CONSTANCE, Germany – Market research firm Ceresana has published the third edition of its comprehensive report on the global market for solvents. According to the study, solvents valuing about $25 billion were sold in 2013. Market analysts expect revenues to rise by another 4% per annum until 2021.
The largest consumers of solvents are manufacturers of paints and varnishes, followed at a considerable distance by producers of printing inks. Demand on the part of the pharma industry ranked third, followed by utilization in cosmetics and adhesives. Other important applications are chemical manufacturing processes, cooling circuits, dry-cleaning and deicers. In the paints and varnishes segment, a trend towards waterborne products and other more environmentally friendly alternatives becomes apparent. In Europe and North America particularly, the market share of solvent-borne paints and varnishes is falling, as these are regarded as hazardous to environment and health.
Asia-Pacific already accounts for about 45% of total global demand for solvents in the paints and varnishes sector. Asian countries also are the largest sales markets for solvents used for printing inks and adhesives. In the production of cosmetics, on the other hand, North America and Western Europe process the largest amount of solvents; in the pharmaceuticals sector, North America is the prime sales market.
In 2013, Asia-Pacific was the worldwide largest sales market for solvents, accounting for 41% of total demand, followed by North America and Western Europe. The largest growth markets are China, India and Brazil, but an upturn can also be seen on the North American market after sales volume in this region fell somewhat in recent years. Ceresana expects stagnation for Western Europe, since industrial sectors processing solvents will grow only marginally.
In 2013, the most commonly used solvents were alcohols, mainly ethanol, n-butanol, isopropanol and methanol. About 6.5 million tonnes of these products were consumed worldwide. Aromatics, ketones, esters and ethers also account for notable market shares. Ethanol, toluene and acetone are among the most popular solvents. With an expected increase of 3.4% per year, ethers will account for the fastest-growing market.
The study includes a summary of the most important facts about solvents and gives information regarding their production and use. It includes a presentation and analysis of the global solvents market that includes forecasts to 2012, and detailed data on solvent demand and revenues in 14 countries. The report also includes a chapter that provides a substantiated analysis of individual applications and data on demand development, a chapter with an analysis of demand for individual groups of solvents, and and a chapter that profiles of the largest solvent manufacturers.
For additional information about the report, visit www.ceresana.com/en/market-studies/chemicals/solvents/.