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BASF SE is major player in the solvents market

 

The Solvents Market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% during the forecast period. The decline in crude oil prices and disruption in the supply chain impacted the market. The major drivers for the market is high demand for conventional solvents from applications such as home care, personal care, and pharmaceuticals amidst COVID-19.

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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.

The agricultural chemicals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume

Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. The rapid growth of population in region such as APAC and growing demand for agricultural food produce drive the demand for solvents in agricultural chemicals application. Moreover, usage of solvents for high yield and increasing supply of agricultural products is another factor driving its growth.

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APAC is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of volume

The solvents market has been studied for North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa. The APAC region is estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of volume.

The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market. Moreover, there are many construction projects which are on hold in APAC due to COVID-19. These construction projects are likely to resume, thereby driving the demand for solvents in paints & coatings applications.

 

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