The solvents market is expected to grow in response to the increasing demand from construction and manufacturing sectors, finds Transparency Market Research (TMR) in a new study. The leading companies operating in the market will therefore target opportunities prevalent in these sectors to establish a strong foothold. Besides this, they are likely to adopt various marketing strategies to create a brand image across the world. TMR profiles some of the leading players operating in the global solvents market and studies in detail various strategies they adopted over the years. These include Dow Chemical Company, Celanese Corporation, BASF SE, Maruzen Petrochemical, Exxon Mobil Corporation, Sasol Solvents, Shell Chemical, and Solvay Chemicals.
As per TMR, the global solvents market stood at US$22.79 bn in 2011. By the end of 2018, the market is poised to reach US$29.28 bn. If these figures hold true, the global solvents market will rise at a CAGR of 3.2% between 2012 and 2018. Among products available in the market, the alcohol based segment is forecast to emerge dominant. The segment held nearly 29.7% of the market on the basis of volume, in 2011. Regionally, Asia Pacific held lead in the global solvents market in 2011. As per TMR, Asia Pacific accounted for nearly 40.1% of the global market in the year. The rising demand for solvents in paints, pharmaceutical, and cosmetics industry, which are the key end users of solvents, is expected to boost the market in Asia Pacific.
Rising Demand from Construction and Manufacturing Industries to Fuel Growth
In the coming years, the global solvents market will witness steadily rising demand from construction and manufacturing industries. Therefore, exemplary growth of these industries witnessed across emerging markets will tip scales in favor of the global solvents market. Also the demand from the construction sector in BRIC nations is expected to rise considerably in the coming years. Solvents are increasingly used in pharmaceuticals, printing-inks, adhesives and sealants, and other applications. Besides these, the demand for organic solvents is scaling high across the globe, creating lucrative prospects for the market’s growth.
Stringent Regulations may Hinder Market to an Extent
On the downside, volatility in crude oil prices in international markets, coupled with soaring environmental concerns, will create obstacles to growth for the global solvents market. Additionally, the market may find it difficult to continue at a strong pace in the US due to rising legislations controlling the use and production of solvents in the country.
Never mind this, favorable regulatory measures encouraging the use of organic solvents have bolstered opportunities for “green solvents”, which are more environment-friendly. Furthermore, the market is likely to derive benefits from the steady demand across developed markets.
Also, it is likely to gain impetus from the rising residential and commercial projects worldwide. This, coupled with the increasing demand for automobiles in emerging nations, will enable the market gain momentum through the course of the forecast period. Given the scenario, the rising demand from emerging nations such as India and China will enable growth in the solvents market in the coming years.
This review is based on a TMR report, titled “Global Solvents Market (Product - Alcohols, Hydrocarbons, Ketones, Esters, and Chlorinated; Application - Paints and Coatings, Printing Inks, Pharmaceuticals, Adhesives, and Cosmetics) - Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 – 2018.”
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