Exempt Solvents Market is expected to reach US$2.42 Billion by the end of 2022

Press Release   •   Jan 24, 2018 05:10 EST

Zion Market Research has published a new report titled “Exempt Solvents Market (Methyl Chloroform, Methyl Chloride, Methyl Acetate, Acetone, Parachlorobenzotrifluoride and Other Products) for Coating Industry: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global exempt solvents market was valued at over USD 1.54 billion in 2016, is expected to reach USD 2.42 billion in 2022 and is anticipated to grow at a CAGR of slightly above 3.0% between 2017 and 2022.

Solvents are a distinct substance that liquefies with the solute to form a solution. Solvents can be obtained in the form of solid, liquid or gas possessing the dissolving property. EPA regulations include a list of compounds that are explicitly exempted from regulation as VOCs, even though they are "compounds of carbon." These compounds are referred as exempt solvents. Exempt solvents are extensively used in the coatings industry.

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Ever-increasing demand from coating industries primarily drives the exempt solvents market. Moreover, increasing sustainability and green chemistry is expected to drive the demand for exempt solvents in the near future. Furthermore, rising huge demand for exempt solvents from the emerging economies is expected to splendid the growth of the exempt solvents in the upcoming years. Yet, various initiatives led by the government for the use of green solvents may negatively impact on the growth of the exempt solvents. Nonetheless, stringent regulations on VOCs are likely to provide lucrative growth opportunities in the forecast period.

Based on products the exempt solvents can be segmented as methyl chloroform, methyl chloride, methyl acetate, acetone, parachlorobenzotrifluoride and other products. The other exempt solvents used for coating applications include dimethyl carbonate (DMC), tertiary butyl acetate etc. Methyl acetate emerged as the potent segment in 2016 and is further anticipated to maintain its track over the forecast period. As compared to other solvents methyl acetate provides higher solution viscosity. Methyl acetate is preferred where a mild odor, the fast evaporating solvent is required for formulators of coating and ink products. There has been immense growth in the coating sector owing to rapid urbanization. Rising use of coatings in infrastructure is driving the market for coatings which in turn expected to augment the demand for exempt solvents.

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Europe dominated the exempt solvent in 2016 owing to strict regulations on the use of solvents in Europe. Moreover, sharp growth in the automotive sector in Europe is expected to spur the growth of coating industry which in turn is anticipated to foster the demand of exempt solvent. North America held the second largest exempt solvent market in 2016 and is expected to experience lucrative growth in the coming years. Asia Pacific is expected to witness the fastest growth in the forecast period owing to rapidly growing industrialization, especially in China and India. The growth of construction spending in China and India coupled with growing industrialization rates in these countries is expected to spur growth for exempt solvents. Latin America is expected to witness moderate growth in the exempt solvents market in the coating industry. A major driver for the exempt solvents market is the rising automotive sector in Brazil owing to the application of exempt solvents in paints & coatings. The Middle East and Africa is witnessing sluggish growth owing to lack of awareness for the exempt solvents in recent times.

Some of the key players in the exempt solvents include Kowa India Pvt. Ltd, Miami Chemical, Inc, The Dow Chemical Company, Dowd and Guild Inc, Eastman Chemical Company, Hubbard-Hall Inc., Pacific Coast Chemicals, Startex Chemical Inc., TH Hilson Company, Univar and Parchem fine & specialty chemicals among others.

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