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Asia Pacific Solvents Market

Asia Pacific Solvents Market (Type: Printing Inks, Paints & Coatings, Pharmaceutical, Adhesives & Sealants, Agricultural Chemicals, Cosmetics, and Others; and Application: Hydrocarbon Solvents, Aliphatic Solvents [Mineral Turpentine Oil, Hexane, Kerosene, and Others], Aromatic Solvents, Oxygenated Solvents, and Halogenated Solvents) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2027

Growing Emphasis on Production of Environment-friendly and Sustainable Solvents to Propel Asia Pacific Solvents Market Growth

Solvents are extensively used across a host of industries in a wide range of applications, including the production of cosmetics, printing inks, pharmaceutical products, oil & paints, and adhesives & sealants. At present, participants operating in the Asia Pacific solvents market are increasingly focusing on the production of green and sustainable solvents, owing to mounting environmental concerns. The production of green and sustainable solvents has gained considerable momentum in the past three decades due to tightening environment protection laws across the Asia Pacific region, growing awareness pertaining to the role of solvents in generating pollution, and industrial wastes, among others.

Although the demand for organic solvents is projected to witness considerable growth in the upcoming years, its adoption is likely to decline over the second half of the forecast period, due to environmental protection regulations and entry of environment-friendly solvents. At present, some of the most prominent sustainable organic solvents that are extensively used include ionic liquids, supercritical fluids, eutectic solvents, liquid polymers, renewable solvents, and switchable solvents, among others. Progress in green chemistry technologies and concepts and solvent-selection guidelines across companies and research institutes are expected to augment the sales of solvents in the forthcoming years.

Although solvent manufacturers are expected to address the evolving regulatory landscape, the demand for green solvents is expected to grow at a rapid pace. At the back of these factors, the Asia Pacific solvents market is expected to attain a market value of ~US$ 13 Bn by the end of 2027.

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Soaring Adoption of Solvents to Manufacture Paints & Coatings and Adhesives & Sealants to Boost Asia Pacific Solvents Market Growth

The growth of the Asia Pacific solvents market is expected to be primarily driven by the soaring demand for the production of paints & coatings and adhesives & sealants. While the adoption of solvents to manufacture printing inks and host of pharmaceutical products is also expected to gain considerable traction, the oil & paintings and the chemical industry are likely to fuel the growth of the solvent market. The demand for paint solvents is expected to witness a noteworthy growth, as solvents play an imperative role in improving the application of paints onto different types of surfaces. In addition, apart from improving the application of paints, solvents play a key role in influencing the drying time of paints and providing a smooth finish.

The economic growth of the two powerhouses in the Asia Pacific region i.e. India and China, is likely to remain one of the most critical factors for the growth of the Asia Pacific solvents market, as the demand for industry-use products, including ink, paint, and pharmaceutical products is on the rise.

China to Witness Significant Market Growth, Opportunities Ripe in Indian Sub-continent

The flourishing petrochemicals industry across the Asia Pacific region, particularly in India and China is likely to present abundant opportunities for stakeholders in the Asia Pacific solvents market. In addition, focus on expanding the production capacity, along with integration of refineries and petrochemical plants across China are some of the other factors that are likely to provide an impetus for growth of the Asia Pacific solvents market during the assessment period. The volatile crude oil prices and uncertain market conditions in 2020 are likely to affect the demand for solvent-MX, which in turn, is likely to have a direct impact on the growth of the Asia Pacific solvents market. Although the Chinese government continues to phase out solvent-based coatings across the construction sector due to environmental factors, ongoing developments and progress made in the production of green solvents will provide fertile grounds for market growth in the upcoming years.

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Market Players to Diversify Product Portfolio amid COVID-19 Pandemic, Focus on Production of Disinfectants/Sanitizers

The ongoing COVID-19 pandemic is expected to have a strong impact on the growth of the Asia Pacific solvents market. The weak demand for solvents in the first half of 2020 is expected to hamper market growth in the export-oriented Asia Pacific region. Moreover, the extended lockdowns coupled with stringent trade restrictions have led to a decline in demand in 2020. In addition, the supply chain bottlenecks put forward by the COVID-190 pandemic is likely to put the brakes on the growth of the Asia Pacific solvents market, particularly in 2020.

