According to a new market research report, the Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region – Global Forecast to 2025″, to reach USD 30.0 billion by 2025, at a CAGR of 6.6% from an estimated value of USD 21.8 billion in 2020. Growing demand for home care, personal care, pharmaceuticals are projected to drive the demand for solvents across regions. Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog. Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.

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  • 214 Market data Tables
  • 59 Figures
  • 263 Pages and in-depth TOC on “Solvents Market – Global Forecast to 2025″

This report also provides a comprehensive analysis of the companies listed below:

Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (The Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), and INEOS Group AG (UK)

Impact of COVID-19 on solvents market.

The solvents market is expected to get negatively affected due to the disturbance in the global supply chain. The market is highly dependent on the growth in construction, automotive, shipbuilding, aircraft manufacturing as solvents are used in paints & coatings applications in these sectors. China is the major market for manufacturing and construction in the world. Strict lockdown in the country’s major provinces has affected construction activities in China. The demand for paints & coatings has declined in the first quarter of this year, mainly due to the outbreak of COVID-19, thereby hitting the demand for solvents.

The oxygenated solvents type segment of the solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume

Based on type, the oxygenated solvents segment of the solvents market is projected to grow at the highest CAGR from 2020 to 2025, in terms of volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications, such as paints & coatings, adhesives, pharmaceuticals, and printing inks, among others are expected to result in increasing demand during the forecast period.

APAC is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of volume

The solvents market has been studied for North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa. The APAC region is estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of volume. The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market. Moreover, there are many construction projects which are on hold in APAC due to COVID-19. These construction projects are likely to resume, thereby driving the demand for solvents in paints & coatings applications.

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