The solvents market size was USD 35.07 billion in 2024 and is projected to reach USD 43.43 billion by 2029, at a CAGR of 4.4%, between 2024 and 2029. The rapid industrial growth is one of the main factors propelling the solvents market. Increasing industrialization of developing regions has driven the solvent manufacturing. The major industries that use solvents include the paints and coatings industry, pharmaceuticals, adhesives, and cleaning solutions. These industries require solvents to sustain their production operations continuously, facilitate the cleaning of machinery with the help of metal cleaning fluids, and formulate high-performance chemicals.
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The hydrocarbon solvents segment is the fastest growing segment, in terms of value, of the global solvents market during the forecast period.
The hydrocarbon solvents segment is the fastest growing segment in the solvents market during the forecast period. The growth trajectory of hydrocarbon solvents has been impacted by regulatory advancements. Hydrocarbon solvents have been changing to cater to the updated regulations, though greener options are in demand. Low VOC, less hazardous hydrocarbon solvents are developed with the help of technological advancements, which adheres to environmental regulations and reduced the negative impact of conventional hydrocarbon solvents.
Pharmaceuticals is estimated to be the second-largest application of solvents market, in terms of value, during the forecast period.
The pharmaceuticals segment is estimated to be the second-largest application in the solvents market, in terms of value, during the forecast period. In the pharmaceutical industry, the synthesis of APIs involves the use of dissolving solvents for raw materials with the intent of promoting chemical reactions and to purify the products obtained at different stages of such synthesis. Solvents will also affect the stability and shelf-life of the pharmaceutical formulations since they may alter the solubility and hence the bioavailability of an active ingredient.
Natural sources segment is estimated to be the second-largest source of solvents market, in terms of value, during the forecast period.
The natural sources segment is estimated to be the second-largest source in the solvents market, in terms of value, during the forecast period. Products that reduce ecological footprints and rely less on fossil fuels are in greater demand as companies and consumers grow more environmentally conscious. Natural source solvents are renewable substitutes for the petroleum-based solvents as they are derived from sources such as citrus fruits, corn, and other plant materials that support such sustainability goals.
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Middle East & Africa is projected to register the second highest CAGR, in terms of value, during the forecast period in the solvents market.
Middle East & Africa is projected to register the second highest CAGR in the solvents market, in terms of value, during forecast period due to several factors. The rapid urbanization and economic development in the MEA countries owing to their extensive infrastructural development is one of the primary drivers of the high growth rate of solvents market. This expansion increases the demand for solvents in painting and coating, adhesives, and cleaning products. Besides, emerging improvements in the living standard and increased population drive the consumption of consumer products and thus fueling the demand for solvents.
Solvents Companies
Solvents are important for many industries as they have specialized uses depending on the job. Increased use of metal cleaning fluids for industrial maintenance and manufacturing, effectively removing grease, oil, and contaminants from metal surfaces to ensure optimal performance and longevity of machinery. Diluting agents are mainly used in coatings, adhesives, and chemical formulations to adjust viscosity and improve application properties.
The key players profiled in the report include Shell plc (UK), BASF SE (Germany), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Eastman Chemical Company (US), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman International LLC (US), Solvay SA (Belgium), Honeywell International Inc. (US), BP p.l.c. (UK), and INEOS Group Holdings S.A. (UK). These players have adopted various growth strategies to strengthen their position in the market. These include introducing new technologies, expansions, and product launches to acquire larger market shares.
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Shell plc is an energy and petrochemical company. It is one of the six oil & gas “supermajors.” The company operates through six segments: Integrated Gas, Upstream, Renewables and Energy Solutions, Marketing, Corporate, and Chemicals & Products. It offers solvents under the Chemicals & Products business segment. The company has a diversified distribution network with vertical integrity, it is active in all parts of the world. It offers a wide range of products and is one of the largest revenue generators worldwide. The company has strong financial resources, which are vital for future investments. Shell Plc's competitive advantage lies in its integrated supply chain, leveraging crude oil refining and petrochemical operations for cost-effective solvent production. The company focuses on research and development, production, sales, and marketing to accelerate innovation in a targeted manner. The company focus on facility expansion to reach its customer such as, Shell Plc, in collaboration with CNOOC, has announced a significant expansion of their petrochemical complex in Daya Bay, Huizhou, southern China. It is a third ethylene cracker with a capacity of 1.6 million tonnes per year. The new facility will be producing 320,000 tonnes per year of high-performance specialty chemicals, including polycarbonates and carbonate solvents.
BASF SE is one of the world’s largest chemical companies, with a wide range of product offerings in intermediate solutions and chemicals. The company operates through seven business segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Other. It offers solvents through its Chemicals business segment under the division named Petrochemicals. BASF SE produces high-quality solvents catering to the pharmaceutical industry’s unique requirements. The company has a strong foothold in the European market, particularly in Germany. Moreover, it is a highly innovative company that delivers high-quality products to its customers in line with the accelerating market demands. BASF SE continues to expand in key markets such as Asia Pacific and North America, where demand for sustainable and high-performance solvents is rising.
Felton, 20 Apr 2020 – Global Resorcinol Market size is expected to value at USD 580.3 million by 2025.
The resorcinol industry is subject to witness a substantial growth due to the growing adoption of resorcinol for production of rubber, wood adhesives and UV stabilizers, along with inherent advantages associated with the chemical.
Growing demand from industries such as building & construction and automotive sector and the development of innovative products together are expected to drive the growth of the market in the upcoming years.
Globally, the resorcinol market is predicted to grow at CAGR of 3.3% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Crystallization of benzene results in formation of resorcinol.
Resorcinol is highly soluble in ether, alcohol, and water.
An prosthetic heart valve is a device implanted in the heart of a patient with valvular heart disease.
When one of the four heart valves malfunctions, the medical choice may be to replace the natural valve with an artificial valve.
This requires open-heart surgery.Replacement of abnormal valves with prosthetic heart valves decreases the mortality and morbidity related with cardiac valve disorders.
Technical advancement and growing frequency of heart valve diseases are main factors which drive the prosthetic heart valves market.
Condition connected with heart valve disorders are congenital defect and acquire disorders.
Some of the technology for prosthetic heart valves is polymers, transcatheter valves, suture-less valves anti-calcification technology, and carbon-based technologiesGet Exclusive Sample Report @ https://dataintelo.com/request-sample/?reportId=6874In 2018, North America is expected to dominate the prosthetic heart valve market, followed by Europe, Asia-Pacific, and the RoW.
