Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global solvents market size is projected to reach USD 67,837.8 million by 2028, exhibiting a CAGR of 6.0% during the forecast period. In 2020, the value of this market stood at USD 43,845.7 million, states Fortune Business Insights in its report, titled “Solvents Market Size, Share & COVID-19 Impact Analysis, By Product Type (Alcohols, Ketones, Esters, and Others), Application (Paints & Coatings, Printing Inks, Industrial Cleaning, Adhesives, and Others), and Regional Forecast, 2021-2028”.
Increasing Preference for Green Solvents to Boost the Market
Green solvents are environmentally friendly substances that are derived from agricultural crops. With the demand for sustainable chemicals and compounds growing worldwide, the uptake of bio-based formulations for industrial applications has picked up pace in recent years, steadily replacing their petrochemical-based counterparts. Ethyl lactate, for instance, is extracted from processing corn and is widely employed in the paints & coatings industry. Offering 100% biodegradability, this lactate ester possesses a high solvency capacity, low surface tension, low vapor pressure, and a high boiling point.
Moreover, it is recyclable, non-corrosive, and non-carcinogenic, making it the ideal ingredient for making paint and coating solutions. In addition, ethyl lactate also serves as an excellent cleaner for the polyurethane industry due to its superlative solvency power. Thus, the increasing research and development of bio-solvents is an exciting dimension that is paving new paths for the growth of this market.
COVID-19 Impact
The COVID-19 pandemic outbreak has proven detrimental for the chemical industry due to the stringent lockdowns imposed by governments to contain the transmission of the coronavirus. With severe movement restrictions in place, chemical supply chains were heavily disrupted, leading to falling revenues. For example, according to the American Chemistry Council, the demand for specialty chemicals diminished considerably across sectors and markets owing to their non-essential. Therefore, in light of this unprecedented downturn in the chemical sector, the solvents market growth displayed a decline of 2.96% in 2020 and is expected to hit USD 45,058.8 million in 2021.
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Highlights of the Report
This report provides quantitative and qualitative analyses of the key drivers and restraints shaping the market growth, along with actionable insights into regional developments and their impact on the market. Additionally, the report contains a detailed evaluation of the various market segments, as well as a careful examination of the prominent players and their dominant strategies.
Driving Factor
Heavy Dependence on Solvents for Niche Applications to Support Market Growth
The reliance on solvents to perform a variety of niche operations across industries has grown rapidly over the past few decades due to their molecular composition. For example, toluene, a hydrocarbon solvency solution, is used in inks for specialized printing in magazines as it evaporates quickly, thus preventing smudging, and the remnant toluene is easily recycled. Moreover, these substances are also used to produce inks that are applied on food packaging labels as they remain stable and bring out the colors of the ink.
Further, in personal care and cosmetics, ethanol is widely incorporated in perfumes due to its weak odor, while acetone is used in nail polishes on account of its fast-drying properties. In home care applications, glycol ether has proven to be highly effective in the formulation of cleaning agents for glasses, floors, and other hard surfaces. The extensive employment of chemicals facilitating solvency for niche, as well as routine, applications will ensure an enduring growth of the market.
Regional Insights
China to Spearhead the Asia Pacific Market; North America to Come in Second
Asia Pacific is set to lead the solvents market share during the forecast period owing to the strong chemical manufacturing infrastructure in China. Moreover, promising investments in the development of bio-based chemicals in China, India, and Japan will also contribute to the growth of the regional market. The Asia Pacific market size stood at USD 17,676.7 million in 2020.
In North America, on the other hand, the active adoption of advanced solvents by the region’s robust auto industry will propel the market in the forthcoming years. In Europe, the growing preference for bio-based chemicals in the cosmetics and food & beverage industries will bode well for the market.
Segmentation
By product type, the market is divided into alcohols, ketones, esters, and others.
Based on application, the market is segmented into paints & coatings, printing inks, industrial cleaning, adhesives, and others. The industrial cleaning segment held a share of 14.0% in the global market and a share of 13.6% in the China market.
On the basis of region, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape
Key Players to Forge Alliances to Create Sustainable Solutions
In a bid to speed up the research & development and production of sustainable chemical solutions, major market players are building alliances with other industry leaders to widen the scope of their businesses. The focus of these collaborations is to formulate green chemicals that will make the chemical industry more eco-friendly, which in turn will future-proof these companies’ offerings.
List of Top 10 Players Profiled in the Global Solvents Market:
- Gandhar Oil (India)
- Honeywell International Inc. (The US)
- ExxonMobil Corporation (The U.S.)
- Ashland Global Holdings Inc. (The U.S.)
- Eastman Chemical Company (U.S.)
- INEOS Group AG (The UK)
- Celanese Corporation (The U.S.)
- BASF SE (Germany)
- LyondellBasell Industries Holdings B.V. (The Netherlands)
- Royal Dutch Shell Plc (The Netherlands)
Key Industry Development
May 2021: Braskem announced its partnership with Netherlands-based NXTLEVVEL Biochem to study, develop, and market solvents made from renewable raw materials. The collaboration will leverage Braskem’s expertise in developing novel chemicals and NXTLEVVEL’s specialty in sustainable chemistry.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Solvents Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
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