Transparency Market Research has announced the addition of the "Global Solvents Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018 " report to their offering.
Albany, NY -- (SBWIRE) -- 09/08/2014 -- Solvents are most used in the construction industry, and the growing construction activities in developing countries in turn contribute as the primary driver of the global solvents market. Swift growth of application areas such as printing inks, pharmaceuticals, and adhesives and sealants is also driving the market towards a positive growth on a global front.
Solvents are chemicals that dissolve in a chemically distinct solute to form a solution, and are used across a variety of industries for a huge array of purposes. However, these chemicals find their major application in the construction and manufacturing segments, where they are used for dissolving paints and coatings. Demand is also ripe for organic solvents in the printing inks, pharmaceuticals, and adhesives and sealants application areas.
Furthermore, there are certain issues such as volatile prices of crude oil in the international market and rising concerns regarding the ill-effects of synthetic solvents on environment, which can hamper the growth of the global solvents market to a certain extent.
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The report focuses on three major categories of the market – types of products, areas of application, and regional markets.
Product type-wise, the segment of alcohol-based solvents is currently leading the market. In 2011, nearly 29.7% shares of the overall demands of solvents in terms of volume were acquired by this market segment.
The second-largest product segment of the solvents market in the current scenario is the hydrocarbon solvents, and it is expected to lose its market position to other product types during the forecast period. Bio-based solvents product segment is expected to witness growth at the fastest pace during the forecast period because of its environment-friendly nature. On the other hand, chlorinated solvents held the least market shares owing to their toxic effects on humans and the environment.
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Application area-wise, the segment of paints and coatings currently has the largest market share. In 2011, this application segment reportedly acquired nearly 60.6% shares of the total global demand for solvents. This segment is also expected to display the fastest growth rate during the forecast period due to the flourishing construction industry in the Asia-Pacific region. However, market share of the pharmaceutical industry, another major application area is expected to decline over the forecast period due to regulatory concerns regarding the toxicity levels of synthetic solvents in medicines.
In 2011, the Asia-Pacific region emerged as the major shareholder of the global market of solvents, and accounted for nearly 40.1% demands. Solvents market in North America also represents a thriving market and is estimated to grow at a 3.0% CAGR during the forecast period.
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