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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PDF Brochure @ https://bit.ly/2VpsXqK
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. 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.
Growth of the
solvents market has been largely influenced by expansions and new product
launches that took place between 2012 and 2018. Companies such as Royal Dutch
Shell Plc., Eastman Chemical Company, BASF SE, ExxonMobil Corporation,
LyondellBasell Industries Holdings B.V., Ashland Global Holdings Inc., Huntsman
Corporation, Celanese Corporation, Honeywell International Inc., and INEOS AG have adopted the abovementioned strategies to expand
their regional presence and enhance their product offerings.
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.
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.
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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.
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