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What's driving the Industrial Solvents Market Size? | Top Key Players are Sigma-Aldrich, Total, LyondellBasell, INEOS, Sasol, LG Chem, Cargill, Solvay, Corbion, Celanese, DowDupont, Shell, BASF, Arkema, ExxonMobil, BP
Industrial Solvents Market
Increasing product usage in personal care, cosmetics and paints & coatings industries will stimulate industrial solvents market size. Growth in R&D investments towards product usage in skincare items will propel industry growth over the time period.
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EPA has introduced rigorous solvent disposal method which has driven the industrial solvents market demand in North America region. Increasing sale of vehicles and use of adhesives & sealants in automotive has promulgated the product demand in automotive sector. The products are used in adhesives as they have no corrosive qualities and can be used on any material without a chemical reaction, thus propelling industry growth.
Methyl soyate based green industrial solvents market size from adhesives application may witness gains at over 4.5% by 2024. The products are incorporated in automotive sector to control environmental pollution. Superior properties such as low toxicity, low evaporation rates, good flowability, anti-wear characteristics and natural multi-grade properties will create an upsurge in product demand.
Hydrocarbon industrial solvents market demand from paints & coatings application may surpass USD 4 billion by the end of forecast timeframe. Benzene, toluene and xylene have strong solvency and fast evaporation rate, thus enhancing its usage in paints & coatings industries. The products when applied in automotive paints & coatings, makes the vehicle water and dust resistant, thus stimulating industry growth.
North America driven by the U.S. oxygenated industrial solvents market demand is likely to witness significant gains at over 2.5% by the end of forecast period. Increasing demand for various cosmetic products owing to moisturizing properties is likely to drive product demand in the region. Growing demand for various skincare products which includes creams, lotions, makeup products may further fuel regional industry growth.
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Europe green industrial solvents market size led by Germany, France and UK may surpass USD 1.5 billion by 2024. Shift in consumer preference towards eco-friendly and biodegradable products along with strict regulations to incur more of bio-based products and cut down production of synthetic products will drive regional industry growth.
Global industrial solvents market share is competitive and fragmented with key manufacturers including Honeywell, LyondellBasell, INEOS, BASF, Shell and DowDuPont. The companies are investing strongly on R&D to expand its bio-based product portfolio and making strategies for global presence.
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