Market Trends of Global Solvents Industry
This section covers the major market trends shaping the Solvents Market according to our research experts:
Significant Demand from Construction and Automotive Industry
- Significant demand in automotive sector is generating lucrative opportunities for innovation in the paints & coatings aftermarket, which in turn surge the demand for solvents market.
- Ketones are widely employed in paints and coatings owing to their ability to acquire low viscosity property and high solid content. Ester solvents are largely used in paints as a hardener and finds its usage as an industrial cleaner. Bio-based solvents are employed in paints and coatings to dissolve binders and colors and offers consistency. Solvents like glycol ether esters are added to some decorative paints and spray paints to avoid them from drying in mid-air.
- Solvents are used in many construction products such as paints, thinners, and glues. Increasing construction activities in countries such as China, India, United States and Brazil are expected to boost growth of the paints and coatings application segment.
- Solvents finds various applications in automotive industry. Additives in gasoline help keep the water from separating out of the gasoline. Furthermore, solvents assist the fuel burn cleaner, which in turn can help reduce tailpipe emissions. Solvents aids de-ice frozen door locks, clean carburetors, keep the engine cool, and clean upholstery and carpet.
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Asia Pacific Region to Dominate the Market
- Increasing construction spending in countries like China and India, along with expanding industrialization in these countries is anticipated to boost market growth in the region. End-user industries such as paints and coating and adhesives are flourishing in countries such as China, India, Indonesia, Thailand, Vietnam, and Korea and is expected to fuel product demand in the region over the period.
- In addition, rapid industrialization and urbanization coupled with significant demand for automobiles are expected to contribute to the growth of the solvents market.
- The region accounts for 3% of the world’s proven oil reserves and 10% of the world’s proven gas reserves, out of which, China holds 28% of the regional total. This is driving the production of petrochemicals, which in turn, is expected to fuel the growth of the solvents market.
- Additionally, rapid growth in building & construction activities and strong demand for automobiles are expected to drive the demand for solvents in the paints & coatings application. Also, the personal care market is booming in the region, and, in turn, fueling the growth of the solvents market.
- Due to the aforementioned factors, the demand for solvents is expected to increase in the region during the forecast period.
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