Solvents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018
Albany, New York (PRWEB) October 04, 2013
According to a new market report published by Transparency Market Research "Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Paints and Coatings, Printing Inks, Pharmaceuticals, Adhesives and Cosmetics and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018", the global solvents market was valued at USD 22.79 billion in 2011 and is expected to reach USD 29.28 billion by 2018, growing at a CAGR of 3.7% from 2012 to 2018. In terms of volume, global demand is expected to reach 21,530.8 kilo tons by 2018, growing at a CAGR of 3.2% from 2012 to 2018.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/solvents-market.html.
Growing construction and automobile industries have been fueling the demand for solvents especially in developing regions such as Asia Pacific. Increase in residential and commercial infrastructure coupled with growth in the automobile industry have been leading to growth in paints and coatings industry, further increasing solvents consumption. Alcohol-based solvents dominated the market, while other solvents including glycol and green solvents are expected to be the fastest growing products in the coming years.
Asia Pacific dominated the solvents market and accounted for 40.1% of the global consumption in 2011. Emerging economies such as India and China have been boosting solvent consumption in the region. Europe is expected to show sluggish growth as it is a mature market and is expected to witness growth at an estimated CAGR of 2.8% over the forecast period of six years. North America closely followed Europe and expected to show moderate growth rate over the forecast period. In the U.S. the awareness about the adverse effects of solvent exposure on human health and the environment has resulted in government legislations controlling production and application of solvents.
Alcohol-based solvents emerged as leading product segment and accounted for 29.7% of the global market in 2011. Along with being the market leader, it is also expected to be among the fastest growing markets. Hydrocarbon based solvents followed the alcohol-based solvents and are expected to grow moderately in the coming future. Growing consumption from the end-use industries has been fueling demand for solvents. Potential demand for bio-based solvents has been raising consumption of other solvents including glycols and soy oils. Others segment is projected to be the fastest growing in the solvent market, at an estimated CAGR of 3.6% over the forecast period from 2012 to 2018.
Paints and coatings dominated the global solvents market with 60.6% of the total consumption in 2011. Along with being the largest market, it is also expected to be the fastest growing, at an estimated CAGR of 3.5% in the next six years. Growing end-use industries such as paint and coatings and pharmaceutical have been fueling the growth of solvents in the BRIC countries. Printing inks, pharmaceuticals, cosmetics and adhesives are comparatively small segments, followed by paints and coatings.
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The demand for solvents is primarily driven by the growth of construction industry in the developing countries of the Asia-pacific region. The growing demand for residential and infrastructure development, has manifested into increased demand for solvents. Growth in other end-use applications such as adhesives and sealants, pharmaceuticals, and printing inks is also driving this market.
The report analyzes, estimates and forecasts global demand for solvents in terms of volumes (Kilo tons) and revenues (USD million) from 2010 to 2018. This study takes into account the extrinsic and intrinsic factors governing the solvents market and analyzes the drivers and restraints of the global solvents market. It also analyses the impact of these factors over the period of forecast from 2012 to 2018.
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