Solvents (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic) Market - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 17, 2018--The “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” report has been added to ResearchAndMarkets.com’s offering.
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% during the forecast period.
Growth in the automotive and construction industries is expected to drive the demand for petrochemical-based solvents during the forecast period. While stringent environmental regulations for the reduction in the use of Volatile Organic Compounds (VOCs) are expected to drive the demand for bio & green solvents. VOCs are compounds which form ground-level ozone and particulate matter and are the main ingredients of smog. Smog is known to have adverse effects on human health. The harmful effects of petrochemical-based solvents act as a challenge to the growth of the petrochemical-based solvents market.
By application, the paints & coatings segment is expected to lead the petrochemical-based solvents market during the forecast period. This is due to the demand for construction chemicals which is expected to lead to lead to their increasing usage in the paints & coatings application.
In addition, rapid growth in population, accompanied by the growing automotive industry in the region, is expected to boost the growth of petrochemical-based solvents segment in the paints & coatings application. Also, growth of the automotive, OEM, machinery, and appliances markets globally are expected to drive demand for this application segment during the forecast period globally.
By application, the industry and domestic cleaners application segment is expected to lead the bio & green solvents market during the forecast period. The growing demand for more sustainable and green cleaning formulations are expected to lead to the growth of bio & green solvents segment in this application segment.
In addition, major industrial and domestic cleaning product manufacturers are following the guidelines outlined by the European Community (for example, REACH) and the Environmental Protection Agency (EPA) which are expected to drive the demand for the industry and domestic cleaners application in the bio & green solvents segment.
Key companies supplying solvents are: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) Celanese Corporation (US) Huntsman Corporation (US) Solvay SA (Belgium) Honeywell International Inc. (US) INEOS Group AG (UK)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Solvents Market, By Source
7 Bio & Green Solvents Market
8 Petrochemical-Based Solvents Market, By Type
9 Petrochemical-Based Solvents Market, By Application
10 Petrochemical-Based Solvents Market, By Region
11 Competitive Landscape
12 Company ProfilesArkema SA Ashland Global Holdings Inc. BASF SE BP PLC Bharat Petroleum Corporation Limited Cargill Incorporated Celanese Corporation Chevron Phillips Chemical Co. Dowdupont Inc. Eastman Chemical Company Exxonmobil Corporation Flotek Industries Inc. Honeywell International Inc. Huntsman Corporation INEOS AG Invista Sarl Lyondellbasell Industries Holdings B.V. Monument Chemical Inc. Olin Corporation Reliance Industries Ltd. (RIL) Royal Dutch Shell PLC Solvay SA Top Solvent Co., Ltd. For more information about this report visit https://www.researchandmarkets.com/research/4qmjxc/solvents?w=4
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Research and Markets
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PUB: 09/17/2018 10:06 AM/DISC: 09/17/2018 10:06 AM