Industrial Solvents Market Size Outlook, Share Value, Growth Drivers and Industry Forecast to 2026

The global Industrial Solvents Market is likely to foresee impressive growth in the forthcoming years. The is ascribable to the latest innovations and accelerated globalization.

The global industrial solvents market size is expected to register promising growth owing to rapid growth of industrialization in developing economies. Fortune Business Insights published this information, in its latest report, titled “Industrial Solvents Market Size, Share & Industry Analysis, By Type (Alcohol, Glycol, Ketones, Esters, Hydrocarbons, Others) By Application (Paints & Coatings, Adhesives, Cosmetics, Printing Ink, Pharmaceutical, Others) Others and Regional Forecast, 2019-2026.”

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Industrial solvents are those chemical substances that are used to dissolve other types of substance or materials. They usually are found to be in liquid state, but can also be found in gaseous or solid state. The most common example of a solvent is water, while there are several solvents used as organic chemicals across several industries. Furthermore, solvents are vital to have kinetic and thermodynamic control over any type of chemical reaction. Moreover, solvents are used as additives in wide range of products such as fuels, chemical intermediates, among others. Increasing construction activities across the globes is expected to boost the demand for the market during the forecast period.

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What does the Market Report Provide?

The market report provides detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

Drivers and Restraints:

Product Innovations Will Lead to Market Expansion

In March 2020, Clariter, an Israel-based company, announced its offering of a novel industrial process that successfully transforms waste plastic into new and sustainable products such as wax, oil, and solvents. According to the company, the waste plastic is subjected to a thermal process turning it into liquid, which is further refined into hydrocarbons. Subsequently, these hydrocarbons are distilled and are further separated or combined to obtain desired output such as solvents, wax, or oils. Moreover, the company reports that the products are of high-grade and of purest form.

According to the report, the market comprises of several small, medium, and large companies trying to gain major market share during the forecast period. Adoption of strategies such as product development, collaborations, and expansion by the companies will to gain maximum industrial solvents market revenue will contribute to the growth of the market during the projected horizon. For instance, ExxonMobil in collaboration with BASF Corporation, in October 2018, displayed a novel gas treating solvent at the Imperial Oil’s Sarnia Refinery. The companies working together developed the anime-based solvent that is meant to meet strict government regulations for sulfur emissions while providing greater efficiency. Moreover, the companies are widening their horizon to expand their product offerings in the fiercely competitive market to gain maximum market share between 2019 and 2026.

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Regional Analysis:

Rapid Industrialization in Asia-Pacific to Augur Growth

Among the regions, Asia-Pacific is likely to foresee promising growth opportunities during the forecast period. This is ascribable to factors such as rapid pace of industrialization in countries such as India, China, and South Korea. Europe, on the other hand, is anticipated to rise owing to increasing demand for solvents in cosmetic industry during the forecast period. The market in Latin America will grow backed by growing pharmaceutical industry in the forthcoming years. The Middle East and Africa is expected to expand during the forecast period. This is attributable to factors such as rising oil & gas exploration activities backed by increasing demand for industrial solvent during the projected horizon.

List of the Companies Operating in the Market:

• Arkema
• BP
• ExxonMobil
• Daicel Chemical Industries, Ltd.
• LyondellBasell Industries
• Royal Dutch Shell
• Petroleo Brasilerio S.A.
• The Dow Chemical Company
• Total S.A.
• Celanese Corporation
• Solvay
• Among Others

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This release was published on openPR.