Industrial Solvent Market – Industry Analysis And Forecast 2019-2027
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- Published date: June 6, 2021
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- Pune, Pune, Maharashtra, India
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Industrial Solvent is the modulate class of chemical that tend to emit regulated volatile organic compounds which contribute to lower-level ozone formation. Industrial solvents are used for Adhesive and Sealant segment pesticides, photographic reproduction and textile industries. Majority of industrial solvents are involved in oil refining and recovery, dry cleaning, rubber and polymer, fuel additives and metal degreasing.
Most of the solvents in industry are used as dissolution agent in various industries which accounts for about half of market share followed by cleansing, degreasing and purification. Growing demand from pharmaceutical, paints and coating industry is boosting the global demand for industrial solvent market. A major restraint for conventional solvents is consumer’s choice for bio-green substitute as they are less reactive and non-VOC in nature.
In terms of product type the industrial solvent market is segmented into hydrocarbons, alcohols, ketones, chlorinated, Esters and others. Demand for hydrocarbon solvents is allocated to grow in forecast period. Stringent environmental regulation for the use of organic solvents in various applications is pushing the hydrocarbon solvent market.
In terms of application industrial solvent market is segmented into printing ink, paints and coatings, pharmaceuticals, cosmetics, sealant & adhesives and others. Out of these paints and coatings segment constitute one third of the market and is expected to show growth in the forecast period due to increased demand in Industrial and domestic cleaner sector.
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