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.
The global industrial solvents market, 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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