Global Solvents Market to Reach $29 Billion by 2018
The global solvents market is predicted to reach a market value worth $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, according to a new report from Transparency Market Research. 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 $22.79 billion in 2011.
According to the report, the global market for industrial solvents is expected to earn market value worth about $29.28 billion by 2018. This will reportedly 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 reportedly led to an added demand for global coatings, which will continue to increase the global demand for solvents.
Regionally, the market in Europe is predicted to 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 Asia Pacific region, 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 U.S. market of solvents is, however, expected 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 both human health and the environment.
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