Solvents Market Application, Industry Overview, Competition Overview Forecast to 2024

Solvents are chemicals (solid, liquid or gas) used in the dissolution of solutes to form a solution. Solvents market is widely used to suspend, extract and carry other substances without changing their physical properties. Solvents can be organic and inorganic. Traditional solvents emit huge quantities of Volatile Organic Compounds (VOCs) which has resulted in high levels of toxic emissions.

Conventional solvents consist of glycol ethers, hydrocarbons, acetate esters, alcohols, chlorinated and ketones; while organic solvents are used in traditional applications such as dry cleaning and in manufacturing industries.

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The Asia-Pacific region is expected to be the largest market, in terms of both, value and volume on account of increasing population, rapid urbanization in countries, such as China and India, accompanied by the rising demand for automobiles and construction industry.

The global solvents market is expected to grow during the forecast period (2017-2023) owing to the increasing environmental regulations for greener substitutes in developed countries for producing them at lower emissions and less toxicity. The key trend observed in the solvents market is the increasing environmental and regulatory pressures and concerns over toxicity towards humans.

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The key players operating in the global solvents market include The Dow Chemicals, Shell Chemicals, ExxonMobil, British Petroleum (BP), BASF SE, Sasol Solvents, Celanese Corporation, Ashland Inc., Eastman Chemical Company and Solvay SA.

Market Segmentation

By Source

• Conventional
• Bio and Green

By Type

• Oxygenated
  • Alcohols
  • Esters
  • Ketones
  • Glycol ethers
  • Glycol
• Hydrocarbon
  • Aliphatic
  • Aromatic
    • Xylene
    • Toluene
    • Benzene
    • Ethylbenzene
    • Others
• Halogenated
  • Trichloroethylene
  • Methylene chloride
  • Perchloroethylene
  • Others
• Others