Tue. Aug 16th, 2022

Solvents Market: Overview

  • Solvent is a chemical, which dissolves in a chemically different solute to form a solution. In the solution, solute and solvent are mixed and the molecules are uniformly distributed. Organic solvents are widely used in manufacturing industries and traditional solvent applications.
  • Conventional solvents can be further classified into alcohols, glycol ethers, hydrocarbons, ketones, acetate esters, and chlorinated solvents based on their chemical composition

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  • Paints and coatings are used in abundance by manufacturing and construction industries, which have witnessed exemplary growth of late. Expansion of the construction sector in BRIC nations has been driving the demand for solvents.
  • In addition, solvents are extensively used in applications such as printing inks, pharmaceuticals, sealant, and adhesives; and the demand generated from these applications for organic solvents has been driving the market. However, the volatile pricing of crude oil in the international market and environmental issues are restraining the market.
  • On the other hand, mounting regulatory pressure regarding the use of organic solvents has opened up avenues for alternate “green solvents”, which are atmosphere friendly and pose little or no health hazards to the people exposed to it

Alcohol-based Solvents to Lead Global Market

  • Alcohol-based solvents emerged as the leading product segment with the largest market share of 30.3% terms of volume in 2020
  • Hydrocarbon solvents followed alcohol-based solvents segment in terms of market volume share. It is projected to lose market share in the next few years to other types of solvents. Other solvents including bio-based solvents are expected to witness fastest growth during the forecast period, due to their eco-friendly properties. Chlorinated solvents have the smallest market share mainly due to the toxic effects of these solvents.

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Paints and Coatings Application Segment to Hold Dominant Share

  • Applications of solvents include paints and coatings, printing inks, pharmaceuticals, cosmetics & adhesives, and others (including cleaning and de-icing)
  • Paints and coatings emerged as the largest consumer of solvents with a market share of 62.6% in 2020. Organic solvents are used in paints to dissolve colors and binders, and provide consistency in application of the paint. Along with being the market leading application of solvents, it is also expected to be the fastest growing application over the forecast period.
  • Solvents are also widely used in pharmaceutical drug manufacturing process. However, industries are taking efforts to minimize the usage of solvents in order to reduce toxicity levels in medicines. Thus, their consumption is expected to decline in the pharmaceutical industry.

Asia Pacific to Dominate Solvents Market

  • Asia Pacific accounted for more than 40% of the global solvents market in 2020
  • Demand for solvents in Asia Pacific is expected to rise owing to heavy industrialization and rising population. Pharmaceuticals, paints, and cosmetics are the major end users of solvents in the region.
  • Europe accounted for the second largest share of the global solvents market in terms of demand
  • Germany, France, and the U.K. are key consumers of solvents in Europe
  • The solvents market in North America, primarily the U.S. and Canada is one of the major markets of the globe. The market in the region is expected to expand at a CAGR of 3.4% during the forecast period.

Solvents Market: Competition Landscape

  • Key players profiled in the report include
    • BASF SE
    • Celanese Corporation
    • Dow Chemical Company
    • Exxon Mobil Corporation
    • Maruzen Petrochemical
    • Shell Chemical
    • Sasol Solvents
    • Solvay Chemicals

Leading-edge Coatings and Paints Offer Long-lasting Protection Owing to Solvent Formulations

Solvents play an instrumental role in the production of paints and coatings. Manufacturers in the solvents market are establishing stable revenue sources in the paints & coatings industry. However, paint manufacturers face issues of contamination in paint products due to unwanted or wrong aromatics. Hence, manufacturers are increasing the availability of high purity solvents with the help of strict quality checks.

It has been found that paints and coatings made with solvents can dry relatively faster as compared to alternatives having low solvent content at room temperature. Such findings are translating into revenue opportunities for manufacturers in the solvents market. Solvents in paints and coatings make its application fast and easy in various end-use cases. Leading-edge coatings offer long lasting protection and brilliant performance with the help of solvent formulations.

Long-term Outdoor Banners and Vinyls Catalyze Demand for Solvent Inks

Ink solvents are significantly changing the solvents market. Ink solvents are oil-based solutions that are relatively inexpensive and compatible with inkjet printers. Manufacturers are increasing the production for solvent inks, since these inks are waterproof, which makes it resistant to fading and wearing. Different uncoated banners and vinyls are fueling the demand for solvent inks.

Solvent inks are being extensively used on outdoor products due to its ability to adhere to non-absorbent materials. These inks are ideal for long-term outdoor banners and vinyl, as it is able to resist fading for several years. As such regular cleaning of inkjet printers is necessary while using solvent inks in order to keep the printer running smoothly.

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