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Solvents market’s opportunities and challenges

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Solvents market’s opportunities and challenges

November 02
21:38 2019
Solvents market’s opportunities and challenges

Browse 199 market data Tables and 53 Figures spread through 242 Pages and in-depth TOC on “Solvents Market.
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

Solvents Market was valued at USD 38.33 billion in 2017 and is projected to reach 57.34 billion by 2023, at a CAGR of 3.9% during the forecast period.

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Growing opportunities from emerging economies

According to the IMF, the rapid growth rate of several developing economies are expected to provide opportunities to the petrochemical-based solvents manufacturers and suppliers, especially those catering to the construction and infrastructure sectors in the emerging economies.

With the rising population and growing domestic incomes, the consumer goods & services market in the emerging economies of China and India is growing rapidly. In addition, foreign investments and the emphasis of the governments on industrialization are expected to contribute to the market growth in the emerging economies, especially in APAC. The population of BRIC countries also increased from 2,989.95 million in 2014 to 3,315.30 million in 2016, which is driving the demand for homes in these countries, leading to the growth of the construction industry. This will provide opportunities to the petrochemical-based solvents manufacturers.

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Harmful effects of petrochemical-based solvents

Exposure to petrochemical-based solvents causes both short-term and long-term effects. Short-term effects include hallucinations, blackouts, sickness, severe headaches, prolonged sniffing, and dizziness among others. Long-term effects include damage to the brain, heart, liver, neurons, and kidneys. Some solvents can cause the lungs to freeze and cause suffocation. The examples of these types of solvents include polyethylene glycols (PEGs), which cause both health and environmental hazards. During the manufacturing process, PEGs can be contaminated with a measurable amount of ethylene oxide and 1, 4-dioxane, which are known to be a human carcinogen and affects central nervous systems. Thus, the harmful effects of petrochemical-based solvents are a challenge for the market.

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