Deerfield Beach, FL -- (SBWire) -- 08/10/2017 --Zion Market Research has published a new report titled "Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Paints and Coatings, Printing Inks, Pharmaceuticals, Adhesives and Cosmetics and Other Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, global solvent market was valued at around USD 25.25 billion in 2014 and is expected to reach USD 31.50 billion in 2020, growing at a CAGR of slightly above 3.5% between 2015 and 2020. In terms of volume, the global solvents market stood at 18,900.0 kilo tons in 2014.
The solvent is a substance that gets dissolves into solute and forms a solution. Solvents are also called inhalants or volatile substances. Most of the solvents are commonly liquid but can also be solid or a gas. Glues, correction fluids, paint thinners, dry cleaning fluid, nail polish remover, cigarette lighter gas, aerosol sprays, whipping cream dispensers, petrol, toluene, etc. are different substances contain solvent. Solvents are also directly absorbed through the skin. Solvents extensively use in various applications such as chemical, pharmaceutical, oil & gas, etc. Solvents are classified into non-polar, polar aprotic and polar protic solvents.
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Alcohols, hydrocarbons, ketones, esters, chlorinated and others are key product segments of solvents market. Alcohol based solvents were one of the largest product segments of the solvent market with the highest share in total volume consumption in 2014. Hydrocarbons-based solvents are the second largest product segment of the solvent market and are expected to grow moderately during the forecast period.
On the basis of applications solvents market can be segmented as paints and coatings, printing inks, pharmaceuticals, adhesives and cosmetics and other applications. Paints and coatings were one of the leading application segments. It accounted for around for significant share in the solvents market and is expected to exhibit strong CAGR between 2015 and 2020. Pharmaceuticals, adhesives, and cosmetics are other important outlets for solvents.
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Construction and automobile are expected to exhibit fastest CAGR during the forecast period. Strong demand from various end-user industries including paints and coatings, the pharmaceutical is the major driving factor of this industry. The revival of the global economy with increasing demand from the construction and automobile industry is driving demand for solvents. However, some health issues associated with solvent consumption include toxicity to the nervous system, reproductive damage, liver and kidney damage, cancer etc.
Solvents market was dominated by Asia Pacific with account significant share in total 2014. Asia Pacific is followed by Europe and North America. Asia Pacific is expected to witness a significant rise in solvents market due to the large demand from emerging countries like China, India. However, owing to environmental concerns associated with the manufacturing of solvents commercially is expected to hold the growth of this industry.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global solvents market include Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals.
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Global Solvents Market Size Estimated to Hit $31.50 Billion by 2020
Global Solvents Market Globally to register highest growth by 2020