Global Industrial Solvents Market Overview
Solvents are the compounds that dissolve the solutes in themselves and generally exist in a liquid state but can also exist in solid as well as gaseous forms. They own the ability to extract, dissolve and suspend other materials. A solvent consists of uniform physical and chemical properties. It has been observed over the years through research and experimentation that when most substances are dispersed in a solution, they tend to exhibit greater usefulness. By proper choice of solvents, the physical and chemical properties of a solvent can be best determined and used which allows their use in a variety of industrial processes and methods. These solvents add value to adhesives, lubricants, paints and coatings. Thus, industrial solvents are capable of dissolving oil and low density fluids. Industrial solvents are also used for regular military applications such as degreasing, cleaning, paint stripping and more. The industrial solvents market is a mature market which has various end-user industrial applications that is anticipated to propel the industrial solvents market steadily over the forecast period (2018-2027).
Market Size & Forecast
Industrial solvents market is anticipated to record a CAGR of 3.7% over the forecast period. Many multi-national companies are concentrating towards new product advances in industrial solvents. Moreover, the many advantageous properties of industrial solvents are exploited in the field of paints and coatings now and then. New uses for industrial solvents are discovered daily which is expected to drive the industrial solvents market rapidly.
Currently the global industrial solvents market is observing vibrant growth owing to increasing demand of industrial solvents in cosmetics market. Advance in various end-user industry in the past few years and growing technological explorations is projected to drive industrial solvents market besides the wide range of functions of industrial solvents in an immense range of products such as paints, adhesives, lubricants, de-aromatized solvents during the forecast period. On the basis of regional platform, global Industrial Solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a precursor to various end-user industries, North America is panned to observe substantial industrial solvents market growth due to steady usage of industrial solvents. North America is expected to be followed by Asia-Pacific in terms of consumption due to expanding requirements of industrial solvents in cosmetics and coating industries. On account of multiplying industrial solvents uses in growing end-use processes such as dry cleaning, paint thinning, de-greasing, and more, Asia Pacific is budding as a regional Industrial Solvents and its derivatives consumption market. Europe is expected to drive the demand and positively impact industrial solvents market growth over the forecast period owing to increasing industrial solvents application for printing and coating processes. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the industrial solvents market across the region over the forecast period.
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Our-in depth analysis of the global Industrial Solvents market includes the following segments:
By End-User Industries
Global Industrial Solvents Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The rising demand for industrial solvents in various processes in cosmetics, paint and coating, printing ink, pharmaceutical industries are expected to drive the market rapidly over the forecast period. The growing R&D activity associated with industrial solvents is further expected to increase the market growth owing to the discovery of new varieties of industrial solvents with superior properties. Application of industrial solvents in various end-use products such as nail enamels, detergents and perfumes is predicted to contribute significantly in the growth of the industrial solvents market on account of growing demand for cosmetic products across the globe. Rapid industrialization leading to surging economic development with thriving manufacturing sector is expected to boost the industrial solvents market in the developing regions of the world. Moreover, application of industrial additives in oil refining and recovery, polymer and rubber, fuel additives, photographic reproduction, pesticides and textile industries is attributed to drive the market during the forecast period.
However, health issues associated to the use of industrial solvents which include irritation of eyes, nose and throat leading to conditions of nausea and drowsiness on exposure to industrial solvent vapors, can act as a potential hindrance to the global Industrial Solvents market. In acute conditions, severe exposure to industrial solvents may result in various diseases affecting the central nervous system leading to lower adoption of these solvents over the forecast period.
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