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.
The solvent is an organic chemical in form of liquid. It mostly becomes become liquid after dissolving gaseous, solid and liquid solutes together. They are also available in solid and gasses states. Solvents are the vital auxiliary ingredient that is widely used in industrial production processes. They are extensively used in paints, coatings, adhesives, sealants, printing inks and varnishes. Solvents are immensely utilized in various industries such as pharmaceuticals, chemicals, packaging, paints & coatings, cosmetics, and cleaners among others.
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The solvents market is primarily driven by increasing construction and automotive industry across the globe. Rapidly rising demand for solvents especially in emerging economies such as China, India, and Brazil is expected to boom the market size of solvents in the near future. However, environmental concerns may impede the market growth. Nonetheless, increasing demand for green and bio-based solvents is likely to open new opportunities for the major vendors of the market during the years to come.
Based on types of solvents, the global solvents market is bifurcated into alcohols, hydrocarbons, ketones, esters, chlorinated and others. Among these types, alcohol was the leading segment of the global solvents market in 2016. It held for above 30% share of the entire market in 2016 and furthermore, this trend is likely to continue in the near future. Growing demand for ethanol and methanol in the cosmetic industry coupled with rising usage of isopropanol as a drying and cleaning agent in the semiconductor industry is likely to drive the demand for alcohols over the years to come. Hydrocarbon was the second largest segment of the market in the same year. Hydrocarbon and esters are important types of solvents that are predicted to have the positive influence on the market margin during the next few years.
Cleaning products, paints & coating, printing ink, pharmaceutical, adhesives, cosmetics and others are major end-uses of solvents market. In 2016, paints & coatings segment was the most attractive end-use of the global solvents market, that accounted for more than 35% share of total volume consumption. Growing use of paints & coatings in automotive and construction industries is expected to gain high-profit margins of solvents industry in the near future. Moreover, cleaning products, cosmetics, and pharmaceutical segments are projected to experience significant growth over the coming years. Growing packaging industry is also attributed to growing the use of printing ink. Furthermore, rising demand for cosmetic products is projected to influence the market growth during the next few years.
Asia Pacific emerged as largest market of solvents that accounted for above 40.0% share of the total market in 2016. It is also predicted to be the fastest-growing market of solvents over the forthcoming years due to the growing consumption of solvents in paints and coating applications. Growing construction and automotive sector in countries such as China and India are likely to witness the exponential expansion of solvents market in the region during the coming years. Europe was the second largest market of solvents in the same year. North America is projected to have decent growth in the next few years. Additionally, Latin America and Middle East & Africa are projected to grow at a high CAGR within the forecast period.
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.