As per the recent updates, the global industrial solvents market size is expected to grow at a significant share of 6.1% CAGR during the forecast period 2021–2028.
A solvent is a substance that is used to dissolve the solutes to form a solution and is used to transform the substance into a suitable form depending on the application. Generally, industrial solvents are in liquid form and are available in gaseous and solid forms. These solvents are used in the production of different products and chemicals. These are used in various applications like chemical, sealants, adhesives, printing inks, pharmaceuticals, oil gas industries. In addition to that, it is also used in purification and chemical synthesis. Industrial solvents are the major product used in various end-use industries for different applications.
Due to the rapid industrialization in the emerging economies, the demand for industrial solvents market is enhanced. Introducing eco-friendly solvents is expected to boost market growth. These industrial solvents are used in a wide range of industries like photographic reproduction, adhesive and sealant segment pesticides, and textile industries. Meanwhile, the majority of them are used in applications like oil refining recovery, rubber polymer, fuel additives, dry cleaning, and metal degreasing. These solvents are mostly used as dissolution agents in industries and nearly half of the market share is followed by degreasing, cleansing, and purification. Moreover, growing demand from the paint and printing industries is accelerating market growth. Furthermore, increasing demand for cosmetics where these solvents are used as soothing agents for skincare products which are used for all skin types is boosting the demand for the market.
The industrial solvents market opportunities are the rising infrastructure sector in developing countries along with the ongoing untapped-use research is expected to enhance the market growth. Moreover, the rising adoption of eco-friendly UV preserved inks may create an opportunity to fuel market growth.
The industrial solvents market is sectioned into the product type and end-use industries.
Product Type Segmentation: The industrial solvents market based on the product type are classified into oxygenated and hydrocarbon solvents.
End-Use Industry Segmentation: Based on the end-use industry, the industrial solvents market is categorized into chemical, paints coatings, oil gas, textiles, pharmaceutical, paper pulp, and others.
Based on the recent updates, the global industrial solvents market based on the region is segregated into five major regions like Asia-Pacific, North America, Europe, Latin America, and the Middle East Africa. Out of these regions, Asia-Pacific is holding more than one-third of the market value share due to the rising industrial sector in India and China. Further, owing to the minimal taxes, availability of low-cost labor, and subsidiaries from the government, China is expected to lead more than half of the market share. North America is anticipated to hold moderate growth due to the wide usage of solvents in the production of paints coatings.
The industrial solvents market industry players are BASF SE, LG Chemicals, Petroleo Brasileiro S.A, Royal Dutch Shell Plc, Diacel Chemical Industries Ltd, and others.
According to the latest research, the industrial solvents market is expected to grow at a significant position in the market due to rising investments in R D by the manufacturers to develop teco-friendly solvents and increase the product growth in the market. A popular enterpriser AGC introduced precision cleaning chemicals named AMOLEA AS-300 and AS-300AT which are effective and eco-friendly used for high-value medical devices.
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