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% from
2018 to 2023. Growth in the construction and automotive industries in most of the emerging
regions due to increasing urban population have triggered the demand for paints
& coatings in the construction and automotive sectors. This, in turn, is projected to drive the global
solvents market.
Based on source, the solvents market has been segmented into
petrochemical-based solvents and bio & green solvents. The bio & green
solvents segment is projected to grow at the highest CAGR during the forecast
period, in terms of both, value and
volume.
This is due to stringent regulations in North
America and Europe regarding the use of bio-based products. Also, increasing
efforts to minimize the harmful effects of petrochemical-based solvents is
another factor leading to the growth of bio & green solvents market,
globally.
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.
The growing demand for printing inks
in end-user segments, such as package printing, newsprint, publishing, and
other commercial printing is expected to drive the demand for printing inks
during the forecast period globally, which in turn, is projected to drive the
demand for petrochemical-based solvents.
In addition, increasing investments by major printing
ink manufacturers in regions, such as Middle
East & Africa and Asia Pacific are expected to drive the demand for
petrochemical-based solvents in this application.
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:
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