SAN FRANCISCO, December 8, 2021 / PRNewswire / – A new market study released by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Solvents – Trajectory and Analysis of the Global Market”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 19; Posted: November 2021
Executive pool: 18076
Companies: 188 – Players covered include BASF SE; BioAmber, Inc .; BP plc; Celanese Company; Chevron Phillips Chemical Company LP; CITGO oil company; Eastman Chemical Company; Exxon Mobil Corporation; Honeywell International, Inc .; Huntsman Company; INEOS Group Limited; LyondellBasell Industries NV; Occidental 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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Global Solvent Market To Reach 32.7 Million Metric Tons By 2026
A solvent is a liquid formulation which is capable of suspending, dissolving or extracting various substances, without influencing any chemical change in the material in question and the final product. The dynamics of the solvent market are related to the dominant macroeconomic factors such as the economic environment, GDP growth, industrial and commercial activity and the growth of major and heavy industries such as mining, oil and gas. , metals and infrastructure in the main regional markets. Likewise, the solvent market is also impacted by socio-economic trends such as the rapid pace of urbanization, increasing disposable income, growing middle class population and changing lifestyles. , all of which fuel the demand for manufactured and processed goods and products for use in a range of consumer applications. Stable upward momentum in several end-use markets, including paints and coatings, pharmaceuticals, personal care and cosmetics, adhesives, household cleaning products, printing inks and packaging, has had a positive impact on the demand for solvents worldwide. Due to the strict 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 are driving the growth in the use of organic and green solvents, including their exceptional degradable properties, rising crude oil prices and efforts to reduce reliance on petrochemical solvents.
Amid the COVID-19 crisis, the global solvent market estimated at 26.9 million metric tons in 2020, is expected to reach a revised size of 32.7 million metric tons by 2026, growing at a 3.4% CAGR over the analysis period. Alcohols, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.9% to 11.8 million metric tonnes 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 Solvents Hydrocarbons segment is readjusted to a revised CAGR of 0.5% for the next 7 year period. This segment currently represents a 22.9% share of the global solvent market. The alcohol segment represents the leading segment in the solvent 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 the other groups and can easily dissolve polar and non-polar substances. Hydrocarbon solvents are derived as a by-product of the refining of crude oil. The demand for coatings and paints is increasing, driven by the increase in construction activity. This in turn stimulates the demand for thinners and solvents based on aliphatic hydrocarbons.
The US market is estimated at 4.1 million metric tons in 2021, while China is expected to reach 12.1 million metric tons by 2026
The solvent market in the United States is estimated at 4.1 million metric tons in 2021. The country currently accounts for 15.1% of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 12.1 million metric tonnes in 2026, with a CAGR of 5.1% during the analysis period. Other notable geographic markets include Japan and Canada, each forecast 1.5% growth during the analysis period. In Europe, Germany is expected to grow by around 1.5% CAGR while the rest of the European market (as defined in the study) will reach 2 million metric tonnes by the end of the analysis period. Asia Pacific represents a major regional market for solvents around the world. Economic growth and the sustained increase in investment in the manufacturing sector have boosted the demand for solvents over the years.
Ester segment to reach 6 million metric tonnes by 2026
Esters are increasingly used to remove organic solutes from aqueous solutions and used as solvents in lacquers, paints and coatings. In the worldwide Esters segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.1% CAGR for this segment. These regional markets representing a combined market size of 3.5 million metric tonnes in 2020 will reach a projected size of 4.8 million metric tonnes by the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific is expected to reach 987.7 thousand metric tons by 2026. Following
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SOURCE Global Industry Analysts, Inc.