Manufacturers are expected to diversify their product portfolio and focus on manufacturing disinfectants and hand sanitizers amid the current global shortage. The manufacturing of these products offers a window of opportunity for market players during the ongoing health crisis, and fulfilling the demand for disinfectants and solvents is likely to emerge as an essential revenue stream until normalcy is restored.

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Analysts’ Viewpoint

The Asia Pacific solvents market is expected to grow at a moderate CAGR of ~4% during the forecast period. The market growth can be primarily attributed to a range of factors, including the soaring demand for the production of oil & paints and sealants & adhesives, printing inks, and pharmaceutical products, among others. Market players should adhere to stringent regulatory guidelines and focus on the development of green solvents to gain a competitive edge. India and China will remain at the vanguard of market growth due to the booming industrial sector and a positive economic outlook.  

Asia Pacific Solvents Market: Introduction

  • A solvent is that component of a solution, which is presented in higher amount. It is also considered a substance in which the solute is dissolved. Usually, a solvent is a liquid. However, it can be an aqueous gas, solid, or supercritical fluid.
  • A hydrocarbon solvent is a type of organic solvent which primarily comprises hydrogen and carbon atoms in its molecule. These solvents are produced as volatile fractions during the refining process of crude oil. Hydrocarbon solvents primarily comprise of aliphatic and aromatic solvents, which are widely used in different applications.
    • Aliphatic solvents are those solvents which have straight-chain structure such as hexane, kerosene, and gasoline. They are primarily used for oil extraction, manufacture of paints and coatings, and degreasing.
    • Aromatic solvents are solvents that have benzene ring structure present in their molecule. They are widely used for manufacture of inks, paints, agricultural chemicals, and thinners.
  • Oxygenated solvents have carbon, hydrogen, and oxygen atoms as key constituents of their molecular structure, which are primarily produced from olefins through various chemical reactions. These are most widely used solvents industrially. They tend to have good solvency power, and high purity. They are either completely or partly miscible with water.
  • Halogenated solvents are organic solvents with halogen atoms i.e. fluorine (F), bromine (Br), chlorine (Cl), or iodine (I) as a part of their molecular structure. These solvents are used for metal cleaning, dry cleaning, degreasing, printing, paint removal, and production of thermoplastics. They are employed in industries such as paper & textile, furniture, and automotive aerosols.

Increasing Demand of Paints, Coatings, and Printing Ink in Asia Pacific to Drive Solvents Market

  • Around 50% of the total solvents produced are used in the manufacturing of paints, coatings, and printing inks in Asia Pacific. Solvents dissolve or disperse different components such as binders, additives, pigments, and extenders used in the formulation of paints and coatings. They also help in speeding up the curing and drying process, due to which the demand for solvents is increasing. Moreover, the paints & coatings industry in Asia Pacific is expected to expand at a significant rate in the near future, owing to rapid industrialization and urbanization in the region, especially in developing countries such as China and India.
  • Increasing urban population across Asia Pacific is driving the demand for new residential construction. Paints and coatings form an integral part of the global building & construction industry. Thus, increasing residential construction is augmenting the paints & coatings industry in the region. The construction industry in Asia Pacific is anticipated to expand at a rate of 7%–8% in the next few years.
  • Demand for industrial paints is also increasing due to ongoing industrialization in Asia Pacific. Thus, these factors are projected to drive the demand for paints and coatings in the region from 2019 to 2027. This would result in increase in the demand for quick-drying paints in the region, which is expected to boost the solvents market in Asia Pacific during the forecast period.
  • Increasing demand for printing inks, paints, and coatings in the Asia Pacific region is expected to drive the demand for solvents in the region during the forecast period

Increasing Demand for Adhesives and Sealants in Industrial Sector to Drive Asia Pacific Solvents Market

  • Adhesives and sealants is another key end user of solvents in the Asia Pacific region. Solvents are used in adhesives and sealants to improve their efficiency at low temperatures, thereby maintaining an evaporation rate for better performance. Aromatic solvents are largely used in the adhesives industry, due to their high evaporation rates, which causes rise in the viscosity of adhesive films. Moreover, wetting of surface is a crucial property of an adhesive, which is achieved by dispersing or dissolving the polymer in a suitable solvent.
  • Adhesives and sealants are used in printing, textile, and other manufacturing industries. They are also used by retail consumers for various purposes. The drying time of solvent-based adhesives and sealants is lower than its counterparts. The quick evaporation of solvents allows the glue and any other additives to be concentrated and exposed to set.
  • Rising industrialization in the region, especially in developing countries such as China and India, is expected to drive the demand for adhesives and sealants in Asia Pacific during the forecast period
  • Thus, increasing demand for adhesives and sealants is likely to drive the solvents market in Asia Pacific during the forecast period

