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IN THE NEWSSeptember 2020: LyondellBasell and Liaoning Bora Enterprise Group announced to start a new joint venture which would operate under the name Bora LyondellBasell Petrochemical Co. Ltd. The 50:50 joint venture, which is located in the Liaoning province of northeastern China, would manufacture polyolefin products for use in various end user industries
The global aliphatic solvent market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the extensive use of aliphatic solvents as thinners in the paint & coatings industry. Rising demand for paints, backed by increasing construction of residential buildings, along with high usage in the automotive industry is estimated to boost the market growth. The total sale of coatings and paints for the automotive industry in 2020 crossed USD 12 billion, up from almost USD 10.5 billion in 2016. Likewise, the increasing construction activities, owing to the rising population, especially in the urban areas globally, is anticipated to boost the market growth. Aliphatic solvents provide various advantages over the conventional Petro-chemicals, as they do not cause irritation and itching in eyes and skin, which is projected to fuel their demand over time. Moreover, aliphatic solvents are mixed with aerosols for creating pressure during spraying, which is also expected to fuel he market growth.
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The market is segmented by product into varnish, paint and others, out of which, the paint segment is anticipated to hold a notable share in the global aliphatic solvent market on account of increasing demand amongst the residential industry, backed by the increasing construction activities. Moreover, growing applications of paints for making road signs, commercial buildings, and others is estimated to boost the segment growth. On the basis of application, the market is segmented into paint & coatings, aerosols, polymers, and others, among which, the paint & coatings segment is estimated to gain the largest share over the forecast period. This can be attributed to the increasing construction of commercial as well as residential buildings backed by the expanding global population.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global aliphatic solvent market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of tremendous growth in the automotive industry, in the region. Over 3.2 million passenger cars were sold in the U.S. in 2020, whereas the sale of commercial vehicles crossed 14 million units. Moreover, high individual disposable income in the region, along with increasing trend of DIY, resulting in raise in the sale of paints and varnish, is projected to boost the market growth.
The market in the Asia Pacific is anticipated to experience highest growth, over the forecast period, owing to various factors, such as, increasing number of industries in the region, growing population, and rising construction activities.
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The global aliphatic solvent market is further classified on the basis of region as follows:
Our in-depth analysis of the global aliphatic solvent market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for paints in automotive and constructive industry is estimated to drive the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
The major players in the market are Royal Dutch Shell Plc., SK Global Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Calumet Specialty Products Partners, L.P., DuPont de Nemours, Inc., and The Dow Chemical Company.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The paint segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the rising use of paints in the automotive industry.
Hazardous effect on human body after long-term exposure are estimated to hamper the market growth.
The market in the North America region is estimated to provide major growth opportunities for the major on the back of growing sales of paint for the automobile industry in the region.
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