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
Global
Industrial
Solvents Market Analysis,
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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