Albany, NY -- (SBWIRE) -- 07/15/2015 -- Solvents are substances used to dissolve particles or liquids to form solutions. Industrial solvents are used to perform this task on a large scale. Industrial solvents are usually liquid, since liquids offer themselves easily to forming solutions, however, industrial solutions can also be gaseous or even solid.

Industrial solvents are used in the production of several and diverse products. These include nail enamels, paint thinners, dry cleaning, perfumes, and detergents. The diversity of the applications of industrial solvents means that the market for the same is virtually always guaranteed steady demand from a steady industry. This has resulted in strong growth prospects for the global industrial solvents market.

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Growth of End-Use Applications Propelling Global Industrial Solvents Market

The paints and coatings industry, one of the major end-use applications of industrial solvents, is one of the fastest growing industries in the world. The booming construction and automotive industries, which are in turn the major consumers of paints and coatings, are responsible for the steady growth of the paints and coatings industry. This has consequently resulted in growth of the industrial solvents market.

The pharmaceuticals industry, in which industrial solvents are used to prepare therapeutic formulations, is also on the rise and is thus helping the market for industrial solvents. Recent innovation in order to come up with biocompatible solvents is helping the industrial solvents market gain steady demand from the pharmaceuticals industry. Both the pharmaceuticals and paints and coatings industries are expected to grow over the next few years, resulting in strong growth of the global industrial solvents market.

Environmental drawbacks regarding the usage of industrial solvents have the potential to restrain the growth of the industrial solvents market. Runoff of industrial solvents can pollute the environment, be it terrestrial or aquatic. Regulatory frameworks in many countries are now becoming increasingly oriented towards environmental conservation, which is acting as a major restraint on the global industrial solvents market. Further innovation is needed to eliminate this concern and ensure steady progress of the industrial solvents market.

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Asia Pacific and RoW to Replace North America as Dominant Regional Segment

North America and Europe, particularly Western Europe, have been the traditional hubs of the global industrial solvents market. The early industrialization in these regions is responsible for the widespread incorporation of the industrial solvents industry. However, the industrial solvents market is now approaching maturity in these regions, where further industrial expansion is hard to achieve. Instead, Asia Pacific, Eastern Europe, and Latin America are now coming to the fore as the regions rapidly undergoing industrialization.

Asia Pacific, in particular, is home to the rampant economies of China, Japan, India, South Korea, etc., including a growing automotive industry in each of these countries. The growing automotive industry in Asia Pacific is a major growth driver of the global industrial solvents market.

Along with Asia Pacific, countries such as Brazil, Russia, Chile, South Africa, and Argentina are also undergoing rapid industrialization, boosting the growth prospects of the global industrial solvents market in the Rest of the World segment.

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