Understanding Impact of COVID-19 on Industrial Solvents Market
A solvent is a substance which when dissolved with a solute forms a solution. Usually, solvents are liquids but they can also be in the form of solids and gases. They are used for various purposes such as in dry cleaning, nail enamels, paint thinners, detergents, and perfumes among other applications. Industrial solvents are mainly used in pharmaceuticals and in the paints and coating industry.
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The global market for industrial solvents is mature and has reached its saturation point in North America and Europe, so it is expected to grow at an average rate in these regions. However, rapid industrialization in Asia-Pacific, Eastern Europe, and in Latin America is expected to drive the global market for industrial solvents.
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The growing demand from pharmaceuticals and the paints and coatings industry is also expected to expand the market. However, the regulatory issues arising due to growing environmental concerns regarding the impact of solvents on the environment is a major barrier to the growth of the global industrial solvents market.
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Industrial solvents are primarily used as a dissolution agent in various industries, and account for approximately 48% of the total industrial solvents consumed. The next biggest application of industrial solvents is for cleaning and degreasing, which accounts for 24% of the market share, followed by purification and other applications.
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Some of the major companies operating in the global industrial solvents market include BASF, Arkema S.A., BP, Exxon Mobil Corporation, LyondellBasell Industries, Royal Dutch Shell, Dow Chemicals, SK Innovation, and Sinopec.