Industrial Solvents Market Size

Industrial Solvents Market Size

Industrial Solvents Market size was over USD 23.5 billion in 2017 and industry expects consumption at over 28 million tons by 2024. 

Increasing demand for paints & coatings, printing inks and cosmetics products should boost global market outlook. They have increased usage in pharmaceutical sector as these products are formulated to attain specific properties of getting dissolved in various medicinal drugs, thereby stimulating product demand.

Global paints & coatings market was projected at over USD 150 billion in 2017 and is projected to grow at a significant rate in the foreseeable timeframe. In paints, products dissolve or disperse different components which are utilized in paint formulation. Aliphatic and aromatic hydrocarbon diluents including n-heptane, benzene, xylene and toluene are widely used in paint formulation owing to their faster drying properties which produces less odor than other mineral spirits, thereby increasing the global market demand.

Rising demand for various cosmetics products is anticipated to boost industrial solvents market growth over the forecast timeframe. Global beauty & cosmetics market was valued at over USD 445 billion in 2017. In cosmetics segment, they are utilized for skincare products as are gentle in nature which act as a soothing agent for all skin types. Isopropyl alcohols have enhanced usage in cosmetic segments such as cleansers & toners and as they are derived from fermentation of sugar, starch and other carbohydrates mitigates the risk of skin allergies, thereby fueling the market demand worldwide.
 

Global adhesive & sealants market was estimated at over USD 50 billion in 2017. Industrial solvents are added to adhesives as they evaporate rapidly and thus enhances the viscosity of adhesives films, thereby boosting product demand in automotive sector. These products initiate high bonding, short fixing time and provide good adhesion properties, thereby driving the industry growth.
 

Green solvents are used in adherence to control environmental pollution and creates consumer awareness for minimizing the usage of synthetic products. Increasing adoption of eco-friendly UV preserved inks along with rise in R&D spending by manufacturers, may favor bio-based industrial solvents market growth.
 

Strict regulatory norms in the U.S. regarding synthetic products has led to implementation of Montreal Protocol on substance that deplete ozone layer under the terms of clean air act. Its amendments stipulate to the permissible conditions for the usage of fluorocarbons and other ozone depleting substances, which may hamper the price trend of synthetic solvents and challenge industrial profitability.