Increasing Environmental Concerns and Shift Toward Bio-based Solvents to Hamper Asia Pacific Solvents Market

  • VOC (volatile organic compounds) is one of the most commonly used terms in the solvents market. VOCs have high vapor pressure at room temperature and they easily evaporate. As a result, VOCs causes indoor and outdoor pollution. VOCs have long-term adverse health effects and hence, they are strictly regulated by various legislations. Solvents such as benzene and toluene are considered potential carcinogens and they have adverse impacts on the molecular mechanism that controls cell growth. Solvents contain high amount of VOCs and thus, several governments across the globe have issued stringent regulations regarding VOC emissions.
  • Usually, solvents used in paints, coatings, inks, adhesives, and consumer products are considered as VOCs. Thus, VOC emissions from products and industrial operations are significant sources of pollution worldwide. In order to reduce the pollution, several governments and regulatory agencies have formulated laws and regulations to reduce VOC emissions from a variety of sources, including products that contain solvents.
  • Solvents are considered toxic and hazardous for the environment and human health, primarily due to VOC emissions. Moreover, growing number of environmental regulations have resulted in a shift toward bio-based solvents as an alternative. This radical shift can be observed in almost every end-user industry including adhesives & sealants, paints & coatings, textile, cleaners, and oil-field chemicals. Bio-based solvents, unlike conventional solvents, are produced from biomass sources such as crops, forest products, aquatic biomass, and waste materials. They have low toxicity and low VOC content. They are biodegradable, which results in a safer and eco-friendly environment.
  • Thus, rising environmental concerns and increasing shift toward greener alternatives are expected to restrain the global solvents market during the forecast period

New Product Development to Provide Opportunities to Solvents Market in Asia Pacific

  • Technological advancements in solvents in order to make them more eco-friendly are estimated to create lucrative opportunities for solvent manufacturers in the next few years. Companies with a focus on continuous improvements in the production process and research and development of new and eco-friendly products are projected to offer immense opportunities to the solvents market in Asia Pacific during the forecast period.
  • Companies can invest in the launch of innovative products, such as water-based solvents, for use in industrial applications to increase sales of their products. This is likely to boost the demand for solvents in end-use applications during the forecast period.
  • Demand for products such as printing inks, paints & coatings, and adhesives & sealants has been increasing at a high rate in the last few years, especially in China and India, due to increasing demand for these products from various end-user industries such as construction, packaging, and manufacturing. This is expected to create opportunities for the solvents market in Asia Pacific in the near future. Key local and international players operating in these countries are planning to be price competitive so as to maintain their market share.
  • Solvent manufacturers can also focus on expanding their production output capacities in order to meet the increasing demand in the region. Established players are upgrading their production facilities and are increasing their production in order to meet the risen demand for solvents in the region.

Recent Developments, Expansions, Acquisitions, and New Contracts in Asia Pacific Solvents Market

  • In 2019, Indian Oil Corporation Ltd announced its plans to invest US$ 27.8 Bn in the next five to seven years to expand its refining, marketing, petrochemical, and natural gas business divisions
  • In 2018, Yip’s Chemical Holdings Limited announced to have completed the acquisition of the coatings businesses of DGL Camel (Hong Kong) Limited
  • Also, in 2018, Cabot Microelectronics Corporation announced that the company had entered into a definitive agreement to acquire KMG Chemicals, Inc.
  • In 2017, Indian Oil Corporation Ltd announced its plans to invest US$ 4.4 Bn to ramp up its petrochemical production by 2021

China to be a Highly Lucrative Country of Asia Pacific Solvents Market

  • China dominated the solvents market in Asia Pacific in 2018. The country is anticipated to continue its dominance in the near future. This can be ascribed to increase in the consumption of paints and coatings along with the rising demand for adhesives and sealants from industries such as construction and packaging in the region.
  • The India and ASEAN markets are likely to be moderately attractive during the forecast period, while Rest of Asia Pacific and Japan are likely to be less attractive markets during the forecast period

