Solvents refers to chemical compounds which has the function of dissolving or suspending solutes in it. The solvents are mainly found in liquid forms. The solvents are known for dissolving or suspending materials without changing their chemical characteristics. The various application of solvents includes, paint, adhesives, coatings, cosmetics, inks and other.
The solvents have widespread applications as dissolving agent for paints, inks and other products providing consistency to cosmetics such as nail paint, remover, lotions, perfumes and others.
The global solvents market is expected to observe high growth on the account of introduction of bio based solvents, thus, driving the demand for solvents across the globe. Additionally, rising demand for the bio based materials for various applications such as coatings and paints, adhesives and cosmetics is expected to propel the solvents market during the forecast period.
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Solvents market is anticipated to record a CAGR of 4.9% over the forecast period. The solvents market is expected to reach a value of USD 62 billion at the end of the forecast period.
Rising disposable income coupled with the increasing demand for paint and coatings is expected to propel the market growth of the solvents during the forecast period. Additionally the increasing manufacturing units for paint and coatings is driving the solvents market in the forthcoming years.
The rising technological developments coupled with continuous R&D in solvents in order to accommodate the environmental regulations and VOC emissions is driving the bio based solvents market. Additionally, rising awareness and growing government initiatives to reduce environmental pollution is anticipated to propel the market growth of the solvents.
The rising demand for the bio based solvents owing to increasing need for environment safety is expected to hinder the solvents market globally. Additionally, bio based solvents have relatively limited technological developments and is expected to restraint the solvents market.
Our-in depth analysis of the global solvents market includes the following segments:
On the basis of regional analysis, global solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to dominate the solvents market during the forecast period owing to its high application in paints and coatings. The rising application of solvents in various applications such as adhesives and printing inks is driving the solvents market during the forecast period.
North America and Europe is anticipated to exhibit significant growth during the forecast period on the back of increasing application of bio based solvents coupled with the stringent regulation regarding the environment.
Global solvents market is further classified on the basis of region as follows:
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