The solvents market is expected to grow in response to the increasing demand from construction and manufacturing sectors, finds Transparency Market Research (TMR) in a new study. The leading companies operating in the market will therefore target opportunities prevalent in these sectors to establish a strong foothold. Besides this, they are likely to adopt various marketing strategies to create a brand image across the world. TMR profiles some of the leading players operating in the global solvents market and studies in detail various strategies they adopted over the years. These include Dow Chemical Company, Celanese Corporation, BASF SE, Maruzen Petrochemical, Exxon Mobil Corporation, Sasol Solvents, Shell Chemical, and Solvay Chemicals.
As per TMR, the global solvents market stood at US$22.79 bn in
2011. By the end of 2018, the market is poised to reach US$29.28 bn. If these
figures hold true, the global solvents market will rise at a CAGR of 3.2%
between 2012 and 2018. Among products available in the market, the alcohol based
segment is forecast to emerge dominant. The segment held nearly 29.7% of the
market on the basis of volume, in 2011. Regionally, Asia Pacific held lead in
the global solvents market in 2011. As per TMR, Asia Pacific accounted for
nearly 40.1% of the global market in the year. The rising demand for solvents
in paints, pharmaceutical, and cosmetics industry, which are the key end users
of solvents, is expected to boost the market in Asia Pacific.
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Rising Demand from Construction and Manufacturing
Industries to Fuel Growth
In the coming years, the global solvents market will witness steadily
rising demand from construction and manufacturing industries. Therefore,
exemplary growth of these industries witnessed across emerging markets will tip
scales in favor of the global solvents market. Also the demand from the
construction sector in BRIC nations is expected to rise considerably in the
coming years. Solvents are increasingly used in pharmaceuticals, printing-inks,
adhesives and sealants, and other applications. Besides these, the demand for
organic solvents is scaling high across the globe, creating lucrative prospects
for the market’s growth.
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Stringent Regulations may Hinder Market to an
Extent
On the downside, volatility in crude oil prices in international markets,
coupled with soaring environmental concerns, will create obstacles to growth
for the global solvents market. Additionally, the market may find it difficult
to continue at a strong pace in the US due to rising legislations controlling
the use and production of solvents in the country.
Never mind this, favorable regulatory measures encouraging the use of organic
solvents have bolstered opportunities for “green solvents”, which are more
environment-friendly. Furthermore, the market is likely to derive benefits from
the steady demand across developed markets.
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Also, it is likely to gain impetus from the rising residential and
commercial projects worldwide. This, coupled with the increasing demand for
automobiles in emerging nations, will enable the market gain momentum through
the course of the forecast period. Given the scenario, the rising demand from
emerging nations such as India and China will enable growth in the solvents
market in the coming years.
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