Solvents Market Overview
Solvents refer to a class of chemical compounds. They are used to dissolve, and extract other substances to form a solution. Water is known as a universal solvent as it dissolves more substances than any other solvent. Solvents are mostly available in liquid form and also exist in gas or solid form. With the infrastructure industry growing with a moderate growth rate in recent years, the demand for solvents is also growing simultaneously. The global solvent market was valued at $30.06 billion in 2017 and is anticipated to witness an upsurge during the forecast period.
Solvents Market Outlook
The fastest growth rate till 2023 in the solvent market is projected to come from end users such as paints and coatings and pharmaceutical. Apart from the needs and requirements of the end users, the market is also directed and shaped by the innovation in materials and the collaborative efforts of the industry stakeholders to offer products with enhanced functionalities. The demand for solvents in the U.S. is projected to show a moderate growth per year through 2023
Solvents Market Growth Drivers
Owing to the high income levels in developing countries such as China, South Africa, India and Brazil, there has been growth in various end-user industries such as pharmaceutical, construction, and automotive. The increase in the use of bio-based solvents is another factor that is driving the market growth
Solvents Market Challenges
Solvents are widely used in industrial processes and academic research. The volume of these materials released into the environment is extremely concerning as these solvents cause harm to animals and plants. Thus, several government bodies and environmental agencies have set up stringent regulations to limit the emissions of volatile organic compounds from various manufacturing and non-manufacturing industries, which in turn is hindering the growth of the solvent market.
Solvents Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Solvents market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Solvents, and their specific applications in end user industries.
Solvents Report: Industry Coverage
Solvents Market by source: Natural and derived sources
Solvents Market by type: Organic, and Inorganic
Solvents Market by end user: paints and coatings, pharmaceutical, Adhesives, Printing Inks, Cosmetics, Food and Beverage, Agricultural, Industrial Cleaning, Oil and Gas, Chemical and others
The Solvents Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- Europe: The U.K., Germany, France, , Russia, Italy, Spain, Rest of Europe
- APAC: China, Japan, Australia, South Korea, India, Rest of APAC
- Rest of the World: Middle East and Africa, South America, South America
Solvents Market Key Players Perspective
Royal Dutch Shell Plc, Exxon Mobil Corporation, Hanwha Total petrochemical, BASF SE, and Celanese Corporation are the major players in this market.
Solvents Market Trends
- The recent acquisition of BG Group by Royal Dutch Shell has enabled the latter to grab the coveted spot as the largest public traded company in the world. Exxon Mobil Corp. is another major player in the solvents market with a wide range of product offerings that enable solvents product manufacturers to cater to various industries.