The solvents market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6%
NEW YORK, Oct. 7, 2020 /PRNewswire/ -- The solvents market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% during the forecast period. Growth in the personal care, home care and pharmaceuticals sectors is expected to drive the demand for solvents during the forecast period. While stringent regulatory environment regarding the use of conventional solvents is estimated to restrain the market growth.
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The oxygenated solvents segment is led the solvents market during the forecast period, in terms of both, value and volume
By product type, oxygenated solvents led the solvents market in 2019, both in terms of both volume and value.This is due to their high solvency power and low toxicity.
In addition, their usage in various applications, such as personal care, home care, paints & coatings, and chemical synthesis drive their demand globally.
The paints & coatings application was the largest application of solvents in 2019, in terms of both, value and volume
By application, the paints & coatings segment led the solvents market in 2019, in terms of both value and volume.This was due to the demand for construction chemicals which led to their increasing usage in the paints & coatings application.
In addition, rapid growth in population, accompanied by the growing automotive industry across the globe, boosted the growth of solvents segment in the paints & coatings application.Also, growth of the automotive, OEM, machinery, and appliances markets globally drove demand for this application segment during the forecast period globally.
However, the market for solvents in paints & coatings segment witnessed negative growth from 2019 to 2020. This is owing to less demand for paints & coatings as construction and automotive sectors were hit hard due to COVID-19, thereby leading to its decline.
The APAC is projected to lead the solvents market between 2020 and 2025, in terms of both, value and volume
The solvents market has been studied for North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa.The APAC region is expected to lead the solvents market during the forecast period.
It is also estimated to witness highest CAGR during the forecast period.This is owing to the increasing demand from emerging economies, such as China and India.
In addition, rapid industrialization and urbanization accompanied by the rising demand for personal care, and home care are expected to contribute to the growth of the solvents market in the region.Middle East & Africa is estimated to grow at the second-highest CAGR during the forecast period.
The region accounts for half of the world's oil reserves and 40% of the world's gas reserves. This is driving the production of petrochemicals, which in turn, is expected to fuel the growth of the solvents market. Additionally, growth in building & construction activities and growing demand for automobiles are expected to drive the demand for solvents in the paints & coatings application, during the forecast period. Also, the personal care market is growing in the region, and, in turn, fueling the growth of the solvents market.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the solvents market. The breakdown of primary interviews has been depicted below:
• By Company Type: Tier 1 - 70%, Tier 2 - 20%, and Tier 3 - 10%
• By Designation: C-Level Executives - 25%, Directors - 35%, and Others - 40%
• By Region: APAC - 38%, North America – 33%, Europe - 14%, Middle East & Africa – 10%, and South America- 5%
The key players profiled in this report are Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), and INEOS Group AG (UK) among others.
Research Coverage
This report segments the solvents market on the basis of source, product type, application, and region.It provides estimations for the overall value of the solvents market and its subsegments across various regions.
A detailed analysis of key players in the solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, agreements, joint ventures, and new product launches.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the grease market; high-growth regions; and market drivers, restraints, challenges and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on solvents offered by top players in the global market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for solvents across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global solvents market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the solvents market
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