Solvents Market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% during the forecast period. The decline in crude oil prices and disruption in the supply chain impacted the market. The major drivers for the market is high demand for conventional solvents from applications such as home care, personal care, and pharmaceuticals amidst COVID-19.

Browse 214 market data Tables and 59 Figures spread through 263 Pages and in-depth TOC on “Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region – Global Forecast to 2025”

Growing opportunities from emerging economies

According to the IMF, the rapid growth rate of several developing economies are expected to provide opportunities to the petrochemical-based solvents manufacturers and suppliers, especially those catering to the construction and infrastructure sectors in the emerging economies.

With the rising population and growing domestic incomes, the consumer goods & services market in the emerging economies of China and India is growing rapidly. In addition, foreign investments and the emphasis of the governments on industrialization are expected to contribute to the market growth in the emerging economies, especially in APAC. The population of BRIC countries also increased from 2,989.95 million in 2014 to 3,315.30 million in 2016, which is driving the demand for homes in these countries, leading to the growth of the construction industry. This will provide opportunities to the petrochemical-based solvents manufacturers.

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BASF SE is another major player in the solvents market, globally. . It engages in the manufacturing and selling a wide range of chemicals and intermediate solutions. The various products which the company offers include chemicals, plastics, functional solutions, performance products, agricultural solutions, and crude oil. The company has been focusing new product launches, expansions, and agreements in order to remain competitive in the solvents market.

• In 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. The agreement helped the company meet customer needs by providing technologies to reduce energy consumption, increase capacity, and meet tighter sulfur specifications.
• In June 2016, the company launched two new products for the US ethanol industry, Lutropur MSA, and Fueltase Phytase. Lutropur MSA is used in the synthesis of pharmaceuticals and agricultural chemicals, as solvents, catalyst in esterification, and in polymerization and alkylation reactions.

ExxonMobil Corporation is another major player in the solvents market. ExxonMobil Corporation engages in the exploration, development, and distribution of oil, gas, and petroleum products. The company has been focusing on innovation, acquisitions, and expansions, as part of its strategic development activities.

• In October, 2018 ExxonMobil Catalysts and Licensing LLC along with BASF Corporation jointly developed a new amine- based solvent aimed to meet the stringent standards of sulfur emission. The amine gas treatment technology was named as OASE sulfexx.
• In August 2017, ExxonMobil Corporations 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). The acquisition helped the company increase hydrocarbon production to over 3.5 million tons per year, including 1.8 million tons of paraxylene, which is used as a solvent.

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