Asia Pacific Industrial Solvents Market : Dynamics, Segments, Size and Demand, 2014 - 2020
Industrial solvents market has significantly changed the modern living and made solvents one of the most valuable and useful products for various end user industries and manufacturing companies. On the basis of application, industrial solvent market is segmented as pharmaceuticals, cosmetics, printing ink, paints & coatings, and adhesives. Some of the more important uses of industrial solvents are in electronic industry, pesticides, photographic reproduction and textile industries. Large quantities of industrial solvents are also involved in oil refining and recovery, dry cleaning, rubber and polymer, fuel additives and metal degreasing. Most of the solvents in industrial solvents market are primarily used as dissolution agent in various industries which accounts for about half of market share followed by cleansing, degreasing and purification. The growing demand from pharmaceutical, paints and coating industry is fueling the global demand for industrial solvent market.
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On the basis of product types, industrial solvents market can be segmented intooxygenated, hydrocarbon, and halogenated. These have been further segmented into alcohols, glycols, ketones, ethers, glycol ethers and esters for oxygenated solvents, aromatic and aliphatic solvents for hydrocarbon, perchloroethylene, methylene chloride, trichloroethylene for halogenated solvents. The other possible segmentation of industrial solvents market can be done on the basis of raw materials such conventional and green, whilst green industrial solvents market is expected to show high CAGR during the forecast period.
On the basis of end use, the industrial solvents market is segmented into manufacturing industrial solvents and non-manufacturing industrial solvents. Manufacturing industrial solvents market as of 2013, commanded dominant market share whereas sub-segments of non-manufacturing industrial solvents market such as transportation and cleaning are anticipated to register high growth rate during the forecast period.
Rapid industrialization in developing economies and chemical sales have led to significant demand for industrial solvents market. Industrial solvents market is anticipated to grow at higher pace in countries such as China, India and other developing countries due to potential growth in industrial value added over the past few years.
Global industrial solvents market is expected to grow significantly with an increasing demand from pharmaceuticals, paints and coatings industry. As of 2013, APAC was the predominant industrial solvents market, followed by Europe and North America and is expected to maintain its dominant position during the forecast period.The growth in the construction and automobile industries with comparatively less strict environment regulations is fuelling the demand for industrial solvents market in the APAC region. Availability of abundant labour and petrochemical feedstock are major drivers for growing demand in APAC industrial solvents market, and is also one of the major reasons to attract manufacturers in the APAC region. The growth in pharmaceutical, paint & coatings industry in emerging economies such as India and China is playing a significant role in industrial solvents market. However, strict legal regulations and growing environmental awareness amongst end user industries are major restraints for industrial solvents in the APAC region. Penetration of bio based and green solvents is the new rising trend in the APAC industrial solvents market.
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Key players in the industrial solvents market include Arkema, BASF SE, BP PLC., Diacel Chemical Industries Ltd, Exxon Mobil Corporation, Lyondell Basell Industries, Royal Dutch Shell Plc., PetroleoBrasileiroS.A, Dow Chemical and Total S.A. Asia Pacific industrial solvents market has become a global manufacturing hub which is attracting major players to set up their manufacturing plants and target high growth markets such as India and China. Upcoming opportunities with increasing preference of green solvents, continuous research and development and product innovation is anticipated to drive growth in industrial solvents market in the coming future.
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