Highly Competitive Asia Pacific Solvents Market

  • The Asia Pacific solvents market is highly competitive. Various international and locally organized players operate in the market.  Scale of operations, quality expertise, and product differentiation are also high.
  • Key players operating in the Asia Pacific solvents market are 
    • Anjanee Chemical India
    • Asia Pacific Petrochemical Co.Ltd
    • Yip's Chemical Holdings Limited
    • Royal Dutch Shell plc
    • Exxon Mobil Corporation
    • Hindustan Petroleum Corporation Limited
    • KMG Singapore Pte. Ltd
    • BASF SE
    • AGC Chemicals
    • Idemitsu Kosan Co., Ltd.
    • Occidental Petroleum Corporation
    • Jun Yuan Petroleum Group
    • Asia Petrochemicals LLC
    • Eastman Chemical Company

Asia Pacific Solvents Market – Segmentation

TMR’s research study assesses the Asia Pacific solvents market based on type and application. The report presents extensive market dynamics and growth trends associated with different segments and how they are influencing growth prospects for the Asia Pacific solvents market.

Type

Paints & Coatings

Adhesives & Sealants

Agricultural Chemicals  

Application

Hydrocarbon Solvents

Aliphatic Solvents

  • Mineral Turpentine Oil
  • Hexane
  • Kerosene
  • Others

Aromatic Solvents

Oxygenated Solvents

Halogenated Solvents

Country and Sub-region

China

India

Japan

ASEAN

Rest of Asia Pacific

Asia Pacific Solvents Market

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1. Executive Summary

    1.1. Market Outlook

    1.2. Key Facts and Figures

    1.3. Key Trends

2. Market Overview

    2.1. Market Segmentation

    2.2. Market Indicators

3. Market Dynamics

    3.1. Drivers and Restraints Snapshot Analysis

            3.1.1.1. Drivers

            3.1.1.2. Restraints

            3.1.1.3. Opportunities

    3.2. Porter’s Five Forces Analysis

        3.2.1. Threat of Substitutes

        3.2.2. Bargaining Power of Buyers

        3.2.3. Bargaining Power of Suppliers

        3.2.4. Threat of New Entrants

        3.2.5. Degree of Competition

    3.3. Regulatory Scenario

    3.4. Volume Chain Analysis

    3.5. List of Type Providers

4. Import–Export Analysis

        4.1.1. Import Analysis

        4.1.2. Export Analysis

5. Price Trend Analysis

6. Asia Pacific Solvents Market Overview

    6.1. Key Findings

    6.2. Asia Pacific Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

    6.3. Asia Pacific Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

    6.4. Asia Pacific Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Country and Sub-region 

        6.4.1. China Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

        6.4.2. China Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

        6.4.3. Japan Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

        6.4.4. Japan Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

        6.4.5. India Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

        6.4.6. India Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

        6.4.7. ASEAN Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

        6.4.8. ASEAN Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

        6.4.9. Rest of Asia Pacific Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Type, 2018–2027

        6.4.10. Rest of Asia Pacific Solvents Market Value (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2018–2027

    6.5. Asia Pacific Solvents Market Attractiveness Analysis, by Type

    6.6. Asia Pacific Solvents Market Attractiveness Analysis, by Application

    6.7. Asia Pacific Solvents Market Attractiveness Analysis, by Country and Sub-region

7. Competition Landscape

    7.1. Competition Matrix

    7.2. Asia Pacific Solvents Market Share Analysis, by Company (2018)

    7.3. Market Footprint Analysis

        7.3.1. Company Profiles

            7.3.1.1. Anjanee Chemical India

                7.3.1.1.1. Company Details

                7.3.1.1.2. Company Description

                7.3.1.1.3. Business Overview

                7.3.1.1.4. Financial Details

                7.3.1.1.5. Strategic Overview/Recent Developments

            7.3.1.2. Asia Pacific Petrochemical Co., Ltd.

                7.3.1.2.1. Company Details

                7.3.1.2.2. Company Description

                7.3.1.2.3. Business Overview

                7.3.1.2.4. Strategic Overview/Recent Developments

            7.3.1.3. Yip's Chemical Holdings Limited

                7.3.1.3.1. Company Details

                7.3.1.3.2. Company Description

                7.3.1.3.3. Business Overview

                7.3.1.3.4. Financial Details

                7.3.1.3.5. Strategic Overview/Recent Developments

            7.3.1.4. Royal Dutch Shell plc.

                7.3.1.4.1. Company Details

                7.3.1.4.2. Company Description

