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.
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Competitive Analysis
· 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
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 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.
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