Dec 18, 2018   SOURCE: BusinessWire

Worldwide Market Opportunity Forecast for Solvents (2018-2023) - ResearchAndMarkets.com

The "Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-based, Bio & Green), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The solvents market is projected to grow from USD 47.37 billion in 2018 to USD 57.34 billion by 2023, at a CAGR of 3.9% during the forecast period.

A solvent is any chemical product that can be used to dissolve a substance (solute) in it, thereby forming a solution. Apart from this, solvents are also used widely to suspend or carry a particular material or extract other substances without changing their physical properties.

The solvents market has been segmented on the basis of source, product type, application, and region. Based on source, the petrochemical-based solvents market segment is expected to lead the market during the forecast period, in terms of value. Better solvent properties of petrochemical-based solvents when compared to bio & green solvents, is expected to drive demand. Additionally, low cost of petrochemical-based solvents when compared to bio & green solvents is expected to fuel the growth of petrochemical-based solvents segment.

Based on type, petrochemical-based solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. The oxygenated solvents market accounted for the largest market share, in terms of value, followed by the hydrocarbon solvents market, in 2017. The high solvency power and low-toxicity of oxygenated solvents are expected to lead to their usage in various applications, such as paints & coatings, personal care, pharmaceuticals, printing inks, and others.

Based on type, the bio & green solvents market has been segmented into bio-alcohols & bio-diols, lactate esters, d-limonene, and methyl soyate. The bio-alcohols & bio-diols segment accounted for the largest market share followed by lactate esters, in 2017, in terms of value. The demand for bio-alcohols & bio-diols is gaining momentum in the bio & green solvents segment because of the growing concerns over greenhouse gas emissions from fossil fuels.

Based on application, the petrochemical-based solvents market has been segmented into paints & coatings, polymer manufacturing, pharmaceuticals, adhesives, printing inks, personal care, metal cleaning, agricultural chemicals, and others. The paints & coatings segment accounted for the largest market share, in terms of value, followed by the pharmaceuticals segment, in 2017. Growth of the automotive OEM, machinery, and appliances markets, globally accompanied by rise in building & construction activities are expected to drive the demand for this application segment during the forecast period.

Based on application, the bio & green solvents market has been segmented into industrial & domestic cleaners, paints & coatings, printing inks, and others. The industrial & domestic cleaner application segment accounted for largest market share, in terms of value, followed by lactate esters, in 2017. The growing consumer demand for sustainable cleaning products, especially in Europe and North America is expected to drive demand.

Expansion has been the major developmental strategy adopted between 2014 and 2018 by the key players in the solvents market for passenger cars. Companies such as Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), and ExxonMobil Corporation (US) have adopted these strategies to strengthen their market presence and customer base as well as gain a competitive edge in the market. These companies also focus on investing in R&D activities to introduce new and cost-effective solvents to meet changing consumer needs.

Market Dynamics of Petrochemical-Based Solvents

Drivers

  • High Demand From the Construction and Automotive Industries

Restraints

  • Industries Shifting Focus to Green Solvents

Opportunities

  • Growing Opportunities From Emerging Economies

Challenges

  • Harmful Effects of Petrochemical-Based Solvents

Market Dynamics of Bio & Green Solvents

Drivers

  • Growing Market Penetration
  • Environmental Regulations to Reduce Voc Emissions

Restraints

  • High Production Cost and Performance Issue

Opportunities

  • Focus of Federal Government on Bio-Based Products
  • Regions With Strict Regulations Offering High Growth Potential
  • Extensive R&D on Bio & Green Solvents

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Solvents Market, By Source

7 Bio & Green Solvents Market

8 Petrochemical-Based Solvents Market, By Type

9 Petrochemical-Based Solvents Market, By Application

10 Petrochemical-Based Solvents Market, By Region

11 Competitive Landscape

12 Company Profiles

  • Arkema SA
  • Ashland Global Holdings Inc.
  • BASF SE
  • BP PLC
  • Bharat Petroleum Corporation Limited
  • Cargill Incorporated
  • Celanese Corporation
  • Chevron Phillips Chemical Co.
  • DowDuPont Inc.
  • Eastman Chemical Company
  • ExxonMobil Corporation
  • Flotek Industries Inc.
  • Honeywell International Inc.
  • Huntsman Corporation
  • INEOS AG
  • Invista Sarl
  • Lyondellbasell Industries Holdings B.V.
  • Monument Chemical Inc.
  • Olin Corporation
  • Reliance Industries Ltd. (RIL)
  • Royal Dutch Shell PLC
  • Solvay SA
  • Top Solvent Co. Ltd.

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