Solvent Market Value to Reach USD 43.4 Bn by 2018, Predicts MarketsandMarkets

The report Solvent Market defines and segments the solvent market with an analysis and forecast of the market volume and value. The solvent market value will grow to $43.4 billion by 2018, at a CAGR of 5.0% from 2013 to 2018.

The conventional solvents market is mainly driven by increasing demand from the construction and automobile sector in the developing economies of Asia-Pacific. On the other hand, the consumption of bio & green solvents market is being pushed due to the minimum impact they have on the environment. Lesser volatile organic compounds (VOCs) coupled with renewable sources as their feedstock makes them an ideal choice in highly regulated countries of North America and Europe. As the performance to cost ratio of these solvents increase, these will find a higher penetration in various end-user industries. Rising crude oil prices is also a considerable factor for increased penetration of bio & green solvents as consumers try to reduce the dependency on non-renewable resources such as crude oil, coal, and natural gas.

Toxicity and high VOC emissions from conventional solvents are the major restraints for the market as these have a negative impact on the environment. This leads to the substitution of solvents with other less harmful alternatives such as the usage of water-based and powder-based systems in the paints & coatings application. The major restraint for bio & green solvents is their performance issues. However, with time and increased R&D, the impact of this restraint will decrease in future. The leading players in the market include BASF (Germany) ExxonMobil (U.S.) The DOW Chemical Company (U.S.) and Sinopec (China).

The report covers the solvents market and its trends that concern four regions, namely, North America, Europe, Asia-Pacific, and ROW (Rest of the World) and the major countries in each region such as U.S., Canada, Germany, China, South Arabia, Brazil, and others. Various applications such as paints & coatings, pharmaceuticals, adhesives, printing inks, personal care, metal cleaning, rubber & polymer, agricultural chemicals, and others are covered. Solvents by types, which are, oxygenated, hydrocarbon, and halogenated, along with others have also been studied. These have further been broken down by their respective sub types, such as alcohols, glycols, glycol ethers, ketones, and esters for oxygenated solvents, aliphatic and aromatic solvents for hydrocarbon, methylene chloride, trichloroethylene, and perchloroethylene for chlorinated solvents. The market has also been bifurcated by the types of source, which include conventional and bio & green solvents.

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