The global market for solvents is expected to reach USD 31.63 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for industrial solvents from pharmaceuticals and paints & coatings industry is expected to remain a key driving factor for the global market. Additionally, high infrastructure spending and positive industrial outlook in the emerging markets of Asia Pacific and Latin America is further expected to fuel solvent demand over the next six years.
Alcohol based solvents emerged as the leading product segment and accounted for 29.8% of total market volume in 2013. Along with being the largest product segment, alcohol based solvents is also expected to be the fastest growing products, at an estimated CAGR of 3.5% from 2014 to 2020. Alcohol based solvents were followed by hydrocarbons which are expected to exceed a market worth USD 8 billion by 2020.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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