The report “Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region – Global Forecast to 2025″, to reach USD 30.0 billion by 2025, at a CAGR of 6.6% from an estimated value of USD 21.8 billion in 2020. Growing demand for home care, personal care, pharmaceuticals are projected to drive the demand for solvents across regions. Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog. Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.
Download PDF Brochure
Browse
• 214 Market data Tables
• 59 Figures
• 263 Pages and in-depth TOC on “Solvents Market – Global Forecast to 2025”
Some of the prominent key players are:
· Royal Dutch Shell Plc. (Netherlands)
· Eastman Chemical Company (US)
· BASF SE (Germany)
· ExxonMobil Corporation (US)
· LyondellBasell Industries Holdings B.V. (The Netherlands)
· Ashland Global Holdings Inc. (US)
Recent Developments:
• In May 2018, Royal Dutch Shell PLC, started the operation of the second ethylene cracker at Nanhai Petrochemicals Complex in Huizhou, Guangdong Province, China. The company started the production through a joint venture of China National Offshore Oil Corporation (CNOOC) and Shell Nanhai B.V. (Shell). The expansion helped the company manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol and oxo-alcohols through OMEGA, SMPO, and polyols technologies.
• In May 2018, BASF SE (Germany) and ExxonMobil (US) signed an agreement to jointly develop new gas treating solvents and process technologies to be used for natural gas processing and petroleum refining.
Request Sample Pages
The agricultural chemicals application segment of the solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume.
Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. The rapid growth of population in regions such as APAC and growing demand for agricultural food produce drive the demand for solvents in agricultural chemicals application. Moreover, usage of solvents for high yield and increasing supply of agricultural products is another factor driving its growth.
APAC is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of 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 estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of volume. The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market. Moreover, there are many construction projects which are on hold in APAC due to COVID-19. These construction projects are likely to resume, thereby driving the demand for solvents in paint & coatings applications.