Zion Market Research has published a new report titled “Solvents Market(Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Paints and Coatings, Printing Inks, Pharmaceuticals, Adhesives and Cosmetics and Other Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”. According to the report, the global solvent market was valued at around USD 25.25 billion in 2014 and is expected to reach USD 31.50 billion in 2020, growing at a CAGR of slightly above 3.5% between 2015 and 2020. In terms of volume, the global solvents market stood at 18,900.0 kilo tons in 2014.
The solution formed by the addition of a solvent substance into a solute. Inhalants or volatile substances are another names used for solvents. A solvent is commonly in a liquid form but can also be in a solid or a gas form. The process of dissolution of a solute in a specific volume of solvent depends upon temperature. Chemical, pharmaceutical, oil, and gas, chemical syntheses and purification processes are some of the major application markets for solvents. Non-polar, polar aprotic and polar protic solvents are some of the important types of solvents.
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The major driving factor for the global solvents market is strong demand from various end-user industries including paints and coatings, pharmaceutical. The revival of the global economy with increasing demand from the construction and automobile industry is driving demand for solvents. However, volatile raw material prices and stringent environmental regulations are expected to remain major concerns for solvent manufacturers.
Alcohols, hydrocarbons, ketones, esters, chlorinated and others are some of the major product segment of solvents market. Alcohol based solvents were the largest product segment of solvents market in 2014. It accounted for over 305 shares of the total volume consumed in 2014. Hydrocarbon-based solvent was the second largest product segment of solvents market in 2014. Hydrocarbon-based solvents market is expected to grow at a moderate pace in the years to come.
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Paints and coatings, printing inks, pharmaceuticals, adhesives and cosmetics and other applications are some of the leading application markets for solvents. Paints and coatings were one of the leading application segments for solvents in 2014. It accounted for around for over 60% share of the total solvent volume consumed in 2014 and is expected to exhibit rapid CAGR between 2015 and 2020. Pharmaceuticals, adhesives, and cosmetics are other important outlets for solvents. Construction and automobile are expected to exhibit fastest CAGR during the forecast period.
Asia Pacific dominated the global solvent market with over 40% share in total volume consumption in 2014. The solvent market in Europe will grow at a sluggish CAGR due to the mature nature of market. Europe is followed by North America. North America is expected to be exhibit significant growth in demand for solvent during the forecast period. Latin America and Meddle East & Africa are also expected to grow at a moderate pace.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global solvents market include Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals.
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