There are certain factors that play the role of drivers for the solvent market such as growing demand for solvents in construction industry, its application in medical field and increasing use of solvents in pharmaceutical, sealants, adhesives and printing inks. Also, the rising regulatory pressure for the use of organic solvents, which are eco friendly in nature, is acting as a driver for the global solvents market. Whereas, various health hazards related to solvent, environmental issues and the unstable crude oil prices are restrains to the global solvents market. Growth in residential and infrastructure sector in developing nations of Asia Pacific would act as an opportunity for solvent manufacturing industries.
Solvents Market Analysis by Product
Based on product, the global solvent market is segmented into hydrocarbons, alcohols, ketones, chlorinated, Esters and others. The demand for hydrocarbon solvents is estimated to grow in future, based on its organic properties. The increasing regulatory pressure for the use of organic solvents in various applications would push the hydrocarbon solvent market.
Solvents Market Analysis by Application
Based on application, the global solvent market is segmented into printing ink, paints and coatings, pharmaceuticals, cosmetics and adhesives and others. Among these identified applications, paints and coatings segment is expected to show a promising growth in the years to come based on the boom in infrastructure and automobile industry.
Solvents Market Analysis by Geography
Based on geography, the global solvent market is segmented into North America, Europe, Asia-Pacific and LMEA (Latin America, Middle East and Africa). The market for solvents in Asia-Pacific region is anticipated to grow rapidly based on the developments taking place in residential and infrastructure industry. Solvents are used on a large scale for painting purposes in infrastructure segment, thus helping the solvent industry to grow.
The global solvent market is very competitive due to the presence of some dominant service providers. Some of those key players are BASF SE, Exxon Mobil Corporation, Dow Chemicals, Maruzen Petrochemical, Shell Chemicals, Celanese Corporation, Solvay Chemicals and others. Maruzen Petrochemical Co., Ltd produces a wide range of solvents, which have application is diverse segments such as MARUKASOL FH, which is used as urethane-foaming agent. Also, due to its cleaning and drying features, it is used for cleaning of semiconductors and metal parts.
High Level Analysis
The analysis gives an overview about global solvent market and its key concerns. The global market analysis using Porter’s five force model and SWOT analysis helps in giving a better understanding about various opportunities, threats and substitutes. The bargaining power of supplier is low due to the presence of many major companies in the market providing similar products with little differentiation. Thus, this enhances the bargaining power of buyer as they have a wide range of option to select from before opting for any. Entry barrier for an entrant is high due to substantial amount of initial investment and research required before setting up a new industry. Threat of substitution is low due to the
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