The market for Industrial Solvents Market is expected to reach XX Mn in 2023.
A solvent is a substance that can dissolve, suspend, or extract other materials. Typically, solvents are in liquid form but can also be available in gases and solids. Industrial solvents are considered among the most valuable and useful products for various end-user industries and manufacturing companies. Industrial solvents are mainly used in cleaning, degreasing, and thinning oil-based paints. But prolonged exposure to some industrial solvents can lead to adverse health effects. Huge industrial solvents are also used in oil refining and recovery, polymer production, and fuel additives.
The market is witnessing growth due to escalating demand from the paint industry. Moreover, rapid industrialization is another factor contributing to market growth. However, rising environmental concerns and stringent regulations led by the government for the use of solvents are the major factors impeding the market growth. Furthermore, ongoing research and development will offer huge market potential.
The global market for industrial solvents is mature in developed economies such as North America and Western Europe. Therefore, the market in these regions is projected to grow at a decent rate. On the other hand, rapid industrialization and growing demand from the pharmaceutical sector in Eastern Europe, Latin America, and the Asia-Pacific region are projected to drive market growth for industrial solvents.
By Type
By Application
By Geography
Arkema S.A., BASF SE, BP, Exxon Mobil Corporation, Royal Dutch Shell PLC, The Dow Chemical Company, LyondellBasell Industries N.V., and Rhodia
The market for Industrial Solvents Market is expected to reach XX Mn in 2023.
The Industrial Solvents Market is expected to see significant CAGR growth over the coming years,at XX%.
The report is forecasted from 2016-2023.
The base year of this report is 2015.