A new report published by Transparency Market Research on the global market of industrial solvents, titled "Solvents Market (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others) for Paints and Coatings, Printing Inks, Pharmaceuticals, Adhesives and Cosmetics and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018" estimates that this market will reach a market value worth USD 29.28 billion by the end of 2018, experiencing growth at an annual average CAGR of 3.2% during the forecast period ranging from 2012 to 2018. The demand for this market in terms of volume is estimated to reach an estimated value of 21,530.8 kilo tons by 2018, showing growth at the rate of CAGR of 3.2% during the forecast period. This market was valued at approximately USD 22.79 billion in 2011.
Solvents are chemical substances that are routinely used in commercial industries for dissolving substances such as rubber, plastics, oils, fats, resins, paints and coatings. Solvents are usually liquid but may also be gases or solids. The most common commercial uses of solvents are as nail polish removers, glue solvents, in detergents, in spot removers, in dry cleaning, in chemical synthesis and as paint thinners.
According to the new report published by US based market intelligence firm Transparency Market Research, the global market for industrial solvents is expected to earn market value worth an approximate USD 29.28 billion by 2018. This will result from an average annual growth of 3.2% during the forecast period. The report estimates that the dynamic growth in the construction and automobile industries in emerging economies like India, China, Russia and Brazil will especially continue to increase the global demand for solvents.
Growth in the residential and commercial building projects in these regions, added with a surge in the demand for automobiles in these developing economies have led to an added demand for global paints and coatings, which will continue to increase the global demand for solvents.
The report adds that regionally, the market in Europe will grow with a sluggish pace owing to the mature nature of market in this region while North America, following Europe closely, is also anticipated to achieve moderate growth over the forecast period. The region of Asia Pacific, which dominated the market with a 40% share in 2011, is estimated to continue its run for solvents owing to growing demands from emerging economies such as India and China. The US market of solvents is, however, deemed to suffer a huge blow owing to the rise in government legislations controlling the production and use of solvents. This has resulted from the growing awareness about the hazards of solvent exposure on human health as well as the environment.
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