Solvents: A Global Strategic Business Report
San Jose, California (Vocus) October 22, 2010
Global market for solvents witnessed a decline in demand during 2008 and 2009, mainly because of the slump in the global economy. Nonetheless, the market is forecast to grow robustly in the coming few years, driven by increasing consumption from technologically advanced sectors of electronics, medical products, and automotives. Traditionally, chlorofluorocarbons (CFCs) and chlorinated solvents, the most effective solvents, were undisputed leaders in the market. However, growing environmental concerns world over is limiting the growth of these solvents. Technological advancements and high prices of effective solvents including fluorocarbons are significantly affecting the market.
Asia-Pacific represents the largest region for solvents worldwide, as stated by the new market research report on Solvents. The region is also poised to register fastest CAGR through 2015. A strong economic and investment attitude is expected to promote demand for solvent-based products in the region. Majority of these products would be manufactured in the Asia-Pacific region because of lower labor and transportation costs. Demand for solvents in China is expected to be robust due to growing demand in pesticides, paints and coatings, chemicals, rubbers, print inks, adhesives, cosmetics, pharmacy, light and other industries. Europe constitutes the other major market for solvents worldwide, cornering an estimated market share of 26.5% for 2010. There is a growing consciousness about the environmental, safety and health aspects of solvents use in the European market. Western Europe has the world’s most stringent environmental regulations, especially Germany and Denmark. The European Union is taking several measures to regulate the use of solvents and emission of VOCs and HAPs. The European Solvent Emission Directive is one of the key regulations governing current and future use of solvents.
Oxygenated Solvents constitutes the largest product segment globally, while Green Solvents represents the fastest growing segment. On the other hand, Hydrocarbon and Chlorinated solvents demand is projected to decline in developed countries with high rate of substitution by green solvents. Sales of chlorinated solvents have been declining over the past few years in Western Europe due to better recycling techniques and stricter regulations. After the phase out of many chlorinated solvents and extensive reformulation of adhesives, inks and coatings, a large extent of substitution of non-environment friendly solvents would be complete. An increase in demand for green solvents, ethers, alcohols and esters will make up for a decrease in hydrocarbon and chlorinated solvent demand in the coming years.
Regulatory concerns, marked shift towards oxygenated and green solvents, decline in chlorinated and hydrocarbon solvents, and healthy demand in certain emerging economies are the key factors impacting growth in the solvents market. Demand for solvents, a major constituent of paint and coatings, has shown a downward trend over the past several years. The paint industry shifted to products which emit small amounts of VOCs or ones that are VOC-free to comply with stringent regulations. Consequently, powder, water-based, radiation curable and high-solids paints and coatings are replacing those containing solvents. Nevertheless, demand for solvent-based coatings still remains strong. There has been a slow increase in the market over the past 10 years. Growth is the result of strong demand for solvent-based paints in developing markets such as Asia-Pacific, Latin America, and Eastern Europe. Increase in consumption in Asia-Pacific region is due to sustained growth in China and the immature coatings market. Demand for such formulations is still high in developing markets owing to their low cost, easy operation and liberal environmental regulations.
Major players profiled in the report include BASF SE, BP Plc, Celanese Corporation, Chevron Phillips Chemical Company LLC, Citgo Petroleum Corporation, Eastman Chemical Company, Exxon Mobil Corporation, INEOS Group Limited, LyondellBasell Industries AF S.C.A, Occidental Chemical Corporation, Sasol Limited, Shell Chemicals Limited, The Dow Chemical Company, Union Carbide Corporation, and Total SA.
The report titled “Solvents: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the solvents markets, impact of recession on the markets, current market trends, key growth drivers, end-use market scenario, regulatory and environmental issues, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Solvents market for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Key segments and sub-segments analyzed include Oxygenated Solvents (Alcohols, Ketones, Esters, & Ethers), Chlorinated Solvents, Hydrocarbon Solvents, and Green Solvents. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Solvents_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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