Sarasota, FL, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Cleaning Products, Paints & Coating, Printing Ink, Pharmaceutical, Adhesives, Cosmetics and Other End-Uses: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global solvents market was valued at USD 26.80 billion in 2016 and is expected to reach USD 33.0 billion in 2022, growing at a CAGR of 4.0% between 2017 and 2022. In terms of volume, global solvents stood at 31,239.5 kilotons in 2016.
Solvents are organic liquids consist of a large number of chemical substances, generally used to dissolve or dilute other substances or materials. They can utilize from different chemical groups can differ distinctly in their characteristics. The majority of the solvents are also used as chemical intermediates, fuels, and as components of a wide range of products.
Browse through 23 Market Tables and 28 Figures spread through 110 Pages and in-depth TOC on “Global Solvents Market: Industry Product Segment, Applications, Opportunities, Demand and Sales Forecasts to 2015 – 2021”.
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Surging construction and automotive sectors across worldwide are the major factors expected to drive the global solvents market. Rising demand for solvents for various applications specifically in China, India, and Brazil developing areas is projected to fuel the market size over the years to come. However, rising environmental concerns is likely to slow down the profit margins of the market. Nevertheless, on-going research and development and commencement of green and bio-solvents are expected to provide new avenues to the major vendors of the market in the near future.
Alcohol emerged as dominating type segment of the global solvents market in 2016. It held more than 30.0% share of the total volume consumption in 2016 and it is expected to be the fastest growing type segment in the coming years. This growth is attributed to the strong demand for various kinds of alcohols in different applications. Alcohol was followed by hydrocarbons and ketones in the same year. Moreover, the ester is likely to witness the exponential growth of the market during the years to come.
Browse the full "Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Cleaning Products, Paints & Coating, Printing Ink, Pharmaceutical, Adhesives, Cosmetics and Other End-Uses: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/industrial-solvents-market
In terms of end-uses, paints & coatings led the global solvents market and it accounted for more than 35.0% share of the total market in 2016. Growing construction and the automotive industry are projected to increase the usage of paints and coatings demand over the forthcoming years. This, in turn, is expected to grow the market gains across the globe. Printing ink and cleaning products especially in the semiconductor industry is projected to have the positive influence in the next few years. Surging demand for adhesives in assorted end-uses is likely to propel the demand of the market over the years to come.
The demand for solvents is rising owing to the demand from the construction industry in North America, especially U.S. The key revenue contributing countries in the region are U.S., Canada, and Mexico. The market for solvents in the region is mainly driven by the large construction industry in the region. Increased application of solvents in printing ink and pharmaceuticals is also expected to aid the growth of the solvents market in the region.
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Europe was the second largest contributor to the solvents market in 2016. Rising remodeling activities and industrialization in the region is expected to be driving the market growth. The automotive sector in Europe is also expected to boost demand for solvents within the forecast period. In addition, rapid urbanization, rising disposable incomes and changing lifestyle trends are also expected to aid the growth of the solvents market in the region.
Asia Pacific is expected to be the fastest-growing region for solvents in terms of both volume and revenue. The major driver for the growth of the solvents market in this region is the rising construction activities in the region and the growing automotive sector. In addition, lack of stringent regulations has also driven the major players to set up new plants in Asia Pacific. The increasing remodeling activities in India and China are expected to further propel the growth of this industry.
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Latin America is expected to witness moderate growth in the solvents market. A major driver for the solvents market is the rise in construction activities in the region fuelled by the tourist activities. The Middle East & Africa is expected to witness decent growth for the solvents market. However, it is also expected to be an emerging market owing to the infrastructure and remodeling activities in the GCC countries and changing lifestyles. Growing middle-class population is expected to fuel the demand for solvents.
Key players of solvents market are Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Ashland Inc., Honeywell International Inc., Eastman Chemical Company, Ineos A.G., Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals among others.
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The report segments the global solvents market as follows:
Global Solvents Market: Type Analysis
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
Global Solvents Market: End-User Analysis
- Cleaning Products
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Adhesives and Cosmetics
- Others
Global Solvents Market: Regional Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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