Solvent Market 2018 Share, Trend, Segmentation and Forecast to 2020

Increasing demand for industrial solvents from pharmaceuticals and paints & coatings industry is expected to remain a key driving factor for the global market. Additionally, high infrastructure spending and positive industrial outlook in the emerging markets of Asia Pacific and Latin America is further expected to fuel solvent demand over the next six years.

The Global Solvent Market is expected to reach USD 31.63 billion by 2020, according to a new study by Grand View Research, Inc.

Alcohol based solvents emerged as the leading product segment and accounted for 29.8% of total market volume in 2013. Along with being the largest product segment, alcohol based solvents is also expected to be the fastest growing products, at an estimated CAGR of 3.5% from 2014 to 2020. Alcohol based solvents were followed by hydrocarbons which are expected to exceed a market worth USD 8 billion by 2020.

Paints & coatings were the largest application segment for solvents and accounted for over 60% of total market volume in 2013. Along with being the largest application segment, paints & coatings are also expected to be the fastest growing application for solvents, at an estimated CAGR of 3.6% from 2014 to 2020. Growth of global paints and coatings industry is expected to drive the demand for solvents over the next six years.

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Top Players of Solvent Market:

The global market for solvents is moderately fragmented with top four companies including Dow Chemicals, Shell Chemicals, ExxonMobil and British Petroleum (BP) accounting for just over 45% of total market in 2013. Some other companies operating in the global market include BASF, Sasol Solvents, Celanese Corporation, Ashland Inc., Eastman Chemical Company and Solvay SA.

Market Segmentation of Solvent Market:

The Global Solvent Market Segmented on the basis of Product and Application.

By product:

    Alcohols
    Hydrocarbons
    Ketones
    Esters
    Chlorinated

By Application:

    Paints & Coatings
    Printing Inks
    Pharmaceuticals
    Cosmetics & Adhesives

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