The solvent market is anticipated around USD 31.7 billion by 2020. Demand for industrial solvents across the industries of paints & coatings and pharmaceuticals should drive market demand. Moreover, optimistic industrial outlook and huge infrastructural investments in the developing Latin American and Asian Pacific regions will also trigger demand for solvents.
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The expanding automobile and construction industries further the demand for solvents in the emergent nations of Asia Pacific. Growing business & housing infrastructure and automobiles industry cause the paints & coatings industry to rise. This leads to high consumption of solvents, thus propelling the solvent market.
The market is split into products, applications, and regions. Products comprise alcohols, chlorinated, ketones, esters, hydrocarbons, and others. ‘Others’ consists of soy oil and glycols. Alcohols dominated the products market in 2013. They occupied nearly 30 percent of the overall volumes.
Also, alcohols are predicted to remain the most rapidly expanding segment during 2014 to 2020 (forecast period). They were followed by hydrocarbons in 2013. Hydrocarbons would surpass USD 8 billion by 2020. Applications of the solvent market are paints & coatings, pharmaceuticals, printing inks, cosmetics & adhesives, and others.
Paints & coatings were the biggest application in 2013. They captured over 60 percent volumes. Paints & coatings would also remain the most swiftly expanding segment (3.6 percent CAGR) during the forecast period. The regional segments comprise Europe, North America, Asia Pacific, and rest of the world.
Asia Pacific led the solvent market in 2013. It captured over 40 percent of the overall volumes. Alongside being the biggest, Asia Pacific will also remain the swiftest growing market in the forecast period. It is projected to climb at about 3.7 percent CAGR in the forthcoming years.
Europe should expand slowly and is saturated. North America would undergo moderate growth during the aforementioned period. The worldwide solvent market is fairly segmented. Its best firms; Shell Chemicals, Dow Chemicals, Exxon Mobil, and British Petroleum occupied more than 45 percent share in 2013.
Some other market firms include Celanese Corporation, Sasol Solvents, BASF, and Ashland Inc. Rising consumer industries like pharmaceuticals and paints & coatings are assisting solvent growth in BRIC nations.
Information Source: Grand View Research