The Solvents Market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% during the forecast period. The decline in crude oil prices and disruption in the supply chain impacted the market. The major drivers for the market is high demand for conventional solvents from applications such as home care, personal care, and pharmaceuticals amidst COVID-19.
Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and joint ventures, to strengthen their presence and increase their shares in the solvents market.
The agricultural chemicals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume
Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. The rapid growth of population in region such as APAC and growing demand for agricultural food produce drive the demand for solvents in agricultural chemicals application. Moreover, usage of solvents for high yield and increasing supply of agricultural products is another factor driving its growth.
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BASF SE is another major player in the solvents market, globally. . It engages in the manufacturing and selling a wide range of chemicals and intermediate solutions. The various products which the company offers include chemicals, plastics, functional solutions, performance products, agricultural solutions, and crude oil. The company has been focusing new product launches, expansions, and agreements in order to remain competitive in the solvents market.
- In 2018, BASF SE (Germany) and ExxonMobil (US) signed an agreement to jointly develop new gas treating solvents and process technologies to be used for natural gas processing and petroleum refining. The agreement helped the company meet customer needs by providing technologies to reduce energy consumption, increase capacity, and meet tighter sulfur specifications.
- In June 2016, the company launched two new products for the US ethanol industry, Lutropur MSA, and Fueltase Phytase. Lutropur MSA is used in the synthesis of pharmaceuticals and agricultural chemicals, as solvents, catalyst in esterification, and in polymerization and alkylation reactions.
ExxonMobil Corporation is another major player in the solvents market. ExxonMobil Corporation engages in the exploration, development, and distribution of oil, gas, and petroleum products. The company has been focusing on innovation, acquisitions, and expansions, as part of its strategic development activities.
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