Global Solvents Market to reach US$29.27 bn by 2018 | Page 3

Global Solvents Market

Paints and coatings is expected to have the maximum share of 61.7% in the global market by 2018,
due to which the solvents market is also reported to grow at a steady pace.
The demand for solvents is also high in the Asia Pacific region due to the growing demand for paints
and coatings in this region. Asia Pacific is expected to account for 41.1% of the global market.

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Development of Bio-Based Solvents to Provide Future Growth Opportunities to Manufacturers
The growing regulations regarding the use of organic solvents has opened up opportunities for the
development of alternative solvents for manufacturers. As consumers are becoming more aware
about solvent based products which are lenient toward the atmosphere as well as health, the
manufacturers are being presented with lucrative opportunities to develop better environment friendly
products such as green or bio-based solvents.
Price Volatility of Raw Materials to Hinder Global Demand
The fluctuating price of crude oil is expected to hinder the global market of solvents, says TMR. As
the downstream derivatives of crude oil are the most commonly used solvents, the volatile price of
crude oil is likely to slow down the market growth of solvents. Manufacturers find it difficult to maintain
a single price level when the raw material price remains unstable, leading to a backward integration of
the sales of the product. This also puts pressure on the profitability of the solvent manufacturers as
the intermediate products pr