Global organic solvents market size will grow at a notable pace, both in terms of volume and value over 2021-2027. Increased demand from end-users such as paints and coatings, constructions, personal care and cosmetics will drive the industry growth. Manufacturers are likely to shift to renewable and environmentally friendly options, creating opportunities for organic solvent suppliers.
Organic solvents are used for dissolving substances, disperse coatings and used as cleaning agents. They can be used to suspend, dissolve and extract other materials, without chemically changing either other materials or the solvents. These solvents help make products with improved performance features, such as durable paints and spray paints that dry quickly.
Based on structure, organic solvents market share from the aromatic hydrocarbon segment will expand at a healthy growth rate through 2027. These compounds provide aromaticity and are sought-after in the petrochemical and plastic industries. Demand for aromatic hydrocarbons has become pronounced as additives in paints, gasoline, lacquers and other solutions. Additionally, it has also gained prominence in high-octane fuel production and the production of other chemicals, including detergents, pesticides and dyes.
In terms of types, the aliphatic organic solvent segment will garner substantial gain during the forecast period. It is widely used in rubber manufacturing, paints and thinners, degreasing and oil extraction. Over the years, the organic solvent is driving growth as carriers for disinfectants and aerosols. Some of the prevalent aliphatic solvents used in paints and coatings are heptanes, hexanes and mineral spirits. Leading companies are expected to boost investment in organic solvents following demand for aliphatic organic solvent in the production of tires and as corrosion inhibitors.
With respect to application, the paint and coating segment will account for a considerable value in the coming years. The trend for organic solvents will be noticeable in paint formulation and to avoid globs and clumps. Besides, the use of glycol ether esters will gain prominence in spray paints to prevent them from drying in mid-air. Organic solvents will continue to gain prominence in paints and coatings owing to the demand from various end-use industries.
On the basis of end-user, the cosmetic industry will be the major recipient of organic solvents. These solvents have become a viable part of several cosmetic and beauty products, including antiseptics, hairspray, removers and nail polish. Several cosmetic products such as powders, lotions and shaving creams seek organics solvents to provide consistency.
With regards to the region, Asia Pacific organic solvents market forecast will be robust with increasing penetration of organic solvents in the automotive industry and cleaning products. These solvents are used in automobiles in windshield washer fluid, cleaners, transmission fluids and brake to remove brake dust from wheels. Besides, organic solvents have become effective as active compounds in cleaning products owing to their environmental profile and low odor.
Major vendors in the global organic solvents industry are ExxonMobil, Dow Chemical Company, BASF, DuPont, Shell, Solvay Chemicals, Maruzen Petrochemical and Sasol, among others. These players are expected to focus on mergers & acquisitions, product launches and innovations to gain competitive edge.
For instance, Exxonmobil and BASF joined hands in July 2020 to launch gas treating technology to reduce CO2 emissions and sulfur. They have released a highly energy-efficient amine-based solvent that can remove hydrogen sulfide.
Considering that the market highly depends upon construction, automotive and aircraft manufacturing, a gloomy outlook in these end-use sectors was observed in 2020. Additionally, a gradual decline in paints and coatings was followed by a shortage of supply of raw materials. North America, Europe and Asia Pacific were majorly hit by the pandemic, leading to demand contraction for solvents.
The next few years are expected to present growth potentials for organic solvents market players with the focus on technological advancements and the use of advanced equipment.