Global Solvent Market accounted for USD 19.40 billion in 2016 and is projected to grow at a CAGR of 8.0% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The main purpose of the solvent is to convert substances into a suitable form for a particular use, with its ability to dissolve, suspend or attract other materials. Solvents once used can be discarded, reused or recycled in an eco-friendly manner. There is a growing demand for solvent in paints & coatings, agricultural chemicals, pharmaceuticals, adhesives, printing inks, metal cleaning, personal care and rubber & polymer industrial activities which is expected to be one of the major drivers of the market over the next seven years.
Major Market Drivers:
- Declining crude oil prices
- Increasing environmental and regulatory pressures and concerns over toxicity to human
- Growth in the construction and automotive sector
- High cost of green solvent production
Market Segmentation: Global Solvent Market
The solvent market is segmented on the basis of type into ketones, esters, alcohols, glycol ethers, aromatics and aliphatics.
On the basis of application, the market is segmented into paints & coatings, agricultural chemicals, pharmaceuticals, adhesives, printing inks, metal cleaning, personal care, rubber & polymer and other.
On the basis of geography, the solvent market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Landscape: Global Solvent Market
The global solvent market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Global Solvent Market
Some of the major players in solvent market include Royal Dutch Shell PLC, Lyondellbasell Industries Holdings B.V., Huntsman Corporation, Ashland Global Holdings Inc., BASF SE, Exxonmobil Corporation, Celanese Corporation, Eastman Chemical Company, Solvay SA, Honeywell International Inc., Ineos AG, Arkema SA, BP PLC, Cargill Incorporated, Chevron Phillips Chemical Co., DOW Chemical Company, Flotek Industries Inc., Invista Sarl, Monument Chemical Inc., Olin Corporation, Top Solvent Co., Ltd. and many more.