The report "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 - Global Forecast to 2023" The solvents market is projected to reach USD 57.34 billion by 2023, at a CAGR of 3.9% from an estimated value of USD 47.37 billion in 2018.
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Browse 199 market data Tables and 53 Figures spread through 242 Pages and in-depth TOC on "Solvents Market
• Industrial Solvent Manufacturers, Dealers, and Suppliers
• Government Bodies
• End Users
• Feedstock Suppliers
• Large Infrastructure Companies
• Investment Banks
• Consulting Companies/Consultants in Chemical and Material Sectors
• Industry Associations
• Research and Consulting Firms
Based on type, petrochemical-based solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. The oxygenated solvents market accounted for the largest market share, in terms of value, followed by the hydrocarbon solvents market, in 2017. The high solvency power and low-toxicity of oxygenated solvents are expected to lead to their usage in various applications, such as paints & coatings, personal care, pharmaceuticals, printing inks, and others.
Based on application, the petrochemical-based solvents market has been segmented into paints & coatings, polymer manufacturing, pharmaceuticals, adhesives, printing inks, personal care, metal cleaning, agricultural chemicals, and others. The paints & coatings segment accounted for the largest market share, in terms of value, followed by the pharmaceuticals segment, in 2017. Growth of the automotive OEM, machinery, and appliances markets, globally accompanied by rise in building & construction activities are expected to drive the demand for this application segment during the forecast period.
Asia Pacific is estimated to be the largest market for solvents in 2018, and the region is also expected to continue to lead the market till 2023 owing to growing industries in the region’s emerging economies, such China and India. Rising per capita disposable incomes, rapid urbanization, and growing demand for automobiles are projected to fuel the growth of the solvents market. Additionally, high growth in the pharmaceuticals, paints & coatings, and cosmetics, among several other applications are expected to drive the demand for solvents in the region.
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The ecosystem of the solvents market comprises end users, producers & suppliers, and manufacturers of solvents, such as Royal Dutch Shell Plc (Netherlands), Eastman Chemical Company (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), BASF SE (Germany), Huntsman Corporation (US), ExxonMobil Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK).
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