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.
The global industrial solvents market is segmented on the following basis:
- Paint and Coating
- Printing Ink
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key players identified in the industrial solvents market include, but are not limited to:
Arkema S.A., BASF SE, BP, Exxon Mobil Corporation, Royal Dutch Shell PLC, The Dow Chemical Company, LyondellBasell Industries N.V., and Rhodia
This report offers the following:
- An overview of the global industrial solvents market
- Market trends assessment for the period 2016-2023, with historical information for 2013 and 2014 and projections through 2023, with respective CAGRs during 2016-2023 and 2015 as the base year
- Qualitative assessment tools such as market drivers, challenges, and future prospects, and competitive analysis: market positioning of key market players
- Focus on each level of market segmentation based on product approvals, launches, and current and anticipated market dynamics.
- A general overview of the industry structure
- Company profiles highlight key information about the major players operating in the global industrial solvents market.
- This report includes an estimation of market sizes for value and volume. Both top-down and bottom-up approaches have been used to estimate and validate the size of the industrial solvent market.