Metric analysis

With an estimated market size of 32.7 million metric tons by 2026, it is a good prospect for the global solvents market

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Editing: 20; Published: February 2022
Executive Pool: 18076
Companies: 188 – Players covered include BASF SE; BioAmber, Inc.; BP plc; Celanese Corporation; Chevron Phillips Chemical Company LP; CITGO Petroleum Corporation; Eastman Chemical Company; ExxonMobil Corporation; Honeywell International, Inc.; Huntsman Corporation; INEOS Group Limited; LyondellBasell Industries NV; Western Chemical Corporation; Sasol Limited; Shell Chemicals Limited; Solvay SA and others.
Blanket: All major geographies and key segments
segments: Product segment (alcohols, hydrocarbon solvents, esters, ketones, chlorinated solvents, ethers)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.

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ABSTRACT-

Global Solvents Market to Reach 32.7 Million Metric Tons by 2026
A solvent is a liquid formulation capable of suspending, dissolving or extracting various substances, without influencing any chemical modification of the material in question and the final product. Solvent market dynamics are tied to the prevailing macroeconomic factors such as economic environment, GDP growth, industrial and commercial activity and growth of basic and heavy industries such as mining, petroleum and gas. gas, metals and infrastructure in key regional markets. Likewise, the solvents market is also influenced by socio-economic trends such as rapid pace of urbanization, increasing disposable incomes, increasing middle class population and changing lifestyles. life, all of which are fueling demand for manufactured and processed goods and products for use in a range of consumer applications. Steady upward momentum in several end-use markets, including paints and coatings, pharmaceuticals, personal care and cosmetics, adhesives, household care, printing inks and packaging, impacted positive on global solvent demand. Due to the stringent regulatory landscape, the adoption of “green solvents” and bio-based solvents, which incorporate environmentally friendly attributes with low to zero toxicity, and biodegradable, recyclable and non-corrosive characteristics, is increasing. Other factors driving the growth in the use of bio and green solvents include their exceptional degradable properties, rising crude oil prices, and efforts to reduce dependence on petrochemical solvents.

Amid the COVID-19 crisis, the global solvents market, estimated at 28.1 million metric tons in 2021, is expected to reach a revised size of 32.7 million metric tons by 2026, with growth at a CAGR of 3.4% over the analysis period. Alcohols, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.9% to reach 11.8 million metric tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Hydrocarbon Solvents segment is readjusted at a revised CAGR of 0.5% for the next 7-year period. This segment currently accounts for a 22.9% share of the global solvent market. The alcohols segment represents the leading segment in the solvents market. Alcohol-based solvents such as methanol, ethanol, isopropanol, and n-butanol are used in personal care products, pharmaceutical manufacturing, and industrial applications. These solvents are not as toxic as other groups and can easily dissolve polar and non-polar substances. Hydrocarbon solvents are derived as a byproduct of crude oil refining. Demand for coatings and paints is growing, driven by increased construction activity. This in turn stimulates the demand for thinners and solvents based on aliphatic hydrocarbons.

The US market is estimated at 4.2 million metric tons in 2022, while China is expected to reach 12.1 million metric tons by 2026
The solvent market in the United States is estimated at 4.2 million metric tons in 2022. The country currently accounts for a 15.1% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of 12.1 million metric tons in 2026 growing at a CAGR of 5.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 1.5% over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 1.5% while the rest of the European market (as defined in the study) will reach 2 million metric tons by the end of the analysis period. Asia Pacific represents a major regional market for solvents in the world. Economic growth and steady increase in investment in manufacturing have driven the demand for solvents over the years.

Solvents are widely used by the ground transportation industry for maintenance and refurbishment purposes. In rail transport, for example, solvents are used for painting and stripping. Solvents are more frequently used to remove paint from railcars, although in most cases they are removed mechanically. Solvents are also used for truck maintenance in the form of solvent sprays. Typically, the washer for parts cleaning includes room temperature or heated solvent. Typical solvents used include naphtha, petroleum distillates, and mineral spirits, among others. These solvents recirculate through the tank washer for cleaning purposes. Spent solvents are frequently replaced. Solvents are also used to clean carburetors. The compounds used for this purpose contain dichloromethane. Solvents are also used in the production of paints.

Esters segment to reach 6 million metric tons by 2026
Esters are increasingly used to remove organic solutes from aqueous solutions and used as solvents in lacquers, paints and coatings. In the global Esters segment, United States, Canada, Japan, China and Europe will drive the CAGR of 4.1% estimated for this segment. These regional markets representing a combined market size of 3.5 million metric tons will reach a projected size of 4.8 million metric tons by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific is expected to reach 987.7 thousand metric tons by 2026. Continued

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