The Solvents Market is projected to grow from USD 47.37 billion in 2018 to USD 57.34 billion by 2023, at a CAGR of 3.9% from 2018 to 2023. Growth in the construction and automotive industries in most of the emerging regions due to increasing urban population have triggered the demand for paints & coatings in the construction and automotive sectors. This, in turn, is projected to drive the global solvents market.
Based on source, the solvents market has been segmented into petrochemical-based solvents and bio & green solvents. The bio & green solvents segment is projected to grow at the highest CAGR during the forecast period, in terms of both, value and volume. This is due to stringent regulations in North America and Europe regarding the use of bio-based products.
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Also, increasing efforts to minimize the harmful effects of petrochemical-based solvents is another factor leading to the growth of bio & green solvents market, globally.
Based on product type, the petrochemical-based solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents, whereas the bio & green solvents market is segmented into bio-alcohols & bio-diols, lactate esters, d-limonene, and methyl soyate.
In the petrochemical-based solvents market, the oxygenated solvents market is projected to grow at the highest CAGR between 2018 and 2023, in terms of value and volume, owing to the high solvency power and lower toxicity as compared to hydrocarbon and halogenated solvents.
However, in the bio & green solvents market, the lactate esters segment is projected to grow at the highest CAGR between 2018 and 2023. This is because it is biodegradable, non-toxic, and can be used for a wide range of industrial and consumer applications.
Based on application, the petrochemical-based solvents market has been segmented into paints & coatings, pharmaceuticals, polymer manufacturing, adhesives, printing inks, metal cleaning, personal care, agricultural chemicals, and others. The other applications include textile printing/dyeing, intermediate manufacturing, jet fuel anti-icing additive, leather dyes, floor polishes/strippers, and electronics.
The growing demand for printing inks in end-user segments, such as package printing, newsprint, publishing, and other commercial printing is expected to drive the demand for printing inks during the forecast period globally, which in turn, is projected to drive the demand for petrochemical-based solvents.
In addition, increasing investments by major printing ink manufacturers in regions, such as Middle East & Africa and Asia Pacific are expected to drive the demand for petrochemical-based solvents in this application.
The market in the Middle East & Africa is projected to grow at the highest CAGR from 2018 to 2023, both, in terms of value and volume. This is due to increasing industrialization, and rising demand for petrochemical-based solvents from end-use industries.
Also, vast reserves of crude oil continue to drive the demand for petrochemical-based solvents in the region. In addition, the availability of cheaper raw materials in the region are expected to drive growth of the solvents market.