A solvent is a substance that dissolves a solute which is a chemically distinct liquid, solid or gas, resulting in a solution without influencing any chemical change to the subject material or the end-product. Solvents functions on the principle of “like dissolves like” and are used for separating, processing, and cleaning of materials. A solvent is typically a liquid but could also be a solid, a gas, or a super-critical fluid. Common uses for organic solvents includes dry cleaning, perfumes, nail polish removers, glue solvent, detergents, and paint thinners. Also, it finds several applications in chemical, oil & gas industries, pharmaceutical, as well as in purification processes and chemical syntheses. Thoroughly
The global solvents market is primarily driven by increasing use of solvents in automobile manufacturing industry and stringent regulations for fuel adoption of bio-based solvents and green solvents. Additionally, solvent gaining demand in household cleaning products and aftermarket painting is also boosting the market growth. However, strict protocols in developed countries for the usage of these solvents and also considering high cost may create a negative impact on the market. But, extensive usage of solvents in preparations of pharmaceutical and in printing ink is expected to equally influence in the growth of global solvents market in the coming years.
The global solvents market is mainly classified on the basis of source, product, application, and geography. The classification by source is given as conventional solvents and bio & green solvents. By product the classification includes oxygenated solvents, halogenated solvents, hydrocarbon solvents, and others. Also, application is further classified into Pharmaceuticals, paints & coatings, agricultural chemicals, adhesives, polymers & rubbers, personal care, metal cleaning, printing inks, and others. Furthermore, by geography the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Based on geographical analysis, solvents market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Russia, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, South Korea and others while RoW is bifurcated into South America, Middle East, and Africa.
The prominent players operating in the global solvents market are BASF SE (Germany), Honeywell International Inc. (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), Royal Dutch Shell Plc (Netherlands), Ashland Inc. (U.S.), Huntsman Corporation (U.S.), ExxonMobil Corporation (U.S.), INEOS AG (Switzerland) Eastman Chemical Co. (U.S.), and Celanese Corporation (U.S.) among others.
The key takeaways from the report
- The report will provide detailed analysis of Solvents Market with respect to major segments such as source, product, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Solvents Market has been included in the report
- Profile of the key players in the Solvents Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Solvents Market
Source Type Segments
- Conventional Solvents
- Bio & Green Solvents
Product Type Segments
- Oxygenated Solvents
- Halogenated Solvents
- Hydrocarbon Solvents
- Paints & Coatings
- Agriculture Chemicals
- Polymers & Rubbers
- Personal Care
- Metal Cleaning
- Printing Inks
- North America
- Asia Pacific
- South Korea
- South America
- Middle East