Industrial Solvents Market 2022| Competitive Landscape and Industry Poised for Rapid Growth 2030
Market Insight
The industrial solvents market, as discussed by Market Research
Future (MRFR), is followed by rapid industrialization in emerging economies
globally, which is supporting the market to expand exponentially by 2023. The industrial
solvents market and its applications are highly competitive, as it is
innovative, which is leading the market players in adopting a dominant
strategic approach. Market Research Report has published a report that suggests
that the global industrial solvents market is poised to grow at a CAGR of 2.9%
during the forecast period.
The solvent is considered as an essential substance that gets
dissolved to form a solution. The purpose of a solvent is to transform into a
suitable form depending on the application. Solvents can be discarded, reused,
and recycled. Industrial solvents are generally in the form of liquid, but they
are also available in gaseous and solid forms.
Market Drivers
& Trends
The global industrial solvents market is witnessing growth due to
factors such as rapid industrialization in emerging economies that have amplified
the importance of industrial solvents. The growth of the industrial solvents
market is also anticipated to create new opportunities for manufacturers to
increase their market share. The prime players in the market are acquiring
small players to augment their share in terms of volume. However, small players
are also investing in research & development to introduce new products with
different applications.
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Besides, some of the key
players are also on the verge to make long-term contracts with the end-users. Apart
from this, the introduction of environmentally friendly solvents is also likely
to optimistically impact the development of the global industrial solvents
market during the assessment period.
Market
Segmentation
The global industrial solvents market is segmented by type and
end-use industry.
On the basis of type, the global market is alienated into oxygenated
and hydrocarbon solvents. The oxygenated solvents segment is also further
segmented as alcohols, glycols, ketones, ethers, glycol ester. In the last, the
hydrocarbon solvents segment is classified into aromatic and aliphatic
On the basis of end-use industry, the global market is segregated as
chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil
& gas, and other industrial.
Regional Analysis
The Asia-Pacific market is projected to have more than one-third of
market value share and is anticipated to escort the global market during the assessment
period owing to the growth of the industrial sector, especially in China and
India. China is estimated to have a maximum of the market share due to the accessibility
of low-cost labor, government subsidiaries, and minimal taxes.
Key Players
The key players in service in the global industrial solvents market
are listed as BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US),
LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The
Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A.
(France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony
Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati
Organics (India), Sinopec (China), SK Innovation (South Korea), and LG
Chemicals (Japan).
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North
America is also predictable to be a prominent market for industrial solvents.
The regional market will witness moderate growth as compared to the
Asia-Pacific market. Solvents find extensive use in the manufacturing of paints
& coatings. The US is one of the key manufacturers of paints & coatings
globally and is contributing to the development of the regional market. The
stringent REACH regulations are probable to act as a barrier in the growth of
the European industrial solvents market.
In the last, the Middle East & African and Latin American
markets are collectively estimated to have around one-tenth of the global
market share during the review period.
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