The Solvents Market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% during the forecast period. The decline in crude oil prices and disruption in the supply chain impacted the market. The major drivers for the market is high demand for conventional solvents from applications such as home care, personal care, and pharmaceuticals amidst COVID-19.
Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and joint ventures, to strengthen their presence and increase their shares in the solvents market.
The agricultural chemicals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume
Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. The rapid growth of population in region such as APAC and growing demand for agricultural food produce drive the demand for solvents in agricultural chemicals application. Moreover, usage of solvents for high yield and increasing supply of agricultural products is another factor driving its growth.
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Royal Dutch Shell Plc. is one of the leading manufacturers of solvents globally. It is vertically integrated and is active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as important factors for its future growth. The company is mainly focused on its downstream business segment as it has a strong revenue-generating segment with high return-on-investment. It is focusing on expansion as the key growth strategy. The company has been focusing on the expansions and new product launches strategies to maintain its leading position in the market.
- In October 2018, Shell commissioned a new solvent desphalter unit at its Pernis refinery in order to meet the demands of cleaner transport fuels and reduce environmental impact. Moreover, in May 2018, the company started production of the second ethylene cracker at the Nanhai Petrochemicals complex in Huizhou, Guangdong Province, China. This expansion helped the company to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols.
- In October 2014, the company launched natural gas based paraffinic solvents and fluids and is the first organization globally to offer Gas-to-Liquid (GTL) solvents.
BASF SE is another major player in the solvents market, globally. . It engages in the manufacturing and selling a wide range of chemicals and intermediate solutions. The various products which the company offers include chemicals, plastics, functional solutions, performance products, agricultural solutions, and crude oil. The company has been focusing new product launches, expansions, and agreements in order to remain competitive in the solvents market.
- In 2018, BASF SE (Germany) and ExxonMobil (US) signed an agreement to jointly develop new gas treating solvents and process technologies to be used for natural gas processing and petroleum refining. The agreement helped the company meet customer needs by providing technologies to reduce energy consumption, increase capacity, and meet tighter sulfur specifications.
- In June 2016, the company launched two new products for the US ethanol industry, Lutropur MSA, and Fueltase Phytase. Lutropur MSA is used in the synthesis of pharmaceuticals and agricultural chemicals, as solvents, catalyst in esterification, and in polymerization and alkylation reactions.
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Solvents Market, By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region - Global Forecast To 2025MarketsandMarkets: The solvents market is projected to reach USD 30.0 billion by 2025, at a CAGR of 6.6% from an estimated value of USD 21.8 billion in 2020.Growing demand for home care, personal care, pharmaceuticals are projected to drive the demand for solvents across regions.
Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog.
Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.Browse through more than 214 market data tables with 59 figures and an in-depth TOC of the report, "Solvents Market - Global Forecast to 2025.
Oxygenated solvents comprise ketones, glycol ethers, esters, glycols, and alcohols.
These are produced by extracting from other petrochemicals to reach the desired consistency and balance of components.
In addition, their usage in various applications, such as paints & coatings, adhesives, pharmaceuticals, and printing inks, among others are expected to result in increasing demand during the forecast period.“The pharmaceuticals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume”Pharmaceutical application segment of solvent is projected to be the highest in the forecast years.
19 March 2019, The global Green and Bio-Solvents Market size is anticipated to showcase significant growth over the forecast period.
Rising adoption of bio-based products over traditional alternatives is anticipated to facilitate market expansion in the years to come.However, cost effective production is expected to pose a challenge for the growth of the green and bio-solvents market in the near future.
There is a high cost difference between production process for traditional and bio-solvents, owing to limited availability of appropriate and advanced technologies.
This is a key factor restraining the growth of the market.Green and bio-solvents find applications in asphalt paving and roofing shingles.
Applications in activities such as heavy oil and bitumen extraction from Canadian tar sands and replacement of petroleum solvents are anticipated to propel the market over the forecast period.Paints and coatings made using conventional solvents may cause skin allergies, especially among people allergic to chemicals and other substances.
This factor is anticipated to augur well for the global market in the forthcoming years.Adhesive, paints and coatings, printing inks, and pharmaceuticals, and cosmetics are major applications of green and bio-based solvents.
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