LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global solvents market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Hitesh Bhatia, a lead analyst from Technavio, specializing in research on specialty chemicals sector says, “The global solvents market is driven by the demand from major application areas, such as paints and coatings, pharmaceuticals, printing inks, adhesives, and cleaning products. The market is undergoing significant changes owing to the growing environmental concerns and increasing number of regulatory pressures, and concerns over toxic emissions during the manufacturing of solvents.”
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The top three emerging market trends driving the global solvents market according to Technavio research analysts are:
- Favorable government regulations for bio-based solvents
- Emerging opportunities of soy-based solvents
- Demand from emerging economies
Favorable government regulations for bio-based solvents
The governments of various countries have implemented stringent regulations regarding the manufacturing of paints and coatings and the technologies used during the process. Regulatory authorities monitor emissions and waste disposal and management during the manufacturing process of paints and coatings. This has resulted in vendors to invest in the development of production processes that minimize waste and toxic emissions.
The use of conventional solvents leads to the emission of VOCs, which have adverse effects on both human health and the environment. Therefore, the use of traditional solvent-borne paints is facing restrictions from regulatory authorities as well as consumers. This is increasing the demand for bio-based solvents and has a positive effect on the overall solvents market.
“Adoption of less harmful green and bio-based solvents allows paints and coatings manufacturers to comply with all these regulations, thus giving the global solvents market an overall boost,” says Hitesh.
Emerging opportunities of soy-based solvents
Growing awareness regarding the use of methyl soyate as a green and bio-based solvent is increasing its use in different applications. The demand for soy-based solvents increased considerably in 2015.
BioSpan Technologies in 2006 developed a new variant of soy-based solvent, which helped in the replacement of conventional solvents such as hydrocarbons. This lead to the commercialization of soy-solvents for new applications across different areas. The company also developed a replacement for asphalt cement by blending bio-solvents such as methyl soyate and other newly developed solvents. The development of methyl soyate is creating significant growth opportunities in the market as it is safer than other conventional solvents.
Demand from emerging economies
The solvent-based coatings market, in spite of certain adverse environmental effects, is expected to be driven by macroeconomic factors such as rising GDP and high income levels, especially in emerging economies such as China, South Africa, the UAE, Brazil, and India. Growth in infrastructure development, growing metal industry, and abundance of natural resources in these regions will contribute to the growth of many industries, such as construction and automotive, thereby driving the overall solvent-based coatings market. The infrastructure industry, which is a major consumer of solvent-based adhesives, accounts for a major share of this market.
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