Suite 430, Northbrook, IL 60062 -- (SBWIRE) -- 09/23/2020 -- The report "Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region - Global Forecast to 2025", to reach USD 30.0 billion by 2025, at a CAGR of 6.6% from an estimated value of USD 21.8 billion in 2020. Growing demand for home care, personal care, pharmaceuticals are projected to drive the demand for solvents across regions. Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog. Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.

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The oxygenated solvents type segment of the solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume
Based on type, the oxygenated solvents segment of the solvents market is projected to grow at the highest CAGR from 2020 to 2025, in terms of volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications, such as paints & coatings, adhesives, pharmaceuticals, and printing inks, among others are expected to result in increasing demand during the forecast period.

The agricultural chemicals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume
Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. The rapid growth of population in region such as APAC and growing demand for agricultural food produce drive the demand for solvents in agricultural chemicals application. Moreover, usage of solvents for high yield and increasing supply of agricultural products is another factor driving its growth.

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APAC is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of volume
The solvents market has been studied for North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa. The APAC region is estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of volume. The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market. Moreover, there are many construction projects which are on hold in APAC due to COVID-19. These construction projects are likely to resume, thereby driving the demand for solvents in paints & coatings applications.

Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (The Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), and INEOS Group AG (UK).

Recent Developments:
- In May 2018, Royal Dutch Shell PLC, started the operation of the second ethylene cracker at Nanhai Petrochemicals Complex in Huizhou, Guangdong Province, China. The company started the production through a joint venture of China National Offshore Oil Corporation (CNOOC) and Shell Nanhai B.V. (Shell). The expansion helped the company manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol and oxo-alcohols through OMEGA, SMPO, and polyols technologies.
- In May 2018, BASF SE (Germany) and ExxonMobil (US) signed an agreement to jointly develop new gas treating solvents and process technologies to be used for natural gas processing and petroleum refining.
- In August 2017, ExxonMobil Corporation's Singapore affiliate completed the acquisition of one of the world's largest aromatics facilities on Jurong Island in Singapore, owned by Jurong Aromatics Corporation (Singapore).
In December 2016, the wholly-owned subsidiary of Eastman Chemical Company (US), Taminco BVBA, acquired 50 percent shares of Te An Ling Tian Fine Chemical Co., Ltd. (China). Te An Ling Tian Fine Chemical Co., Ltd. is a manufacturer of amines and specialty derivatives, including solvents and alklylalkanolamines.

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