U.S. Demand for Solvents to Reach 9.6 Billion Pounds
CLEVELAND – U.S. demand for solvents is forecast to rise 1.1% per year through 2020 to 9.6 billion pounds, reflecting continued economic growth and, in particular, ongoing healthy increases in construction activity. Strength in both residential and nonresidential building construction will stimulate demand for related materials, such as paint and coatings and adhesives and sealants. These and other trends are presented in Solvents, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Environmental regulations will continue to drive a shift toward less hazardous solvents with reduced emissions and lower toxicity. Public perception and consumer preference will also favor green products derived from renewable resources such as plant-based alcohols, soy methyl ester and terpenes. Changes in the oil and natural gas industry will also impact demand, with reduced drilling rates in the near term holding back solvent consumption, and relatively low crude oil and natural gas prices providing a more competitive position for conventional solvents.