DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Solvent Market by Type (Ketones, Esters, Alcohols, Glycol Ethers, Aromatics, Aliphatics), Application (Paints & Coatings, Adhesives, Pharmaceuticals, Printing Inks, Personal Care), Source (Bio & Green, Conventional) - Global Forecast to 2021" report to their offering.
The solvents market is projected to reach USD 28.25 Billion by 2021, at a CAGR of 7.9% from 2016 to 2021
The global solvents market is driven by the increased demand from end-use applications such as paints & coatings, agricultural chemicals, printing inks, adhesives, rubber & polymer, personal care, metal cleaning, pharmaceuticals, and others. Solvents are chemicals used to dissolve a substance (a solute), thereby forming a solution. They are also widely used to suspend, extract, and carry other substances without changing their physical properties. Solvents can be organic, that is, containing carbon; and inorganic, that is, not containing carbon.
Conventional solvents accounts for the largest share in the source segment. The market for solvents in conventional solvents is estimated to witness significant growth owing to the increasing usage in various applications due to its low cost, and better performance when compared to bio & green solvents. However the bio & green solvents source segment is expected to witness the fastest growth in terms of volume, from 2016 to 2021, due to their non-VOC nature.
Agricultural chemicals is estimated to be the fastest growing application of solvents. The agricultural chemicals segment is projected to drive the solvents market from 2016 to 2021. The rapid growth in population accompanied by a massive demand for food products and increasing yield fuels the growth of the conventional solvents market in the agricultural chemicals application.
The Asia-Pacific region is the largest market for solvents, in terms of both, value and volume. Population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for automobiles and construction contribute to the growth of the solvents market in this region.
The increasing economic growth rate and heavy investments in industries including chemical is driving the demand for solvents. Also, the major market players such as Royal Dutch Shell Plc (Netherlands), BASF SE (Germany), Huntsman Corporation (U.S.), and Dow Chemical (U.S.) are setting up their plants in the Asia-Pacific region due to the availability of cheap labor, raw materials, and low cost of production.
- Drivers for Conventional Solvents
- Growth in the Construction and Automotive Industries
- Declining Crude Oil Prices
- Drivers for Bio & Green Solvents
- Growing Penetration in End-Use Applications
- Environmental Regulations to Reduce Vocs
- Restraints for Conventional Solvents
- Industries Switching to Bio & Green Solvents
- Restraints for Bio & Green Solvents
- Rate of Reaction
- Cost and Performance Issues
- Opportunities for Conventional Solvents
- Growing Opportunities in Emerging Economies Such as China and India
- Opportunities for Bio & Green Solvents
- Federal Government's Preference Toward Bio-Based Products
- Extensive R&D
- Harmful Effects of Conventional Solvents
- Arkema SA
- Ashland Global Holdings Inc.
- BASF SE
- Bp PLC
- Cargill Incorporated
- Celanese Corporation
- Chevron Phillips Chemical Co.
- DOW Chemical Company
- Eastman Chemical Company
- Exxonmobil Corporation
- Flotek Industries Inc.
- Honeywell International Inc.
- Huntsman Corporation
- Ineos AG
- Invista Sarl
- Lyondellbasell Industries Holdings B.V.
- Monument Chemical Inc.
- Olin Corporation
- Royal Dutch Shell PLC
- Solvay SA
- Top Solvent Co., Ltd.
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