The solvent industry is set to get a boost over the next few years, after it has been predicted it will grow significantly by 2021.
According to Global Solvents Market 2017-2021, published by ReportsWeb.com earlier this week, the sector will expand at a CAGR of 5.01 per cent during the five-year period.
The report, revealed by Industry Today, looks at the landscape of the market before making its analysis and predictions for the forthcoming years.
“To calculate the market size, the report considers sales of solvents based on its uses in paints and coatings, pharmaceuticals, printing inks, adhesives, cleaning products, and others,” the report stated.
Scientists conducted an in-depth study, with help from experts in the industry and the report involves input from key players in the sector. These include Huntsman, The Dow Chemical Company, BASF, ExxonMobil and Ashland.
BP, Invista, Solvay and Honeywell International also featured in the analysis, which concluded that resilient automotive and construction markets were going to drive the industry over the next few years.
However, its main challenge would come in the form of fluctuating crude oil prices.
Those solvent suppliers that concentrate on soy-based products could see a profitable future ahead, with this sector of the market highlighted as an emerging trend that will gain momentum in the 2020s.
Soy-based solvents are not new, and have taken a while to gain an opportunity like this in the market. However, their products – created from naturally occurring crops like soy – are being used by more and more industries these days, including the likes of manufacturing, printing, and microprocessor cleaning.