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Industrial Solvents Market to see 5.8% CAGR up to 2024 | Companies like DowDupont, Shell, BASF, Arkema, ExxonMobil, Honeywell, Total, INEOS, Sasol, Solvay, Sigma Aldrich
Industrial Solvents Market
The growth of the Industrial solvent market is quite evident in the product’s multidimensional usage. Rising demand for a compound that can be used for various products such as cosmetics, paints & coatings, and personal care will boost industrial solvent consumption. Demand in the manufacturing of skincare products could lead to growing investments in R&D.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. DowDupont
2. Shell
3. BASF
4. Arkema
5. ExxonMobil
6. BP
7. Honeywell
8. INDUSTRIAL SOLVENTS AND CHEMICALS PRIVATE LIMITED
9. Total
10. LyondellBasell
11. Maruzen Petrochemical Co., Ltd.
12. INEOS
13. Sasol
14. LG Chem
15. Cargill
16. Solvay
17. Sigma-Aldrich
18. Vertec Biosolvents, Inc.
19. Corbion
20. Celanese
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.
Changing consumer preference towards consuming eco-friendly and biodegradable products along with stricter government regulations to cut down production of synthetic compounds and will propel industry growth in European nations. Led by UK, Germany and France, Europe green industrial solvents industry size is expected to cross US$1.5 billion mark by 2024.
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In the region, cosmetics and personal care sector is largely influenced by innovations and demands significant research and development spending. According to Cosmetics Europe, leading companies in this sector within the region spend close to 5% of their yearly turnover on R&D. As consistent developments in cosmetic products carries on, it will create a substantial scope for the consumption of suitable and safer industrial solvents.
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.
The prominent manufacturers of the competitive industrial solvents globally include BASF, Honeywell, DowDuPont, INEOS, Shell and LyondellBasell. To expand bio-based product portfolio and make strategies for their global presence, companies seem to be investing considerably towards R&D.
Browse More News:
https://www.prnewswire.com/news-releases/cosmetic-preservatives-market-valuation-to-exceed-1-25-billion-by-2026--says-global-market-insights-inc-301060587.html
https://www.prnewswire.com/news-releases/flow-chemistry-market-value-to-hit-2-5-billion-by-2026-global-market-insights-inc-300961694.html
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Global Market Insights, Inc.
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