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Global Industrial Solvents Market grow at a CAGR of slightly above 3.0% in 2021
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Solvents are mainly used to dissolve any solid, liquid or gas. Industrial solvents are the substance that melts another substance in it. They are mostly used in cleaning, formulating and processing. They are majorly utilized in paint industry, pharmaceutical industry, adhesives, and printing industry.
Rapid industrialization in emerging economies has led to noteworthy demand for industrial solvents market. Surging demand of industrial solvents in adhesives, paint industries, and printing drives the industrial solvents market. However, rising concern for environmental issues caused due to solvents may hamper the growth of this market. Nevertheless, escalating infrastructure sector in the developing countries couple with ongoing research for untapped uses is likely to open new opportunities for the industrial solvent market in the coming years.
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The industrial solvents market can be segmented on the basis of products into hydrocarbons, acids, esters, glycols, aromatics, alcohols, ketones, ethers and other products. Hydrocarbon solvent is the leading segment owing to high demand from the end users due to its organic properties. Some of the applications of industrial solvents are dissolution agent, cleaning, and degreasing, paints and coatings, printing products and cleaning and others. Among all, dissolution agents dominated the industrial solvents market with around 48% of the share of the overall market. Paints and coatings segment is likely to experience a high growth in the forecast period owing to rising demand from infrastructure and automobile industry.
In North America and Europe, the industrial solvents market is mature and has reached to its saturation point. Therefore the market in these regions is expected to grow at the steady pace. Yet, Asia Pacific and Latin America is anticipated to show the highest growth of market owing to rapid industrialization. The Middle East and Africa is likely to grow at the decent rate due to increasing development and abundant raw resources.
BASF SE, Daicel Chemical Industries, Exxon Mobil Corporation, Lyondell Basell Industries N.V., Eni S.p.A., Arkema S.A., Nippon Refine Co., Ltd., Royal Dutch Shell PLC, The Dow Chemical Company, SK Innovation Co., Ltd., Petroleo Brasileiro S.A., Sinopec Corp., JX Holdings, Inc. and BP PLC among others are some of the key players in the industrial solvents market.
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This report segments the industrial solvents market as follows:
Industrial Solvents Market: Product Segment Analysis
Hydrocarbons
Acids
Esters
Glycols
Aromatics
Alcohols
Ketones
Ethers
Other
Industrial Solvents Market: Applications Segment Analysis
Dissolution agent
Cleaning and degreasing
Paints and coating
Printing products and cleaning
Others
Industrial Solvents Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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