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Technology Advancement in Global Solvents Market 2023


The report "Solvents Market, by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region - Global Forecast to 2023" .

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The solvents market is projected to grow from USD 47.37 billion in 2018 to USD 57.34 billion by 2023, at a CAGR of 3.9% during the forecast period. The major drivers for the market are the increasing demand for bio & green solvents and growth in the automotive and construction industries.
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.
Royal Dutch Shell Plc. is one of the leading manufacturers of solvents globally. The company has been focusing on the expansions and new product launches strategies to maintain its leading position in the market.
For example, 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.
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Eastman Chemical Company is another major player in the solvents market. The company has been focusing on acquisitions, expansions, and new product launches as part of its strategic development activities. In December 2016, the company acquired 50% shares of Te An Ling Tian Fine Chemical Co., Ltd. (China). Te An Ling Tian Fine Chemical Co., Ltd. is a manufacturer of amines and specialty derivatives, including solvents and alkyl alkanolamines. The acquisition helped the company to broaden its product portfolio. In March 2015, the company launched TamiSolve NxG, a high-performance solvent which meets safety, health, and environmental regulations.
Based on product type, the petrochemical-based solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents, whereas the bio & green solvents market is segmented into bio-alcohols & bio-diols, lactate esters, d-limonene, and methyl soyate. In the petrochemical-based solvents market, the oxygenated solvents market is projected to grow at the highest CAGR between 2018 and 2023, in terms of value and volume, owing to the high solvency power and lower toxicity as compared to hydrocarbon and halogenated solvents.

However, in the bio & green solvents market, the lactate esters segment is projected to grow at the highest CAGR between 2018 and 2023. This is because it is biodegradable, non-toxic, and can be used for a wide range of industrial and consumer applications.

Based on application, the petrochemical-based solvents market has been segmented into paints & coatings, pharmaceuticals, polymer manufacturing, adhesives, printing inks, metal cleaning, personal care, agricultural chemicals, and others. The other applications include textile printing/dyeing, intermediate manufacturing, jet fuel anti-icing additive, leather dyes, floor polishes/strippers, and electronics.

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The market in the Middle East & Africa is projected to grow at the highest CAGR from 2018 to 2023, both, in terms of value and volume. This is due to increasing industrialization, and rising demand for petrochemical-based solvents from end-use industries. Also, vast reserves of crude oil continue to drive the demand for petrochemical-based solvents in the region. In addition, the availability of cheaper raw materials in the region are expected to drive growth of the solvents market.


Reference:
https://www.marketsandmarkets.com/Market-Reports/solvent-market-1325.html?utm_source=blog%2FML


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