The report "Solvents Market, by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region - Global Forecast to 2023".

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Browse 199 market data Tables and 53 Figures spread through 242 Pages and in-depth TOC on "Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region - Global Forecast to 2027".

Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and joint ventures, to strengthen their presence and increase their shares in the solvents market.

High demand from the construction and automotive industries
Urban population is steadily increasing in most of the developing regions. According to the World Bank, most of the countries in APAC such as India, Myanmar, Nepal, and Afghanistan have less than 35% of their population living in urban areas. These economies are expected to grow at a promising rate in the future. In the developing countries, there is an increasing shift of population to Tier 1 and metro locations of the countries, which is creating a demand for residential construction. The growth of the construction industry is driving the demand for paints and coatings, which, in turn, is boosting the petrochemical-based solvents market.

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Industries shifting focus to green solvents
VOC emissions and other environmental risks associated with the use of petrochemical-based solvents are major restraints for the market. This is leading to the increased adoption of substitutes that utilize fewer amounts of petrochemical-based solvents; for example, water-based paints and coatings instead of solvent-based paints and coatings in construction applications. However, water-based paints do not provide the finish that solvent-based paints provide. This can be eliminated by the use of bio & green solvents that have the qualities of petrochemical-based solvents and are VOC-free. Bio & green solvents are being promoted by the governments of various countries and several environmental organizations.

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