Industrial Solvents Market Overview, Top Companies, Inventive Trends and Forecast to 2025

The global industrial solvents market is projected to witness significant gains on account of its growing use in paints & coatings and cosmetics products. Cosmetic companies worldwide are heavily investing in R&D activities for developing new, industrial solvent-based skincare products.

Rising vehicle sales coupled with growing use of adhesives & sealants in the automobile sector has stimulated the growth trajectory of industrial solvents market. The product's exceptional qualities like ability to incorporate with any material without causing chemical reaction and non-corrosive qualities make it an ideal material for making adhesives.

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Continuing on adhesives application, methyl soyate-based green industrial solvents are expected to gain momentum on account of strict rules against hazardous solvents. Analysts predict that the segment may receive more than 4.5% gains from adhesive applications by 2024.

Automakers mainly use green industrial solvents to control their environmental pollution. Its extraordinary properties like low evaporation rates, low toxicity, anti-wear characteristics, natural multi-grade properties, and good flowability enables it to be the primary choice for vehicle adhesives.

Demand for hydrocarbon solvents from paints & coatings industry is also expected to witness extraordinary growth owing to its remarkable features. Toluene, xylene, and benzene have fast evaporation rate and strong solvency, making it the go-to choice for painting & coating applications. Estimates say that the hydrocarbon industrial solvents market based on paints & coatings application could exceed USD 4 billion by 2024. The product is also used in automotive paints & coatings to offer adequate dust and water-resistant to a vehicle.

On a geographical front, North America industrial solvents market is expected to offer notable growth opportunities for regional industry players. Reports suggest that the region could likely record over 2.5% gains by 2024, with a major contribution coming from the U.S. oxygenated industrial solvent industry.

Escalating demand for cosmetic items due to their moisturizing abilities could expand product penetration. Increasing consumption of skincare items like lotions, creams, and makeups could boost market share. Moreover, introduction of sustainable solvent disposal methods from EPA may drive new demand in North America industrial solvents market.

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Growing inclination towards biodegradable and eco-friendly solvents is strengthening Europe green industrial solvents market share. Estimates suggest that countries like France, UK and Germany could heavily contribute towards driving new demand for green industrial solvents, helping its market to exceed USD 1.5 billion mark by 2024. Regulators in these regions are implementing strict norms to minimize the use of synthetic solvents, making bio-based solvents as the preferred product across regional industries.

Leading Market Regions:

- MEA Industrial Solvents Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)
- North America Industrial Solvents Market (United States, Canada, Mexico)
- APAC Industrial Solvents Market (China, Japan, Korea, India, Southeast Asia)
- South America Industrial Solvents Market (Brazil, Argentina, Colombia)
- Europe Industrial Solvents Market (Germany, UK, France, Russia, Italy)

On a global scale, industrial solvents market comprise of key companies like Shell, DowDupont, Arkema, BASF SE, British Petroleum Plc, ExxonMobil, Total and Honeywell International. These firms are constantly innovating their product portfolio by expanding their bio-based solvent lineup.

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This release was published on openPR.