Zion Market Research has published a new report titled “Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Cleaning Products, Paints & Coating, Printing Ink, Pharmaceutical, Adhesives, Cosmetics and Other End-Uses: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global solvents market was valued at USD 26.80 billion in 2016 and is expected to reach USD 33.0 billion in 2022, growing at a CAGR of 4.0% between 2017 and 2022. In terms of volume, global solvents stood at 31,239.5 kilotons in 2016.
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Solvents are organic liquids consist of a large number of chemical substances, generally used to dissolve or dilute other substances or materials. They can utilize from different chemical groups can differ distinctly in their characteristics. The majority of the solvents are also used as chemical intermediates, fuels, and as components of a wide range of products.
Surging construction and automotive sectors across worldwide are the major factors expected to drive the global solvents market. Rising demand for solvents for various applications specifically in China, India, and Brazil developing areas is projected to fuel the market size over the years to come. However, rising environmental concerns are likely to slow down the profit margins of the market. Nevertheless, on-going research and development and commencement of green and bio-solvents are expected to provide new avenues to the major vendors of the market in the near future.
Alcohol emerged as dominating type segment of the global solvents market in 2016. It held more than 30.0% share of the total volume consumption in 2016 and it is expected to be the fastest growing type segment in the coming years. This growth is attributed to the strong demand for various kinds of alcohols in different applications. Alcohol was followed by hydrocarbons and ketones in the same year. Moreover, the ester is likely to witness the exponential growth of the market during the years to come.
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In terms of end-uses, paints & coatings led the global solvents market and it accounted for more than 35.0% share of the total market in 2016. Growing construction and the automotive industry are projected to increase the usage of paints and coatings demand over the forthcoming years. This, in turn, is expected to grow the market gains across the globe. Printing ink and cleaning products especially in the semiconductor industry is projected to have the positive influence in the next few years. Surging demand for adhesives in assorted end-uses is likely to propel the demand of the market over the years to come.
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With more than 40.0% share, Asia Pacific dominated the market of solvents in 2016 and it is also predicted to be the fastest growing market within the forecast period. Emerging markets in Asia-Pacific region is likely to provide the great scope to the major players in the market during the next few years. The Asia Pacific was followed by Europe and North America in the same year. These both are mature markets of solvents. Thus, they are predicted to witness the stagnant growth in the coming years. Comparatively, Latin America and Middle East & Africa are anticipated to experience significant growth during the coming years.
Key players of solvents market are Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Ashland Inc., Honeywell International Inc., Eastman Chemical Company, Ineos A.G., Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals among others.
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