Market study solvents
The largest consumers of solvents are manufacturers of paints and varnishes, followed at a considerable distance by producers of printing inks. Demand on the part of the pharmaceutical industry ranked third, followed by utilisation in cosmetics and adhesives. Other important applications are chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers. However, a trend away from solventborne products and towards more environmentally friendly alternatives based on water is prevailing in the segment paints and varnishes. This development has an inhibiting effect on demand for solvents.
Growing Demand in Asia
The industry in Asia-Pacific accounted for about 44 % of global demand in 2017. China dominated the market, followed at a considerable distance by Japan and India. The regions North America and Western Europe ranked second and third. Ceresana expects constantly high growth rates for the region Asia-Pacific. In the segments paints and varnishes, printing inks, and adhesives, this region is the major consumer. On the contrary, Western Europe and North America account for the largest demand in the segments cosmetics and pharmaceuticals.
Alcohols are the solvent type with the by far highest demand: especially ethanol, n-butanol, isopropanol, and methanol. The region Asia-Pacific is the largest consumer in the segment alcohols as well, with a demand of about 2.7 million tonnes, followed by North America. Besides alcohols, mainly ketones were utilised as solvents in 2017; but also aromatics, esters, and ethers hold significant market shares each. With an expected increase of 3.2 % per year, the group of ethers will be the fastest growing market.
The study is available via the website of Ceresana.
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