Report Forecast:

The solvents market is expected to grow at a promising CAGR of 6.2% during the forecast period. 

A solvent is a substance that dissolves a solute and converts it to a solution. It is usually found in liquid form, but it can also be found in solid or gaseous forms. Solvents can be classified into methanol, ethanol, butanol, propylene glycols, glycol ethers, butyl glycol ethers, acetone, esters, toluene, and hydrocarbons. The increasing advancements in chemicals, paired with the growing demand for bio-based products, given the rising strictness of environmental regulations, is expected to drive the solvents market recovery and growth. Also, the rapidly growing paints coatings industry is promoting increased usage of the product.

The market's growth is influenced by a number of factors that have a significant or indirect impact on demand. An overview of such factors can be found in our report, which is derived utilizing SWOT analysis, industry life cycle, and supply chain analysis. Such key information can help market participants and investors identify the low-hanging fruits in the market and establish strategic initiatives to accelerate their growth.

COVID-19 IMPACT on the Market-

The COVID-19 pandemic has influenced almost all the industries, little or large, dealing in any sector.

The growth curves of Solvents market have witnessed enormous ebb and flows in the year 2020. The market scenario and the pace of growth have taken a huge turn and have prompted numerous adjustments in the cycles. 2022 is probably going to be superior to 2020 for the Solvents market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.

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Solvents Market Segmentation:

The report segments based upon demographics, geographics, benefits and volume etc, has different leading factors and identifies the most-attractive segments and sub-segments. The market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns that leads a roadmap to success.

The Solvents market is segmented into the following categories.

By Product Type

The market is classified as alcohols, ketones, esters, and others. The alcohols segment is expected to account for the majority of the share during the forecast period. The growth of the segment is attributable to the rising demand for ethanol, methanol, n-butanol, and isopropanol for varied applications. Methanol is popularly used in inks and adhesive applications, whereas ethanol finds its application in perfumes, vegetable essence, and medical drugs. Ketones, on the other hand, are widely employed as a solvent, given their low molecular weight. They are used in surface coatings, chemical intermediates, printing inks, and adhesives.

By Application Type

The market is segmented as paints coatings, printing inks, industrial cleaning, adhesives, and others. The paints coatings application type is likely to be the dominant segment of the market during the forecast period, owing to its massive usage in the construction industry. The fast-growing construction industry, paired with initiatives towards making paints more sustainable is contributing to the growth of the segment. Also, printing inks are expected to be the second-largest segment during the forecast period. Solvents such as methanol, aromatic hydrocarbons, and ethyl acetate are widely used in printing.

Regional Analysis

Asia-Pacific is expected to remain the largest region in the market for solvents during the forecast period. The growth of the region's market is driven by the large-scale production of paints and coatings in countries such as China. Furthermore, growing infrastructure development, accompanied with innovations in bio-based products is expected to fuel the product demand in the Asia-Pacific region. Also, North America is expected to record significant growth during the forecast period owing to the fast-growing automotive industry in the region.

The Cornerstones in the market-

Listed below are the top key players that dominate the Solvents market –

• Shell plc
• Eastman Chemical Company
• BASF SE
• Lyondellbasell Industries Holdings B.V.
• Ashland Global Specialty Chemicals Inc.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

• Company Profiling
• Detailed profiling of key market players (up to 3 players)
• SWOT analysis of key market players (up to 3 players)

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