Growing Emphasis on Production of Environment-friendly and Sustainable Solvents to Propel Asia Pacific Solvents Market Growth
Solvents are extensively used across a host of industries in a wide range of applications, including the production of cosmetics, printing inks, pharmaceutical products, oil & paints, and adhesives & sealants. At present, participants operating in the Asia Pacific solvents market are increasingly focusing on the production of green and sustainable solvents, owing to mounting environmental concerns. The production of green and sustainable solvents has gained considerable momentum in the past three decades due to tightening environment protection laws across the Asia Pacific region, growing awareness pertaining to the role of solvents in generating pollution, and industrial wastes, among others.
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Although the demand for organic solvents is projected to witness considerable growth in the upcoming years, its adoption is likely to decline over the second half of the forecast period, due to environmental protection regulations and entry of environment-friendly solvents. At present, some of the most prominent sustainable organic solvents that are extensively used include ionic liquids, supercritical fluids, eutectic solvents, liquid polymers, renewable solvents, and switchable solvents, among others. Progress in green chemistry technologies and concepts and solvent-selection guidelines across companies and research institutes are expected to augment the sales of solvents in the forthcoming years.
Although solvent manufacturers are expected to address the evolving regulatory landscape, the demand for green solvents is expected to grow at a rapid pace. At the back of these factors, the Asia Pacific solvents market is expected to attain a market value of ~US$ 13 Bn by the end of 2027.
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Soaring Adoption of Solvents to Manufacture Paints & Coatings and Adhesives & Sealants to Boost Asia Pacific Solvents Market Growth
The growth of the Asia Pacific solvents market is expected to be primarily driven by the soaring demand for the production of paints & coatings and adhesives & sealants. While the adoption of solvents to manufacture printing inks and host of pharmaceutical products is also expected to gain considerable traction, the oil & paintings and the chemical industry are likely to fuel the growth of the solvent market. The demand for paint solvents is expected to witness a noteworthy growth, as solvents play an imperative role in improving the application of paints onto different types of surfaces. In addition, apart from improving the application of paints, solvents play a key role in influencing the drying time of paints and providing a smooth finish.
The economic growth of the two powerhouses in the Asia Pacific region i.e. India and China, is likely to remain one of the most critical factors for the growth of the Asia Pacific solvents market, as the demand for industry-use products, including ink, paint, and pharmaceutical products is on the rise.
China to Witness Significant Market Growth, Opportunities Ripe in Indian Sub-continent
The flourishing petrochemicals industry across the Asia Pacific region, particularly in India and China is likely to present abundant opportunities for stakeholders in the Asia Pacific solvents market. In addition, focus on expanding the production capacity, along with integration of refineries and petrochemical plants across China are some of the other factors that are likely to provide an impetus for growth of the Asia Pacific solvents market during the assessment period. The volatile crude oil prices and uncertain market conditions in 2020 are likely to affect the demand for solvent-MX, which in turn, is likely to have a direct impact on the growth of the Asia Pacific solvents market. Although the Chinese government continues to phase out solvent-based coatings across the construction sector due to environmental factors, ongoing developments and progress made in the production of green solvents will provide fertile grounds for market growth in the upcoming years.
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Market Players to Diversify Product Portfolio amid COVID-19 Pandemic, Focus on Production of Disinfectants/Sanitizers
The ongoing COVID-19 pandemic is expected to have a strong impact on the growth of the Asia Pacific solvents market. The weak demand for solvents in the first half of 2020 is expected to hamper market growth in the export-oriented Asia Pacific region. Moreover, the extended lockdowns coupled with stringent trade restrictions have led to a decline in demand in 2020. In addition, the supply chain bottlenecks put forward by the COVID-190 pandemic is likely to put the brakes on the growth of the Asia Pacific solvents market, particularly in 2020.
Manufacturers are expected to diversify their product portfolio and focus on manufacturing disinfectants and hand sanitizers amid the current global shortage. The manufacturing of these products offers a window of opportunity for market players during the ongoing health crisis, and fulfilling the demand for disinfectants and solvents is likely to emerge as an essential revenue stream until normalcy is restored.
