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A solvent is a chemical substance that dissolves a solute, resulting in a solution and is usually done without chemically changing either the solvents or other materials. There are two variants of solvents, namely conventional and organic. Usually a liquid, they can also be a solid, a gas, or a supercritical fluid. The quantity of solute that can dissolve in a specific volume of solvent varies with temperature. Water is a solvent for polar molecules and the most common solvent called as ‘universal solvent’; all the ions and proteins in a cell are dissolved in water within the cell.
Solvents help to clean, apply, process, or separate materials and accordingly find various applications in chemical, pharmaceutical, oil, and gas industries, including in chemical syntheses and purification processes for use in paints, paint removers, inks, adhesives, dry cleaning, agricultural chemicals and polymer manufacturing.
These solvents play a major role in industrial production. The global solvents market is expected to register growth at a steady CAGR in the coming years.
The growth of this market is attributed towards major pertaining factors including the upscaling demand of solvents from paints, coating, printing inks, pharmaceutical, adhesives, and other end-use sectors, high demand for solvents from home care and personal care products as well as from agricultural chemicals applications, the increasing environmental regulations for greener substitutes in developed countries for producing them at lower emissions and less toxicity, rising environmental concerns leading to stringent regulation on the emission of VOC compounds and the robust growth in the construction sector, particularly in emerging countries.
Moreover, there are plenty of research and development activities taking place all around the globe by players and scientists for introduction of newly advanced solvents. For instance, research by scientists from Queen's University Belfast on ionic liquid chemistry has been named the 'Most Important British Innovation of the 21st Century'. A team of nearly 100 scientists are currently exploring the potential of ionic liquids at Queen's. Popularly known as 'super solvents', they are salts that remain liquid at room temperature and do not form vapors. They can be used as non-polluting alternatives to conventional solvents and are revolutionizing chemical processes by offering a much more environmentally friendly solution than traditional methods.
Furthermore, the rising regulatory pressure for the use of organic solvents, which are eco friendly in nature, growth in residential and infrastructure sector in developing nations, the growing demand for solvents from the agricultural chemicals sector, decreasing prices of crude oil globally, the increasing demand from the automotive industries. are additional factors contributing in the fueling of growth of this market.
However, the solvents market is expected to be adversely impacted due to the disturbance in the global supply chain due to the COVID-19 outbreak. The market is highly dependent on the growth in construction, automotive, shipbuilding, aircraft manufacturing as solvents are used in paints & coatings applications in these sectors. The demand for paints & coatings has declined in the first quarter of this year, mainly due to the outbreak of COVID-19, thereby hitting the demand for solvents.
Also, high production cost, performance problems, various health hazards related to solvents, environmental issues, the unstable crude oil prices and the limited technological expansion in bio and green solvents markets are a few factors that hamper the growth of this market.
SOLVENTS MARKET SEGMENTATION:
By Product Type:
The Asia Pacific region is the largest and the fastest growing regional market for solvents and is expected to continue to dominate in the near future as well owing to factors such as the increasing demand for solvents in agricultural chemicals, personal care & cosmetics, and home care segments in the region, rapid urbanization, growing populace along with changing lifestyle in the region, increasing spending on construction coupled with growing end-use industries such as paints and coating and adhesives in the region, rising demand for automobiles and also food products in the region. The major contributors in the region include India and China.
The North American region is the second largest regional market for solvents followed by Europe. The growth can be attributed to the rise in the construction and automotive industries, technological advancements, rapid industrialization, growth in the manufacturing sector in the region, the rapidly increasing number of green initiatives taken by regulatory bodies in the region, emergence of bio-based solvents, and the rising awareness among consumers related to benefits of environment friendly products in the region. The major contributing country in the region is the U.S.
FEW KEY PLAYERS IN SOLVENTS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global solvents market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Solvents Industry Report
The report offers a comprehensive insight on the Solvents Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.