The global aprotic solvents market is
projected to reach USD 21.79 Billion by 2025, according to a new report by
Grand View Research, Inc. Growing pharmaceuticals industry is expected to drive
the market over the forecast period.
In 2015, toluene dominated the product
segment courtesy growing demand from end-use industries such as paints &
coatings and construction. Toluene is also used in the manufacturing of
benzene, an aprotic solvent, which has applications in the oil & gas and
pharmaceutical industries. The growth of these industries, in turn, is
projected to propel the growth of the toluene market over the forecast period.
The oil & gas sector dominated the
application segment in 2015. This sector accounted for more than 30% in terms
of value, in 2015. Growing demand for fossil fuels and petrochemicals is
expected to drive the market in this segment, over the forecast period.
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Further key findings from the report suggest
· N-Methyl-2-pyrrolidone (NMP) is projected
to grow at the highest CAGR of more than 5% from 2016 to 2025. This product can
be used for dissolving various materials due to its excellent solvency
properties, which has resulted in growing demand from the oil & gas
industry.
· Among applications, the pharmaceuticals
sector is projected to grow at the highest CAGR of 4.5% from 2016 to 2025.
Growing consumption of bio-based solvents in this industry has resulted in high
market demand. Stringent regulations against degradation of the environment due
to extensive use of these chemicals have further increased the demand for
bio-based solvents.
· Asia Pacific accounted for the highest
share of over 40% in terms of value, in 2015.Growing paints & coatings and
pharmaceuticals industries are expected to play key roles in the market growth.
Besides, growing demand from the electronics industry is also expected to boost
the market.
· The market in Central & South America
is projected to grow at the second highest CAGR of 3.7% from 2016 to 2025. Emerging
countries such as Brazil, Argentina, Chile, and Colombia are expected to be at
the forefront of the growth in this region.
· The MEA region is also projected to grow at
a steady CAGR from 2016 to 2025. The oil and gas industry in this region is
expected to witness increased demand for aprotic solvents over the forecast
period.
· Eastman Chemical Company, INEOS, BASF SE,
and Du Pont are the major global players in the market. Some of the other
prominent players include CNPC Jilin Chemical Group, Asahi Kasei, AlzChem AG,
Shell Chemicals, Imperial Chemical Corporation, Mitsubishi Chemicals, Ashland,
and Nanjing Jinlong.
· Mergers & acquisitions were one of the
major development strategies adopted by these players from 2011 to 2016. In
June 2014, INEOS completed the acquisition of Sasol Solvents Germany GmbH.This
acquisition helped the company add to its product portfolio and consolidate its
position in the European aprotic solvents market.
Grand View Research has segmented the
global aprotic solvents market on the basis of product, application, and
region:
Global Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2025)
·
N-Methyl-2-pyrrolidone (NMP)
·
Toluene
·
Benzene
·
Acetone
·
Others (Chloroform, Pentane, Diethyl Ether
and Hexane)
Global Application Outlook (Volume,
KiloTons; Revenue, USD Million, 2014 - 2025)
·
Oil & gas
·
Pharma
·
Paints & Coatings
·
Electronics
·
Others (Agrochemicals, Printing Inks and
Personal Care)
Regional Outlook (Volume, KiloTons;
Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
