Global Solvent Market Size

Posted by paritosh shah on December 21st, 2020

Solvents play a primary role in industrial production. They can dissolve, dilute, and, in an excellent distribution, engross other substances without altering them chemically. Solvents (sometimes also called dissolvent) are frequently used in the varnishes and paints, printing inks, and adhesives industry and, for example, as an element of pharmaceuticals, cosmetics, and detergents. Mixtures that cause unpleasant odors, explosive vapors, and health and environmental harms are controversial and increasingly directed by the legislature. 

Global Solvent Market 

Growth Drivers

Increasing application across various end-use industries 

The primary consumers of solvents are producers of paints and coatings, followed at a substantial distance by producers of printing inks. Request on the part of the pharmaceutical industry hierarchical third, followed by use in cosmetics and adhesives. Other significant benefits are chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers. However, a trend away from solvent-borne products and more ecologically friendly substitutes based on water is prevailing in the section paints and varnishes. This growth has an inhibiting effect on the demand for solvents.

Restraint 

Solvents are extensively used in industrial processes and academic research. The volume of these materials released into the environment is tremendously concerned as these solvents harm animals and plants. Thus, several government bodies and environmental agencies have set up strict regulations to bind the releases of volatile organic compounds from numerous manufacturing and non-manufacturing industries, which is delaying the development of the solvent market.

Impact of COVID-19 in industry

The solvents market is predictable to get damagingly affected due to the trouble in the global supply chain. The market is highly reliant on automotive, construction, shipbuilding, and aircraft manufacturing as solvents are used in paints & coatings applications in these sectors. China is the primary market for manufacturing and construction in the world. Strict lockdown in the country’s significant provinces has pretentious construction activities in China. The demand for paints & coatings has deteriorated in the first quarter of this year, mainly due to the outbreak of COVID-19, thereby striking solvents' request.

China is among the largest manufacturers and customers of solvents. The lack of supply of raw materials has deteriorated the production of solvents in the country. North America and Europe are also severely influenced by COVID-19; hence the financial downturn in countries such as the US, Canada, Italy, and Spain, is probable in the next two-three years. The request for solvents has thin in the first two quarters of 2020 due to the COVID-19 pandemic.