Propelled by the spurt in construction activities across developing economies in Asia Pacific, the solvents market is expected to prosper significantly in the coming years. The accelerated infrastructural and residential development, especially in emerging countries, has manifested into increasing demand for solvents.
To present an analytical overview, the report segments the global solvents market into ester solvents, alcohol-based solvents, hydrocarbon solvents, chlorinated solvents, ketone solvents, and others in terms of product types. Alcohol-based solvents led the market in 2011, with a 29.7% share in terms of volume. Hydrocarbon-based solvents, meanwhile, are projected to lose market share to other product segments in the market till 2018. The types of solvents encompassed within the others segment, such as biobased solvents, are likely to witness rapid growth during the forecast period owing to their eco-friendly attributes.
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The report evaluates the primary growth drivers and potential restraints of the global solvents market. The report also identifies the prospective growth opportunities for players in the industry to capitalize on. To study the prevailing competitiveness in the market, the report has profiled the leading players in the market. This helps provide a 360-degree view of the global solvents market.
The report forecasts the global solvents market to reach an estimated value of US$29.28 billion by 2018, exhibiting a positive 3.2% CAGR. In 2011, the market was worth US$22.79 billion. The size of the market, in terms of volume, is expected to reach 21,530.8 kilo tons in 2018.
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Dynamic growth of the automobile and construction industries in emerging Asia Pacific economies such as India, Russia, and China, coupled with industrial expansion registered in Brazil, will boost the global solvents market. These economies boast robust growth in residential and commercial projects, which, according to the report, will inevitably spur the demand for solvents globally. The increased demand for paints and coatings due to rapid industrialization witnessed in these economies will also significantly contribute to the expanding solvents market.
The solvents market in Europe and North America is forecast to achieve moderate growth in the forecast period, since these markets have already reached saturation. Asia Pacific dominated the global solvents market with a 40% share in 2011. The region, according to the report, will continue its dominance as the undisputed market leader owing to the robust economic development exhibited by India and China. The solvents market in the U.S. meanwhile, will suffer a major backlash owing to stringent government regulations curtailing the incessant production and use of solvents, which has resulted in environmental hazards. The U.S. and Canada comprise the largest markets for solvents in North America.