Solvents are available in all liquid, gaseous and solid state. The ratio of solvent and quantity of solute depends on the temperature and volume of these products. Solvents have numerous applications, especially in dry cleaning, perfumes, and detergents and as thinners. Dynamic rise in demand from different industrial verticals and rising demand from emerging markets are some of the strongest reasons the solvent market is expected to make healthy growth during the next few years to come. During the forecasting period of next four to five years, the industry is aiming at stability and growth in terms of revenue channels, innovative applications, and constant demand.
Scope of Research in Solvent Industry
Global industry for conventional and non-conventional solvents is categorized on the basis of the types of basic sources, types of conventional and green solvents, their applications, and geography. Careful analysis of all these segments is a great way to understand the basic trends, challenges, and competitors in the industry. All the aforementioned segments are sub-categorized further into the following segments:
- Conventional Solvents: Conventional solvents are categorized into several basic segments, which include oxygenated, halogenated, hydrocarbon, and other types of solvents.
- Green Solvents: Green solvents include d-limonene, lactate esters, methyl soyate, and alcohols and ethers.
- Applications: Pharmaceutical, paints, coatings, personal care, adhesives, metal cleaning, agricultural chemicals, printing inks, rubber and polymers, and other products
- Geography: Asia Pacific, Europe, North America, and RoW are four major segments
Forecasting Reports from 2014 to 2018
Demand from emerging economies is a strong driver for the rising demand in the solvent market. Asia Pacific is expected to witness strong growth in terms of applications of conventional and green solvents. Countries like China, India, Japan, Korea, and other countries are recording strong growth in terms of industry volume, market shares, and revenue channels. This trend is also attracting investors from established businesses into this region. Growth in the construction, building, and automobile industries are driving the region ahead. Overall economic development of the region is vital for the growing demand for these products within Asia Pacific. Government regulations also play crucial role in the development of this region.
According to the market research reports, the solvent market is poised to grow at a CAGR of over 5% from 2013 to 2018. At the projected CAGR, it is estimated to reach $43.4 billion by the end of the 2018. As mentioned before, Asia Pacific is expected to be the dominating segment in terms of geographic demand. Upward growth of demand and consumption of bio or green solvents is also expected to create strong demand for these products across different parts of the world.