Industrial Solvents Market Analysis

Industrial Solvents Market Analysis

Oxygenated industrial solvents market demand may surpass USD 20 billion by 2024. These are organic products which contain molecules of oxygen and are widely applied in paints, inks, pharmaceutical and cosmetic industries. These products have increased usage in coatings application as they carry the solid component of paint and maintains a consistency for application by brush, roller or spray. Toluene is used in paint formulation owing to its dismal and water-insoluble properties. These are also applied in paint thinners, printing ink and lacquers, thereby driving product demand.
 

Methyl soyate based green solvents market size may register significant gains at over 5.5% during the forecast timespan. It is low cost biodegradable alternative which can replace 230 kilo tons of traditional chlorinated and petroleum products. Methyl soyate is used to clean up and recover spilled petroleum products from coastlines and streams owing to which it acts as an alternative to chemical laden cleaners, thereby stimulating industrial solvents demand.
 

Aliphatic industrial solvents market outlook may surpass USD 300 million during the forecast period. The products are used widely in paints & coatings industry as it speeds up drying time and act as strong binders and extenders in paint formulation. Hydrocarbon products from cleaning & degreasing application may register growth at over 2% by the end of forecast timeframe owing to its high solvency property. These products are used for many hard to clean synthetic products which includes heavy oil and grease as they have low liquid surface tension which allows them to penetrate and clean up small spaces, thus boosting the market demand.
 

North America, driven by the U.S. market size may register significant growth at over 2.5% up to 2024. Rise in disposable income and spending on cosmetic products will propel the industry outlook in the region. These are applied in various products including creams, sunscreen, lotions and ointments owing to their soothing effect and improves structural properties of skin, thus driving regional industry growth.
 

Europe driven by UK, France, and Germany green industrial solvents market demand may surpass USD 1.5 billion by 2024. Bio-glycols are widely used in cosmetic products as they attract water and function as humectant. It is found in various creams and moisturizers as it enhances the appearance of the skin by reducing flaking and restore suppleness. The product also serves various functions like it act as a viscosity decreasing agent, which may enhance product demand over the forecast timeframe.
 

Asia Pacific market size led by China, India and Japan is likely to register significant gains at over 3.5% by the projected timeframe. Increasing sales in passenger car segment may enhance the automotive paint industry size, will enhance industrial solvents market growth in the region as these products facilitates high evaporation rate and can withstand salt, water and dust pollution.