                7.3.1.4.3. Business Overview

                7.3.1.4.4. Financial Details

                7.3.1.4.5. Strategic Overview/Recent Developments

            7.3.1.5. Exxon Mobil Corporation

                7.3.1.5.1. Company Details

                7.3.1.5.2. Company Description

                7.3.1.5.3. Business Overview

                7.3.1.5.4. Financial Details

                7.3.1.5.5. Strategic Overview/Recent Developments

            7.3.1.6. Hindustan Petroleum Corporation Limited

                7.3.1.6.1. Company Details

                7.3.1.6.2. Company Description

                7.3.1.6.3. Business Overview

                7.3.1.6.4. Strategic Overview/Recent Developments

            7.3.1.7. KMG Singapore Pte. Ltd

                7.3.1.7.1. Company Details

                7.3.1.7.2. Company Description

                7.3.1.7.3. Business Overview

                7.3.1.7.4. Financial Details

                7.3.1.7.5. Strategic Overview/Recent Developments

            7.3.1.8. BASF SE

                7.3.1.8.1. Company Details

                7.3.1.8.2. Company Description

                7.3.1.8.3. Business Overview

                7.3.1.8.4. Financial Details

                7.3.1.8.5. Strategic Overview/Recent Developments

            7.3.1.9. AGC Chemicals

                7.3.1.9.1. Company Details

                7.3.1.9.2. Company Description

                7.3.1.9.3. Business Overview

                7.3.1.9.4. Financial Details

                7.3.1.9.5. Strategic Overview/Recent Developments

            7.3.1.10. Idemitsu Kosan Co., Ltd.

                7.3.1.10.1. Company Details

                7.3.1.10.2. Company Description

                7.3.1.10.3. Business Overview

            7.3.1.11. Occidental Petroleum Corporation

                7.3.1.11.1. Company Details

                7.3.1.11.2. Company Description

                7.3.1.11.3. Business Overview

                7.3.1.11.4. Strategic Overview/Recent Developments

            7.3.1.12. Jun Yuan Petroleum Group

                7.3.1.12.1. Company Details

                7.3.1.12.2. Company Description

                7.3.1.12.3. Business Overview

            7.3.1.13. Asia Petrochemicals LLC 

                7.3.1.13.1. Company Details

                7.3.1.13.2. Company Description

                7.3.1.13.3. Business Overview

            7.3.1.14. Eastman Chemical Company 

                7.3.1.14.1. Company Details

                7.3.1.14.2. Company Description

                7.3.1.14.3. Business Overview

                7.3.1.14.4. Strategic Overview/Recent Developments

8. Primary Research – Key Insights

9. Appendix

10. Research Methodology and Assumptions

List of Tables

Table 01: Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 02: Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027 

Table 03: Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027

Table 04: Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Country and Sub-region, 2018–2027

Table 05: China Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 06: China Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027

Table 07: China Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027

Table 08: Japan Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 09: Japan Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027

Table 10: Japan Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027

Table 11: India Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 12: India Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027

Table 13: India Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027

Table 14: ASEAN Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 15: ASEAN Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027

Table 16: ASEAN Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027

Table 17: Rest of Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2018–2027

Table 18: Rest of Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, 2018–2027

Table 19: Rest of Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2018–2027 

List of Figures

Figure 01: Asia Pacific Solvents Market Value and Volume Share Analysis, by Grade

Figure 02: Asia Pacific Solvents Market Attractiveness Analysis, by Grade

Figure 03: Asia Pacific Solvents Market Value and Volume Share Analysis, by Application

Figure 04: Asia Pacific Solvents Market Attractiveness Analysis, by Application

Figure 05: Asia Pacific Solvents Market Volume (Kilo Tons) and Value (US$ Mn), 2018–2027

Figure 06: Asia Pacific Solvents Market Value and Volume Share Analysis, by Country and Sub-region

Figure 07: Asia Pacific Solvents Market Attractiveness Analysis, by Country and Sub-region

Figure 08: Company Market Share Analysis, 2018

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