MELBOURNE, April 07, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently published a Report, titled, "Solvents Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. The report has Market analysis by locales, particularly North America, China, Europe, Southeast Asia, Japan, and India, focusing on top makers in the worldwide Market, while taking into consideration the value, generation, income, and Market share. It presents an explicit solution to obtain Market insights with which clients can think about Market place clearly and thereby take important decisions for growth of the business. The high quality Solvent report likewise incorporates the Market drivers and Market restraints that are derived from SWOT analysis.
The information and data with respect to the Market are taken from reliable sources, for example, websites, yearly reports of the organizations, diaries, and others, and were checked and approved by the Market specialists. While generating an outstanding Solvents Market research report, the key attributes that have been adopted include highest level of spirit, practical solutions, committed research and analysis, innovation, integrated approaches, and most up-to-date technology. The first class report analyses the approaching trends along with challenges and opportunities in the Solvents industry. The credible Solvents Market document has many advantages which can be anticipated to the wide-going parts of the Solvents industry.
The global Solvents Market was valued at USD 23.35 billion in 2021 and is expected to reach USD 40.42 billion by 2029, registering a CAGR of 7.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Solvents (PFPE) is a low-molecular-weight fluorinated synthetic fluid. Solvents is non-toxic and non-flammable in its natural state. It is utilized in severe temperatures ranging from 80°C to 200°C. PFPE's molecular structure might be linear, branched, or a combination of both, depending on the application. Temperature resistance, lubricity, wear resistance, and fluid volatility are all provided by PFPE.
Over the last few years, there has been immense growth in the paints and coatings industry due to their increased usage across building and construction, automotive and semiconductor sectors. The paints and coatings industry is prepared to see a seismic change with an increased production rate in the future, which will further flourish the solvents market, and the industry will have a certain demand influx, which will raise revenues during the forecast period.
Opportunities
- Technological Innovations and Increased Use of Organic Solvents
Furthermore, the advanced technologies and latest equipment coupled with the application of new systems extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the mounting regulatory pressure regarding the use of organic solvents will further expand the future growth of the solvents market.
Some of the major players operating in the solvents market are
- ExxonMobil Corporation (U.S.)
- Reliance Industries Limited (India)
- Marathon Petroleum Corporation (U.S.)
- Dupont (U.S.)
- PJSC Lukoil Oil Company (Russia)
- Valero (U.S.)
- Shell (UK)
- Chevron Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Janex S.A (Switzerland)
- SOLVAY (Belgium)
- Neste (Finland)
- Soltex Inc. (U.S.)
- Hengyi Industries Sdn Bhd (Malaysia)
- BASF SE (Germany)
- Ashland Inc., (U.S.)
- Adrol (U.S.)
- Koch Engineered Solutions (U.S.)
- Cosmique Pvt. Ltd. (India)
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The investment made in the study would provide you access to information such as:
- Solvents Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
- Solvents Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Solvents market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Solvents Market
Market Dynamics: Solvents Market
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Usage across Paint and Coatings
Solvents are essential in the manufacture of paints and coatings, which is why they are highly used for paint and coatings applications. Solvents manufacturers are establishing stable revenue streams in the paints and coatings industry. However, paint manufacturers face contamination issues in their products as a result of unwanted or incorrect aromatics. As a result, manufacturers are increasing the availability of high purity solvents through stringent quality controls. It has been discovered that solvent-based paints and coatings dry relatively faster than alternatives with low solvent content at room temperature. Such discoveries are translating into revenue opportunities for solvents manufacturers. Solvents in paints and coatings allow for quick and easy application in a variety of end-use cases.
Additionally, the growth and expansion of various end use industries will also drive market value growth. The surge in personal disposable income and rapid industrialization are projected to bolster the growth of the market. Moreover, high demand for solvents from home care and personal care products as well as from agricultural chemicals application is estimated to carve a way for the growth of the market. Furthermore, there has been a significant increase in the use of household cleaning and personal care products. In addition, the widespread use of solvents in pesticide formulations is driving up product demand. Furthermore, as consumer concerns about the environment grow, they are increasingly gravitating toward eco-friendly and organic products that pose little or no risk to the environment or human health.
Restraints/Challenges
- Stringent Regulations Regarding Usage
The stringent regulations regarding usage of certain solvents hamper the market growth. For instance, the Montreal Protocol of 1987, and its subsequent amendments, govern the use of Ozone Depleting Substances (ODS). The regulation EC 1005/2009 on substances that deplete the ozone layer incorporates these into European legislation. Carbon tetrachloride and methyl chloride are regulated under this regulation. Because carbon tetrachloride has a stratospheric Ozone Depleting Potential (ODP), its use is restricted. As a result, only a small amount of carbon tetrachloride is used as a solvent in industry and laboratories. Because of its low stratospheric ODP, methyl chloride is classified as a "new substance" under the ODS regulation. Each participant in the supply chain is required to submit relevant statistical data on these substances to European and national authorities on an annual basis. As a result, their use is restricted which further restricts the overall growth over the market.
COVID-19 Impact on Solvents Market
The recent outbreak of coronavirus had a negative impact on the solvents market as a result of the disruption in the global supply chain. Because solvents are used in paints and coatings applications in these industries, the market is heavily reliant on growth in construction, automotive, shipbuilding, and aircraft manufacturing. China is the world's largest manufacturing and construction market. Construction activity in China has been hampered by a strict lockdown in the country's major provinces. Paint and coatings demand fell in the first quarter of this year, owing primarily to the outbreak of COVID-19, which impacted solvent demand.
China is a major producer and consumer of solvents. The country's solvent production has been hampered by a lack of raw materials. COVID-19 has also had a negative impact on North America and Europe, resulting in an economic downturn in countries such as the United States, Canada, Italy, and Spain over the next two to three years. Because of the COVID-19 pandemic, demand for solvents fell in the first two quarters of 2020.
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Core Objective of Solvents Market:
Every firm in the solvent market has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.
- Solvents Market Size and growth rate factors.
- Important changes in the future Solvents Market.
- Top worldwide competitors of the Market.
- Scope and product outlook of Solvents Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Solvents top manufacturers profile and sales statistics.
Key Industry Segmentation: Solvents Market
Type
- Alcohols
- Methanol
- Ethanol
- Propanol
- Butanol
- Ketones
- Acetone
- MEK
- MIBK
- Esters
- Ethyl Acetate
- Butyl Acetate
- Glycol Ethers
- Aromatic
- Aliphatic
Category
- Oxygenated Solvents
- Hydrocarbon Solvents
- Halogenated Solvents
- Others
Source
- Petrochemical-Based
- Bio and Green
Application
- Paints and Coatings
- Pharmaceuticals
- Polymer Manufacturing, Adhesives
- Printing Inks
- Metal Cleaning
- Personal Care
- Agricultural Chemicals
Regional Analysis/Insights: Solvents Market
The solvents market is analyzed and market size insights and trends are provided by country, type, category, source and application as referenced above.
The countries covered in the solvents market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing end-use industries such as paints and coating and adhesives and rising industrialization within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high demand for solvents from various end use industries in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Solvents Market: Regulations
- Market Overview
- Global Solvents Market, By Type
- Global Solvents Market, By Category
- Global Solvents Market, By Source
- Global Solvents Market, By Application
- Global Solvents Market, By Region
- Global Solvents Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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