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Industrial Solvents Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2024

Author : Rahul Varpe | Published Date : 2019-08-05 

Increasing product usage in personal care, cosmetics and paints & coatings industries will stimulate industrial solvents market size. Growth in R&D investments towards product usage in skincare items will propel industry growth over the time period.

EPA has introduced rigorous solvent disposal method which has driven the industrial solvents market demand in North America region. Increasing sale of vehicles and use of adhesives & sealants in automotive has promulgated the product demand in automotive sector. The products are used in adhesives as they have no corrosive qualities and can be used on any material without a chemical reaction, thus propelling industry growth.

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Methyl soyate based green industrial solvents market size from adhesives application may witness gains at over 4.5% by 2024. The products are incorporated in automotive sector to control environmental pollution. Superior properties such as low toxicity, low evaporation rates, good flowability, anti-wear characteristics and natural multi-grade properties will create an upsurge in product demand.

The global paints & coatings market is anticipated to witness an upswing in terms of revenue in the approaching years, due to rising adoption across the building and construction sector. The paints & coatings industry is one of the biggest consumers of industrial solvents, attributable to the capability of solvents to disperse or dissolve the components in paint formation, to create paints of the desired consistency and eliminate globs or clumps. Apart from the construction sector, paints and coatings are widely used in the automobile industry. For instance, glycol ether esters are at times added to certain spray paints to avoid drying up in mid-air. The slow-paced evaporation of this powerful solvent group enables cars and other vehicles to get a smooth and flawless paint application for an appealing and durable finish.

Printing inks applications have leveraged the potential of industrial solvents in a number of ways. For instance, the use of smudge-resistant ink in newspapers means no more finger staining and illegible print. Speaking of computer printer inks, they dry really very fast and are highly smudge resistant. Thus, the wide application spectrum of printing inks and brisk advancements in ink technology will create a powerful launch pad for industrial solvents market to reach new heights.

North America driven by the U.S. oxygenated industrial solvents market demand is likely to witness significant gains at over 2.5% by the end of forecast period. Increasing demand for various cosmetic products owing to moisturizing properties is likely to drive product demand in the region. Growing demand for various skincare products which includes creams, lotions, makeup products may further fuel regional industry growth.

Europe green industrial solvents market size led by Germany, France and UK may surpass USD 1.5 billion by 2024. Shift in consumer preference towards eco-friendly and biodegradable products along with strict regulations to incur more of bio-based products and cut down production of synthetic products will drive regional industry growth.

Global industrial solvents market share is competitive and fragmented with key manufacturers including Honeywell, LyondellBasell, INEOS, BASF, Shell and DowDuPont. The companies are investing strongly on R&D to expand its bio-based product portfolio and making strategies for global presence.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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