Sellbyville, DE -- (SBWIRE) -- 01/22/2019 -- The global industrial solvents market is anticipated to make promising gains in the forthcoming years, on account of burgeoning demand for printing inks, paints & coatings, and cosmetics products across the globe. In addition to this, industrial solvents are also widely used in the pharmaceutical sector, impelling the industry share. For instance, pet shampoos utilize solvents to dissolve a medicinal drug for topical treatment, provide moisture, and soften animal hair & skin.

Industrial Solvents Market may exceed USD 35 billion by 2024; according to a new research report. Increasing product usage in personal care, cosmetics and paints & coatings industries will stimulate industrial solvents market size. Growth in R&D investments towards product usage in skincare items will propel industry growth over the time period.

Growth drivers

1. North America

- Increasing demand of solvents in cosmetic industry
- Growth in solvents recycling market

2. Europe: Increasing adhesive & sealants market in automotive sector

3. Asia Pacific: Growing demand for solvents in paints & coatings industry

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Methyl soyate based green industrial solvents market size from adhesives application may witness gains at over 4.5% by 2024. The products are incorporated in automotive sector to control environmental pollution. Superior properties such as low toxicity, low evaporation rates, good flowability, anti-wear characteristics and natural multi-grade properties will create an upsurge in product demand.

EPA has introduced rigorous solvent disposal method which has driven the industrial solvents market demand in North America region. Increasing sale of vehicles and use of adhesives & sealants in automotive has promulgated the product demand in automotive sector. The products are used in adhesives as they have no corrosive qualities and can be used on any material without a chemical reaction, thus propelling industry growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. DowDupont
2. Shell
3. BASF
4. Arkema
5. ExxonMobil
6. BP
7. Honeywell
8. INDUSTRIAL SOLVENTS AND CHEMICALS PRIVATE LIMITED
9. Total
10. LyondellBasell
11. Maruzen Petrochemical Co., Ltd.
12. INEOS
13. Sasol
14. LG Chem
15. Cargill
16. Solvay
17. Sigma-Aldrich
18. Vertec Biosolvents, Inc.
19. Corbion
20. Celanese

The paragraphs below explore the growth prospects of the industrial solvents market with respect to the application landscape:

Paints & Coatings

The global paints & coatings market is anticipated to witness an upswing in terms of revenue in the approaching years, due to rising adoption across the building and construction sector. The paints & coatings industry is one of the biggest consumers of industrial solvents, attributable to the capability of solvents to disperse or dissolve the components in paint formation, to create paints of the desired consistency and eliminate globs or clumps. Apart from the construction sector, paints and coatings are widely used in the automobile industry. For instance, glycol ether esters are at times added to certain spray paints to avoid drying up in mid-air. The slow-paced evaporation of this powerful solvent group enables cars and other vehicles to get a smooth and flawless paint application for an appealing and durable finish.

Printing Inks

Numerous printing inks, used worldwide to print everything from books to food packs and labels, rely heavily on industrial solvents for accurate application to attain the vivid colors. In printing inks applications, solvents are implemented to regulate viscosity and permit flow without harming printing rollers. As with paints and coatings, solvents advance drying for contemporary fast-paced printing presses.

Cosmetic and Fragrances

The cosmetic industry relies heavily on industrial solvents to dissolve ingredients and increase the efficiency of products. Industrial solvents are widely used in lotions, shaving creams, face creams, and talcum powders to maintain the consistency of the product. For instance, Ethanol is hugely preferred by perfume companies as their solvent of choice due to its low odor. Indeed, the low boiling point of ethanol allows the solvent to evaporate rapidly and does not let it remain on the skin.

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North America driven by the U.S. oxygenated industrial solvents market demand is likely to witness significant gains at over 2.5% by the end of forecast period. Increasing demand for various cosmetic products owing to moisturizing properties is likely to drive product demand in the region. Growing demand for various skincare products which includes creams, lotions, makeup products may further fuel regional industry growth.

Europe green industrial solvents market size led by Germany, France and UK may surpass USD 1.5 billion by 2024. Shift in consumer preference towards eco-friendly and biodegradable products along with strict regulations to incur more of bio-based products and cut down production of synthetic products will drive regional industry growth.

Having realized the immense potential of the industrial solvents market, prominent companies such as Shell, Arkema, Honeywell, BASF, and Total have made considerable investments in R&D programs and product innovation to serve the evolving consumer demand better. Powered by the rapid expansion of the paints & coatings applications in tandem with growing infrastructure industry, the industrial solvents market is projected to attain commendable gains in the approaching years.

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