Solvents Market Size, Share, Application, Segment, Analysis, Regional Outlook, Growth Strategies and Forecasts, 2019–2026
The Global Solvents Market is valued to reach USD 52.5 Billion by 2025, growing at a CAGR of 3.5% over forecast period 2020–2026. Robust growth in construction and automotive sectors, increasing demand for industrial solvents from pharmaceuticals, oxygenated based industrial solvents are the key factors augmenting the market growth.
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Solvents are liquid substance that demonstrate the capability to dissolve other substance without any chemical change. Solvents occur in multiple forms, for instance, organic and inorganic solvents hold a high popularity on the global scenario. Inorganic solvents such as water and aqueous solutions comprise special additives while organic solvents are oxygenated solvents, hydrocarbon and hydrogenated solvents. The commercial exposure for solvents mainly depends on the nature and form of use. As solvents facilitate mixing and help in regulating temperatures, the choice of solvent decide the success rate within a particular reaction.
Commercial use of solvents involve manufacturing adhesives and sealants within a range of polymers and the selection depends upon the solvent selection. Pressure sensitive and contact adhesives are manufactured from a variety of polymers comprising acrylic acid esters, polyesters, polyurethane and others. The solvents are needed for primers and surface preparation while the solvent proportion varies depending upon the residual substrate. The solvent market in the developed economies varies depending upon the industrial purpose. Most companies are moving their base to South America and Asia wherein the regulations pertaining to emissions are less severe. For instance, the concentration of shoe industry is high in South America and initiatives are undertaken to lessen the solvent emissions. According to various studies, solvents contribute to more than 21% of VOC emissions wherein adhesives account for a considerable share for emissions.
Solvents Market Trends, Drivers and Opportunities:
The solvents market is highly driven by rising awareness for carbon emissions and low toxicity. In addition, the environmental and regulatory concerns for toxicity is growing at a higher scale. Major trends such as adoption to green technology and vendors in developed economies have a huge emphasis on supplying petrochemical based solvent, which in turn boosts the developments in the global scenario. Automotive industry is the major consumer for paints and coatings that drives the demand for petro-chemical based solvent. Although, the automotive sector experiences a sluggish growth rate all over, it is still assumed that Europe and Asia Pacific have a huge foothold in the solvent industry.