Worldwide Industrial Solvents Market to grow at 5.8% CAGR till 2024 | Key Players are Sigma-Aldrich, Total, LyondellBasell, INEOS, Sasol, LG Chem, Cargill, Solvay, Corbion, Celanese, DowDupont, Shell, BASF, Arkema, ExxonMobil, BP
Chlorinated based industrial solvents market share may exceed USD 335 million at the end of 2024. These are widely used for a variety of industrial purpose which include degreasing, cleaning solutions, paint thinners and agricultural chemicals. The chlorine chemical structure aids them to dissolve organic materials like greases and fats and are used as raw materials in the production of other compounds, thus stimulating industrial solvents market demand.
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Lactate ester based green & bio solvents was valued at over USD 345 million in 2017. Lactate ester is a natural and organic acid which is biodegradable and is easy to recycle. As industrial solvents, it is formulated in products like coatings which enhances the performance owing to its high boiling point, high solvency rate and low surface tension properties. It is used in formulation of coatings for polystyrene surfaces owing its ability to scratch certain types of plastic substrates which improves adhesion, thereby driving the industrial solvents market size.
Industrial Solvents Market size is set to surpass USD 35 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing consumer demand towards cosmetic products and its formulations for various types of skincare product range may propel industrial solvents market growth. Increasing application usage in the cosmetics & personal care sector owing to enhancement of dry or damaged skin by reducing flaking and restoring suppleness should drive the industrial solvents market size.
Solvents are the substance when dissolved with a solute form a solution. Furthermore, the rise in the oil market, rapid industrialization, increasing population & urbanization, and high growth in major end-use industries including dry cleaning, nail enamels, paint thinners, paint & coatings and pharmaceutical are the major factors driving the industrial solvents market demand.
U.S. industrial solvents market may witness growth at about 2.5% over the forecast period. Growing consumer spending towards skincare products as they enhance functionality, texture and sensorial attributes in skin which will stimulate the regional product demand. Superior moisturizing properties of the product aids to keep the skin hydrated and makes it an additive for restorative creams, thus propelling product demand.
Germany industrial solvents market share is anticipated to exceed USD 5 billion by the end of forecast timeframe. Increasing adhesives demand in automotive application as they are used to reduce overheating and friction in engines which is likely to drive the regional growth. They are easy to spread and have no corrosive qualities which can be used on any material without a chemical reaction, thereby increasing product demand in automotive application
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India oxygenated solvents market demand from agrochemical applications may register steady growth at around 3% over the predicted timeframe. These products are used in agricultural chemicals which promotes slow, more uniform drying to provide adequate penetration and high spraying efficiency, which may accelerate the industrial solvents market size over the projected timeframe.
Brazil green solvents market size is anticipated to exceed USD 300 million by 2024. The replacement of bio ethanol for gasoline in cars and light weight vehicles may stimulate the industrial solvents market revenue. Technological advancement, which includes more efficient production and processing of sugarcane are the key driving factors for the availability of these products at low price. Moreover, the combustion of ethanol adds nearly no net carbon dioxide to the atmosphere which aids in reducing the threat of global warming, thus driving the industrial solvents demand.
LyondellBasell, MARZUEN, INEOS, Sasol and LG chem are the key operators in industrial solvents market. Most of the researchers are focused on to develop innovative products to upsurge the market demand which in turn may boost the product market over the predictable timeframe.
Browse key industry insights spread across 900 pages with 1269 market data tables and 51 figures & charts from the report, “Industrial Solvents Market” in detail along with the table of contents:
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