Kenneth Research, in its repository of market research reports, has recently added a report on Solvents Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Solvents Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Solvents Market products.
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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.
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
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2. Conventional Solvents, By Type:
2.1 Oxygenated Solvents
126.96.36.199 Ethyl Acetate
188.8.131.52 Butyl Acetate
184.108.40.206 Methyl Ethyl Ketone
220.127.116.11 Methyl Isobutyl Ketone
2.1.4 Glycol Ether
18.104.22.168 E-series glycol ethers
22.214.171.124 P-series glycol ethers
126.96.36.199 Propylene Glycol
188.8.131.52 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.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
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.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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