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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