ID: MRFR/CnM/6437-HCR | February 2021 | Region: Global | 140 pages
Global Industrial Solvents Market stood at over 25 billion in 2017 and is expected to register a CAGR of over 2.9% during the forecast period.
Solvent is a basic substance that dissolves solutes to form a solution. The key purpose of a solvent is to transform the given substance into a suitable form depending on the application. Solvents can be discarded, reused, and recycled. Industrial solvents are generally in liquid form, but they can also be available in gaseous and solid forms. Industrial solvents are useful in the formulation of different products or the production of chemicals. Solvents find several applications in pharmaceuticals, chemical, oil & gas industries. Additionally, in purification and chemical synthesis.
Industrial solvents are the key products for several end use industries. Rapid industrialization in emerging economies has increased the demand for industrial solvents. The growth of the industrial solvents market is expected to create new opportunities for the manufacturers to increase their market share. The key players in the market are planning to acquire small players to increase their share in terms of volume, however, small players are planning to invest in R&D to introduced new products having different applications. In addition, some of the key players are planning to make long-term contracts with the end users. The introduction of environmentally friendly solvents is expected to positively impact the growth of the global industrial solvents market during the forecast period.
Based on type, the hydrocarbon segment is expected to account for more than half of the market value share and is expected to be the dominant segment during the forecast period.
Some of the key players operating in the global industrial solvents market are BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A. (France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati Organics (India), Sinopec (China), SK Innovation (South Korea), and LG Chemicals (Japan).
Global Industrial Solvents Market Share, by Application, 2017 (%)
Source: MRFR Analysis
The Asia-Pacific market is estimated to account for more than one-third of market value share and is expected to dominate the global market during the forecast period owing to the growth of the industrial sector, especially in China and India. China is estimated to hold more than half of the market share due to the availability of low-cost labor, subsidiaries from the government, and minimal taxes.
North America is also expected to be a prominent market for industrial solvents. The regional market is expected to witness moderate growth as compared to the Asia-Pacific market. Solvents find wide use in the manufacturing of paints & coatings, the US is one of the key manufacturers of paints & coatings globally, which is contributing to the growth of the regional market.
The stringent REACH regulations are expected to act as a barrier in the growth of the European industrial solvents market.
The Middle East & African and Latin American markets are collectively estimated to hold approximately one-tenth of the global market share during the review period.
The global industrial solvents market has been segmented based on type, end-use industry, and region.
By type, the global market has been divided into oxygenated and hydrocarbon solvents, however, oxygenated solvents segment is further classified into alcohols, glycols, ketones, ethers, glycol esters, and the hydrocarbon solvents segment is classified into aromatic and aliphatic
Based on end-use industry, the global market has been segregated into chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil & gas, and other industrial.
The global market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Frequently Asked Questions (FAQ) :
Valuation of the Global Industrial Solvents Market had reached USD 25 BN in 2017.
Industrial Solvents Market is projected to expand at over 2.9% CAGR during the assessment period (2019-2024).
Paints & coatings is the largest end-use industry segment in the Global Industrial Solvents Market.
Asia Pacific holds the largest share in the Global Industrial Solvents Market, followed by North America and Europe, respectively.
BASF SE (Germany), LG Chemicals (Japan), Exxon Mobil Corporation (US), Petroleo Brasileiro S.A. (Brazil), BP Plc (UK), LyondellBasell Industries (The Netherlands), SABIC (Saudi Arabia), Royal Dutch Shell Plc (The Netherlands), DowDuPont (US), Diacel Chemical Industries Ltd (Japan), Total S.A. (France), Eternis Fine Chemicals (India), IGPL (India), Harmony Organics Pvt. Ltd. (India), Vinati Organics (India), SK Innovation (South Korea), and Sinopec (China), are some of the major players operating in the Industrial Solvents Market.