The increased demand for solvents from the paints & coatings, pharmaceuticals, printing inks, metal cleaning, adhesives, agricultural chemicals, personal care, and rubber & polymers, among other applications, are driving the solvents market.

“Paints & Coatings is the largest application segment for solvents”

The paints & coatings is estimated to account for the largest share in the global solvents market in 2016, in terms of volume. This application segment is projected to drive the solvents market from 2016 to 2021 due to the growing automobile and construction industries. However, the market share of conventional-based solvents in the paints & coatings application is estimated to grow at slower rate in terms of volume, due to the emergence of new alternatives to solvents-based paints and coatings. These new alternatives include waterborne coatings, high energy-curable coatings, and powder coatings.

“Oxygenated solvents are expected to have the largest share in the conventional solvents market in 2016”

Oxygenated solvents are estimated to have accounted for the largest share in the conventional solvents market, both, in terms of value and volume, in 2016. This is owing to the rising demand for non-VOC oxygenated solvents in applications such as paints & coatings, personal care, metal cleaning, and pharmaceutical applications in countries such as U.S., Canada, Mexico, Spain, France, U.K., and Russia, among others. Moreover, growth in the construction and automobile industries is accompanied by the decreasing prices of crude oil, which is driving the demand for oxygenated solvents globally.

“Asia-Pacific is the biggest market for solvents”

The Asia-Pacific region led the global solvents market in 2015. The population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for automobiles contribute to the growth of the solvents market in this region. Also, the growing demand for personal care products in the region fuels the growth of the solvents market in the region.

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The key market players are, BASF SE (Germany), Royal Dutch Shell Plc (Netherlands), LyondellBasell Industries N.V. (Netherlands), ExxonMobil Corporation (U.S.), Celanese Corporation (U.S.), Ashland Group Holdings Inc. (U.S.), Eastman Chemical Company (U.S.), Huntsman Corporation (U.S.), Solvay SA (Belgium), and Honeywell International Inc. (U.S.).