By Source ( Conventional, Bio and Green), By Type ( Oxygenated, Hydrocarbon, Halogenated, Others), By Application ( Paints and coatings , Agricultural chemicals, Pharmaceuticals, Adhesives, Printing inks, Metal cleaning, Personal care, Rubber and polymer, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Solvents market is expected to reach USD 79.97 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR 4.87%. Demand from construction and automotive industry is the key driver for the solvents market in the forecasted period.
The market for petrochemical solvents will be powered by growth in the automotive and construction industries during the forecast period. The market for bio & verdant solvents should be motivated by strict environmental regulations for the reduction in the use of VOCs.
Solvent is a solvent until absorbed in a naturally different solution. Solvents are chemical agents. The molecules are uniformly distributed in one solution, with solvents properly mixed. Organic solvents are mainly used in all conventional solvent applications and in the manufacturing sector. On the other side, organic solvents can be classifying as chlorinated solvents, ketones, glycol ethers, hydrocarbons, acetate esters and alcohols in keeping with their chemical composition. The widely used solvent applications are pharmaceutical, screening, adhesives and prints.
Solvents market Scope and Market Size
Solvents market has been segmented on the basis of source, type, application.
- On the basis of source, the Solvents market is segmented into conventional, bio and green.
- Based on type, Solvents market is segmented into Oxygenated, Hydrocarbon, Halogenated, Others. Oxygenated is further segmented into alcohols, esters, ketones, glycol ethers, glycol. Hydrocarbon is further segmented into liphatic, aromatic and aromatic is further segmented into xylene, toluene, benzene, ethylbenzene, others. Halogenated is further segmented into trichloroethylene, methylene chloride, perchloroethylene, others.
- On the Basis of Application, the Solvents market is segmented into Paints and coatings , Agricultural chemicals, Pharmaceuticals, Adhesives, Printing inks, Metal cleaning, Personal care, Rubber and polymer, Others.
Country Level Analysis of Solvents market
- On the basis of region, the Solvents market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Due to the growing demand from emerging economies such as China and India, the Asia-Pacific region is anticipated to lead the solvents market during the forecast period. Furthermore, rapid industrialization and urbanization together with the growing automotive demand are expected to contribute to solvent market growth in the area. During the forecast period, Middle East & Africa would rise at the fastest CAGR.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, AstroNova, Inc. launch of GetLabels is the newest brand in the company's family of product identification, announced by the worldwide leader in data visualization technologies. GetLabels is the world's first white label, as well as thermal transfer belt supplier for resellers and brand owners, complemented by QuickLabel and TrojanLabel, the leading brands for digital color label printers and specialty presses. GetLabels has developed hundreds of unique label materials designed for a wide variety of different applications in terms of esthetics, functionality and durability. This allows customers–as per their preferences–to manufacture their own labels and logos in-house with just-in-time versatility.
- In January 2020, Occidental Petroleum (Oxy) and Total announced lead a group to assess the feasibility of a commercial carbon capture plant specially constructed for cement operations. The Joint Report would estimate the cost to the cement contractor in Florence, Colorado of an operation capable of capturing 72,000 tons of CO2 per year. Oxy is required to sequester underground emissions from the plant owned by the Swiss multinational firm LafargeHolcim. This means that the operator from Houston is entitled to use CO2 for his expansive improved petroleum recuperation (EOR) projects.
Competitive Analysis and Solvents market Share Analysis:
Solvents market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of solvents market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Solvents market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Solvents market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the solvents market are Ashland, BASF SE , BP p.l.c., CITGO Petroleum., Celanese Corporation, Chevron Phillips Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc, Huntsman International LLC, INEOS , LyondellBasell Industries Holdings B.V. , Occidental Petroleum Corporation, Sasol, Solvay , Dow , Total and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved