The global Solvent market was valued at USD 21.40 billion in 2016 and is projected to reach USD 42.07 billion by 2025, growing at a CAGR of 7.8% from 2017 to 2025.
Solvents form an integral part of any chemical reaction. They are used for varied purposes right from increasing the rate of reaction to improving product yield. The demand for solvents is highly dependent upon the market growth of application industries. The growing concerns regarding pollution due to excessive use of solvents is expected to boost market demand for naturally derived solvents.
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1. Market Drivers
1.1 Growing demand from automotive and construction industry
1.2 Decline in crude oil prices
2. Market Restraints
2.1 Stringent environmental regulation
2.2 Cost and performance issues
The global Solvent marketis segmented on the basis ofsource, conventional source by type, applicationand region.
1. By Source:
1.1 Natural Solvents
1.2 Conventional Solvents
2. Conventional Solvents, By Type:
2.1 Oxygenated Solvents
22.214.171.124 Ethyl Acetate
126.96.36.199 Butyl Acetate
188.8.131.52 Methyl Ethyl Ketone
184.108.40.206 Methyl Isobutyl Ketone
2.1.4 Glycol Ether
220.127.116.11 E-series glycol ethers
18.104.22.168 P-series glycol ethers
22.214.171.124 Propylene Glycol
126.96.36.199 Ethylene Glycol
2.2 Hydrocarbon Solvents
2.2.1 Aliphatic Solvents
2.2.2 Aromatic Solvents
2.3 Halogenated Solvents
2.3.1 Trichloro Ethylene
2.3.2 Methylene Chloride
3. By Application:
3.2 Paints & Coatings
3.5 Metal Cleaning
3.6 Printing Inks
3.7 Rubber & Polymer
3.8 Personal Care
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Lyondellbasell Industries Holding B.V.
3. Royal Dutch Shell PLC
5. Celanese Corporation
6. Exxonmobil Corporation
7. Eastman Chemical Company
8. BASF SE
10. Ineos AG
11. Honeywell International
12. Arkema SA
13. Chevron Phillips Chemical Co.
14. DOW Chemical Company
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Solvent marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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