PUNE, India, March 1, 2017 /PRNewswire/ --
The report "Solvent Market by Type (Ketones, Esters, Alcohols, Glycol Ethers, Aromatics, Aliphatics), Application (Paints & Coatings, Adhesives, Pharmaceuticals, Printing Inks, Personal Care), Source (Bio & Green, Conventional) - Global Forecast to 2021", published by MarketsandMarkets, the market size was USD 19.99 Billion in 2015 and is projected to reach USD 28.25 Billion by 2021, at a CAGR of 7.9% from 2016 to 2021. In this study, 2015 has been considered the base year, and 2016-2021 the forecast period to estimate the market size of solvents.
Browse 176 market data Tables and 72 Figures spread through 226 Pages and in-depth TOC on "Solvent Market"
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The increased demand for solvents from the paints & coatings, pharmaceuticals, printing inks, metal cleaning, adhesives, agricultural chemicals, personal care, and rubber & polymers, among other applications, are driving the solvents market.
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Paints & Coatings is the largest application segment for solvents
The paints & coatings is estimated to account for the largest share in the global Solvents Market in 2016, in terms of volume. This application segment is projected to drive the solvents market from 2016 to 2021 due to the growing automobile and construction industries. However, the market share of conventional-based solvents in the paints & coatings application is estimated to grow at slower rate in terms of volume, due to the emergence of new alternatives to solvents-based paints and coatings. These new alternatives include waterborne coatings, high energy-curable coatings, and powder coatings.
Oxygenated solvents are expected to have the largest share in the conventional solvents market in 2016
Oxygenated solvents are estimated to have accounted for the largest share in the conventional solvents market, both, in terms of value and volume, in 2016. This is owing to the rising demand for non-VOC oxygenated solvents in applications such as paints & coatings, personal care, metal cleaning, and pharmaceutical applications in countries such as U.S., Canada, Mexico, Spain, France, U.K., and Russia, among others. Moreover, growth in the construction and automobile industries is accompanied by the decreasing prices of crude oil, which is driving the demand for oxygenated solvents globally.
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Asia-Pacific is the biggest market for solvents
The Asia-Pacific region led the global solvents market in 2015. The population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for automobiles contribute to the growth of the solvents market in this region. Also, the growing demand for personal care products in the region fuels the growth of the solvents market in the region.
The key market players are, BASF SE (Germany), Royal Dutch Shell Plc (Netherlands), LyondellBasell Industries N.V. (Netherlands), ExxonMobil Corporation (U.S.), Celanese Corporation (U.S.), Ashland Group Holdings Inc. (U.S.), Eastman Chemical Company (U.S.), Huntsman Corporation (U.S.), Solvay SA (Belgium), and Honeywell International Inc. (U.S.).
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Green and Bio-Solvents Market by Type (Alcohols, Glycols, Diols, Lactate Esters, D-Limonene, Methyl Soyate & Others), & by Application (Industrial & Domestic Cleaners, Paints & Coatings, Adhesives, Printing Inks & Others) - Global Forecast to 2020
Aliphatic Hydrocarbon Solvents & Thinners Market by Type (Varnish Makers & Painter's Naphtha, Mineral Spirits, Hexane, Heptane), Application (Paints & Coatings, Cleaning & Degreasing, Adhesives, Aerosols, Rubber & Polymer) - Global Forecast to 2026
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