Albany, NY -- (SBWIRE) -- 12/07/2018 -- The halogenated solventssegment is projectedto expand rapidly during the forecast period.In terms of source, the global solvent market can be segmented into conventional solvents and bio & green solvents.The conventional solvents segment held a prominentshare of the market in 2016. It is estimated to maintain its position duringthe forecast period.The bio & green solvents segment is projected to expand rapidly during the forecast period.
In terms of application, the global solvent market can be segmented into rubber & polymer, personal care, metal cleaning, printing inks, adhesives, pharmaceuticals, agricultural chemicals, paints & coatings, and others.The rubber & polymer segment held a prominentshare of the market in 2016.Itis likely to dominate the marketduring the forecast period.The agricultural chemicals segment is anticipated to expand rapidly during the forecast period.Demand for food products is increasing rapidlydue to the rise in population, which in turn is increasing the demand for solvents from the agricultural chemical segment.
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Major drivers driving the global solvent market include increasingdemand for conventional solvents in the construction and automotive industries.Furthermore, increasing demand for solvents from the agricultural chemicals sector is also fuellingthe global solvent market. Declining prices of crude oil is furtherboosting the solvent market, as it is becoming cheaper and therefore, demand is increasing considerably.A major restraintfor conventional solvents is consumers opting for bio-green alternatives,as they are less reactive and non-VOC in nature.Consequently, end-use industries are adoptingit to a greater extent.Developing countries such as India and China are likely tooffer great opportunities for the expansion of the global solvent market.
In terms of geography, the global solvent market can besegmented into North America, Europe, Asia Pacific, Middle East &Africa, and Latin America. Asia Pacific held a majorshare of the market in 2016 and is anticipated to maintainits position duringthe forecast period. Themarket in the region is also anticipated to expand rapidly during the forecast period.Demand for solvents is increasing considerably in the region due to increasing population and rapid urbanization.
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Major players operating in the global solvent market include Huntsman Corporation (U.S.), BASF SE (Germany),Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (U.S.), and Celanese Corporation (U.S.).
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