A solvent is a substance which when dissolved with a solute forms a solution. Usually, solvents are liquids but they can also be in the form of solids and gases. They are used for various purposes such as in dry cleaning, nail enamels, paint thinners, detergents, and perfumes among other applications. Industrial solvents are mainly used in pharmaceuticals and in the paints and coating industry.
The global market for industrial solvents is mature and has reached its saturation point in North America and Europe, so it is expected to grow at an average rate in these regions. However, rapid industrialization in Asia-Pacific, Eastern Europe, and in Latin America is expected to drive the global market for industrial solvents.
The growing demand from pharmaceuticals and the paints and coatings industry is also expected to expand the market. However, the regulatory issues arising due to growing environmental concerns regarding the impact of solvents on the environment is a major barrier to the growth of the global industrial solvents market.
Industrial solvents are primarily used as a dissolution agent in various industries, and account for approximately 48% of the total industrial solvents consumed. The next biggest application of industrial solvents is for cleaning and degreasing, which accounts for 24% of the market share, followed by purification and other applications.
Some of the major companies operating in the global industrial solvents market include BASF, Arkema S.A., BP, Exxon Mobil Corporation, LyondellBasell Industries, Royal Dutch Shell, Dow Chemicals, SK Innovation, and Sinopec.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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