Browse 198 market data Tables and 54 Figures spread through 222 Pages and in-depth TOC on "Solvents Market"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
The solvents market is estimated at USD 47.4 billion in 2018 and is projected to reach USD 67.2 billion by 2027. The growing demand for petrochemical-based solvents from automotive and construction industries, is projected to drive the demand for petrochemical-based solvents, globally. Automotive and construction industries are the major consumers of paints & coatings, which in turn drive the demand for petrochemical-based solvents. In addition, rapid urbanization, rising industrialization, and growth in agricultural activities in countries such as India, China, and Indonesia are expected to boost the market for petrochemical-based solvents in APAC. Whereas, presence of stringent environmental regulations to reduce Volatile Organic Compounds (VOCs) emission is projected to drive the demand for bio-based solvents.
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The oxygenated solvents type segment of petrochemical-based solvents market is projected to grow at the highest CAGR during the forecast period, in terms of value.
By type, the oxygenated solvents segment of the petrochemical-based solvents market is projected to grow at the highest CAGR, during forecast period, in terms of value and volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications such as paints & coatings, adhesives, pharmaceuticals, and printing inks among others results in their increasing demand.
The printing inks application segment of petrochemical-based solvents market is projected to grow at the highest CAGR
By application, the printing inks application segment is projected to grow at the highest CAGR, during the forecast period, in terms of value. Rapid expansion of printing markets in countries including India accompanied by a strong demand from key end-user segments such as package printing, newsprint, publishing and other commercial printing drives the demand for printing inks, which in turn drives the demand for petrochemical-based solvents. In addition, increasing investments by major manufacturers of printing inks in Middle East region is estimated to drive the market.
The lactate esters type segment of bio & green solvents is projected to grow at the highest CAGR
By type, lactate esters type segment of bio & green solvents is estimated to grow at the highest CAGR, during the forecast period. This is because they are non-corrosive, non-carcinogenic, and non-ozone depleting. Also, lactate esters do not have any environmentally hazardous ingredients and global warming compounds due to which it is usage is increasing in various applications such as paints & coatings, industrial & domestic cleaners and inks.
Middle East & Africa is estimated to witness highest CAGR in the solvents market
The solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Middle East & Africa region is estimated to grow at the highest CAGR during the forecast period, in terms of value. The growth of the solvents market in the region increased industrialization, and rising demand for petrochemical-based solvents from end-use industries. Also, vast reserves of crude oil in the region continues to drive the demand for petrochemical-based solvents in the region. In addition availability of cheaper raw materials in the region, drive the growth of solvents market.
Key players operating in the solvents market include Royal Dutch Shell Plc. (The Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (The Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US) and INEOS AG (Switzerland).
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