The Asia Pacific area is expected to generate US$14,590.7 million in sales in 2022 as a consequence of an estimated 5.9% annual growth in solvent demand. Market expansion has been aided by the region’s recent strong growth in the chemical and pharmaceutical industrial sectors.
Solvents once used can be discarded, reused or recycled in an eco-friendly manner. Usually industrial solvents are liquids but they can also be present in the form of solids and gases. The importance of solvent is brought about the most important fact that, many substances exhibit their greater usefulness when dispersed in a solution.
A solution is defined as a mixture of two or more substances with uniform chemical and physical properties. Every solution consists of two basic components as solvent and solute. The main purpose of the solvent is to convert substances into a suitable form for a particular use, with its ability to dissolve, suspend or attract other materials.
Industrial solvents are typically used as ingredients in formulation of products or processing auxiliaries in manufacturing. The physical and chemical properties of a solution can be best utilized by making use of proper choice of solvents, thus making themsuitable for use into a variety of processes and methods of industrial applications.
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Industrial solvents market has significantly changed the modern living and made solvents one of the most valuable and useful products for various end user industries and manufacturing companies.
The growth in the construction and automobile industries with comparatively less strict environment regulations is fuelling the demand for industrial solvents market in the APAC region. Availability of abundant labour and petrochemical feedstock are major drivers for growing demand in APAC industrial solvents market, and is also one of the major reasons to attract manufacturers in the APAC region.
The growth in pharmaceutical, paint & coatings industry in emerging economies such as India and China is playing a significant role in industrial solvents market. However, strict legal regulations and growing environmental awareness amongst end user industries are major restraints for industrial solvents in the APAC region. Penetration of bio based and green solvents is the new rising trend in the APAC industrial solvents market.
Market Competition
- BASF SE
- BP plc
- ExxonMobil
- LyondellBasell
- Royal Dutch Shell
- Petroleo Brasileiro S.A
- DuPont
- Total S.A.
- SABIC
- Diacel Chemical Industries Ltd
- Harmony Organics Pvt Ltd
- Eternis Fine Chemicals
- IGPL
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Key Segments Profiled in the Market
By Product Type, the market of industrial solvents has been segregated as:
- Alcohols
- Ketones
- Glycols
- Esters
- Glycol Esters
- Aliphatic Solvents
- Aromatic Solvents
- Halogenated Solvents
- Acetic Acid
By End-use Industry:
- Chemical
- Paints and Coatings
- Textile
- Pulp and Paper
- Pharmaceuticals
- Oil and Gas
- Adhesives and Sealants
- Personal Care and Cosmetics
- Agriculture
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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