vehicle manufacturing in the country, the demand for tires is continuously increasing.
Major Players: Royal Dutch Shell PLC, Haltermann Carless, Exxonmobil Chemical, DowDuPont, and Total SA, amongst others.
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