Market Insights:
The global
demand for industrial solvents has increased in the last couple of years. The
growth of the global market is primarily driven by expanding paints & coatings,
chemicals, pharmaceuticals, and other end-use industries. Furthermore, the
ongoing mergers and acquisitions in the chemical industry are expected to fuel
the market growth in the review period.
Segment Analysis:
The global
industrial solvents market has been segmented on the basis of type, end-use
industry, and region.
Based on
type, the global market has been divided into oxygenated and hydrocarbon
solvents. The oxygenated solvents segment is further classified into alcohols,
glycols, ketones, ethers, glycol esters, whereas the hydrocarbon solvents
segment is classified into aromatic and aliphatic. The oxygenated segment
accounted for more than half of the market share in terms of volume and value
in 2018. Thus, an optimistic application outlook of industrial solvents in end
use industries across the globe is expected to drive the demand during the
forecast period. The alcohols is expected to be the fastest growing segment
during the forecast period. The growth is attributed to the growth of the
chemical and paints & coatings industries.
By end-use
industry, the global market has been segregated into chemical, paints &
coatings, textile, pulp & paper, pharmaceutical, oil & gas, and other
industrial. The paints & coatings segment accounted for the largest market
share owing to their increasing use in the automotive and decorative segments.
Likewise, the increasing demand for industrial solvents in chemical production
is expected to boost the growth of the chemical segment.
Regional Analysis
The global
Industrial
Solvents Industry, by
region, has been segregated into North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. Asia-Pacific held the largest market
share, followed by North America and Europe. The surge in chemical production
and the growth of the manufacturing industries are some of the prominent
factors driving the demand for industrial solvents across the globe.
Competitive Analysis
·
LG Chemicals
·
BASF SE
·
Exxon Mobil Corporation
·
BP Plc
·
Petroleo Brasileiro S.A.
·
LyondellBasell Industries
·
Royal Dutch Shell Plc
·
SABIC
·
DowDuPont
·
Total S.A.
·
Diacel Chemical Industries Ltd
·
Eternis Fine Chemicals
·
Harmony Organics Pvt Ltd
·
IGPL
·
Vinati Organics
·
Sinopec
·
SK Innovation
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