Solvents Market worth $67.2 billion by 2027
The report “Solvents Market, by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region – Global Forecast to 2023″.
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Browse 199 market data Tables and 53 Figures spread through 242 Pages and in-depth TOC on “Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region – Global Forecast to 2027”.
Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and joint ventures, to strengthen their presence and increase their shares in the solvents market.
The oxygenated solvents type segment of petrochemical-based solvents market is projected to grow at the highest CAGR during the forecast period, in terms of value.
By type, the oxygenated solvents segment of the petrochemical-based solvents market is projected to grow at the highest CAGR, during forecast period, in terms of value and volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications such as paints & coatings, adhesives, pharmaceuticals, and printing inks among others results in their increasing demand.
The printing inks application segment of petrochemical-based solvents market is projected to grow at the highest CAGR during the forecast period, in terms of value.
By application, the printing inks application segment is projected to grow at the highest CAGR, during the forecast period, in terms of value. Rapid expansion of printing markets in countries including India accompanied by a strong demand from key end-user segments such as package printing, newsprint, publishing and other commercial printing drives the demand for printing inks, which in turn drives the demand for petrochemical-based solvents. In addition, increasing investments by major manufacturers of printing inks in Middle East region is estimated to drive the market.
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Industries shifting focus to green solvents
VOC emissions and other environmental risks associated with the use of petrochemical-based solvents are major restraints for the market. This is leading to the increased adoption of substitutes that utilize fewer amounts of petrochemical-based solvents; for example, water-based paints and coatings instead of solvent-based paints and coatings in construction applications. However, water-based paints do not provide the finish that solvent-based paints provide. This can be eliminated by the use of bio & green solvents that have the qualities of petrochemical-based solvents and are VOC-free. Bio & green solvents are being promoted by the governments of various countries and several environmental organizations.
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