SOLVENT GLOBAL MARKET 2016-2020
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This market research report includes a detailed segmentation of the global solvent market by product type (organic solvent and inorganic solvent) and by end use (paints and coatings, printing inks, cosmetics and adhesives, pharmaceutical, and others). It also outlines the market shares for critical regions like APAC, North America, Europe, and ROW. The key vendors analyzed in this market study are BASF, Celanese, Eastman Chemical Company, Exxon Mobil, Honeywell, and Huntsman.
Outlook of the global solvent market
Technavio’s market research analyst predicts the global solvent market to grow at a CAGR of approximately 4% during 2016 and 2020. Since the demand for solvents is heavily dependent on the growth of the construction industry, its increasing utilization for the construction of residential buildings and complexes will lead to this market’s steady growth during the estimated period. Recently, it has been observed that the construction industry has witnessed a sudden growth in emerging economies like Asia and Africa. The growth of the construction industry in these regions will propel the prospects for growth in this market during the forecast period.
In terms of geography, the APAC region will be the largest market for solvents during the forecast period. The widespread availability of labor and petrochemical feedstock in this region will foster market growth until 2020. Additionally, factors such as the growth of the pharmaceutical and paint & coatings industry in this region will impel the demand for solvents in APAC during the forecast period.
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Segmentation by product type and analysis of the solvent market
- Organic solvent
- Inorganic solvent
The global solvent market is dominated by the organic solvent segment, which can be further categorized into oxygenated, hydrocarbon, and halogenated solvents. Alcohol-based solvents, which are categorized under oxygenated solvents emerged as the leading product segment in 2015 owing to its augmented demand from various end-user industries.
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Application-based segmentation of the solvent market
- Paints and coatings
- Printing inks
- Cosmetics and adhesives
In 2015, the paints and coatings segment accounted for approximately 55% of the total market share. Factors such as the growing population and increased solvent consumption in various end-use industries like automotive, architecture, and pharmaceutical will bolster growth in this market segment during the forecast period. This segment was followed by the printing inks, cosmetics, and adhesives segment, which together accounted for less than 50% of the total market share.
Competitive landscape and key vendors
Numerous multinational players like BASF, Celanese, Eastman, ExxonMobil, Honeywell, and Huntsman dominate the global solvent market. The prospects for growth in this market are largely dependent on the economic and industrial growth of different geographies. The global prices for conventional solvents tend to be cyclical and volatile due to factors like the country’s economic conditions, global political scenarios, and the extraction of natural gasses and crude oil.
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