Citrus Solvents Market Set to Witness an Uptick during 2022 to 2028
Posted by Mrudula Anil Karmarkar on August 8th, 2022
The global citrus solvents market size is expected to reach USD 2.07 billion by 2028, registering a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investment in R&D by various players to develop new solvents coupled with the increasing demand of citrus solvents are likely to drive the market growth during the forecast period. Also, increasing income level plays important role in determining the purchase of the product. Moreover, rising technological advancement in developing the product is likely to drive market growth over the assessment period.
The market is majorly driven by the increasing demand for natural products. Also, the growing demand for the skin and hair care segment is propelling the market growth during the forecast period. As hair and skin are vital parts of every individual, thus various consumers are looking for non-toxic, and organic products. Owing to this reason market is anticipated to drive growth.
Citrus solvents are also used in personal care products as a replacement for synthetic solvents. It offers certain properties such as antioxidants and fragrance which in turn increases the value of the product. Further, these are also used in various industries as a cleaning agents. For example, it is used as thinner in the coating and paint industry.
Organic citrus solvents contributed to the highest share of 70% in the global market revenue in 2021 owing to its increasing demand for hair and skincare products. Organic citrus solvents are basically prepared from citrus oil and used in various hair care products. For example, organic citrus solvents are available in the market in the form of hair spray which helps in cleansing the scalp. As skin and hair are an important parts of the body, thus consumers are looking for organic products in the market. Hence, due to this reason segment is estimated to show growth over the assessment period.
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North America made the largest contribution to the global market with over 35% share in 2021 due to high demand in the U.S., and Canada. Also, the increasing purchasing power of the consumers towards citrus solvent products in this region will drive the segment growth. As the region presents various opportunities for the consumer goods sector, the market is projected to showcase significant growth. Asia Pacific is expected to witness a CAGR of 5.9% from 2022 to 2028. This can be credited to the increasing demand for citrus solvents in this region.
Citrus Solvents Market Report Highlights
The product has its application in multiple industrial sectors mainly as an insect repellent, degreaser, fragrance, and paint thinner. These are also used as a key ingredient in many home care products. Various players in the market are introducing home cleaners that contain citrus solvents which are likely to push business sales.
Citrus solvents are also used in personal care products as a replacement of synthetic solvents. It offers certain properties such as antioxidant and fragrance which in turn increases the value of the product. Further, these are also used in various industries as cleaning agents. For example, it is used as thinner in the coating and paint industry.
These products are biodegradable and naturally occurring solvents. Citrus oil is its main ingredient. It has unique chemical properties and good citrus scents which are used in a wide range of chemical applications. They are primarily used to make solid paints and secondary cooling fluids.
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Grand View Research has segmented the global citrus solvents market based on type, application, and region:
Citrus Solvents Type Outlook (Revenue, USD Million, 2017 - 2028)
Citrus Solvents Application Outlook (Revenue, USD Million, 2017 - 2028)
Companies' main focus is on innovating new types of citrus solvents to meet the increasing demand. New players are entering the market owing to low market entry barriers and higher market potential. The increasing demand for citrus solvents offers an opportunity for product development in regions of high demand.
Some prominent players operating in the global citrus solvents market include:
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 845
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