Industrial Solvents Market Trends by Key Players: Dow Chemicals, Exxon Mobil, BASF, shell, Solvay Chemicals, Arkema

North America led by the U.S., Canada and Mexico industrial solvents market is likely to have a significant growth rate. To inflate the market share, companies are assimilating new technology, partnerships and joint ventures to develop their market. Growth in cosmetic industry has induced the urge to increase in product demand, as these products dissolve the ingredients and permits them to work properly. Increasing sales of skin care lotions, anti-ageing creams and hair gels, are attracting the companies to expand the customer base, thus driving regional industry growth.

Industrial Solvents Market size may witness a significant growth rate over the foreseeable timeframe. Increasing application usage in sealants, pharmaceuticals, adhesives, paints & coatings, printing inks and cosmetics may drive industry demand. Rapid industrialization and increasing chemical sales may fuel product demand.

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Global solvents market may surpass USD 30 billion by 2024. These products have the ability to suspend, dissolve or extract materials, thus making it an invaluable solution for industries. These products play an important role in various manufacturing and end-use industries as they are used as thinning oil-based paints, degreasing and cleaning.

Oxygenated based industrial solvents has increased usage in detergents, cosmetic and pharmaceutical industry owing to high solvency power and low toxicity, thus resulting into increased product demand. Increased product usage as coupling agents, diluents and other functional additives in several formulations and chemical synthesis will further boost industrial growth.
Hydrocarbon based industrial solvents are derived from petroleum feedstock which contains hydrogen and carbon atoms. These products are used as domestic and industrial cleaners owing to its superior properties including flash point, color and aromatic content which positively influences market demand over the forecast period.

Global paints & coatings market is predicted to exceed USD 225 billion by 2024. Industrial solvents diffuses resins and pigments, which are used in paints formulation to attain desire consistency for application. Increased paints & coatings application usage in various end-use industries such as automotive, aerospace, construction, marine and wood will stimulate industrial solvents market size.

Global adhesive and sealants market size was valued at USD 45 billion and USD 9.5 billion in 2017, respectively. Enhanced product usage in adhesives and sealants application reduces fixing time as it improves its bonding and adhesion properties, thus driving industrial solvents market.

Europe led by Germany and France industrial solvent market demand is likely to witness significant growth rate. Increasing demand for paints & coatings usage in automotive industries to enhance the quality, appearance and durability of vehicles will boost product demand in the region. BASF offers wide array of high performance colored pigments which are applied in all areas of industrial coatings including marine, cans, coil and wood coatings which are suitable for different applications, thus enhancing regional market growth.

Asia Pacific industrial solvents market demand led by China, Japan and India will grow significantly over the projected timespan owing to increasing construction spending and manufacturing industries. Increasing paints & coatings and adhesives & sealants usage in construction and manufacturing industries along with growing consumer disposable income to buy expensive personal care products will drive regional industry growth.

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The use of hazardous and toxic solvents in various industry is considered as an emerging issue for human health and environment pollution. Rise in regulatory pressure to use bio-based products, which are environmental friendly in nature will restrain industrial solvents market growth. Various health hazards such as kidney damage, respiratory impairment and fluctuating crude oil prices will hamper industrial solvents market price trend.

Global industrial solvents market share is fragmented owing to the presence of dominant service providers. Key players are Dow Chemicals, Exxon Mobil, BASF, shell, Solvay Chemicals, Arkema and Honeywell international. These corporations are investing in R&D for product and technology advancement to increase market demand.

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