Dover, DE -- (SBWIRE) -- 05/18/2016 -- Organic solvents market size was valued at over USD 35 billion in 2015 and is expected to be worth more than USD 50 billion by 2023, with estimated gains of 4.5% from 2016 to 2023. In terms of volume, global demand was over 18,500 kilo tons in 2015 and is likely to increase more than 24,550 kilo tons over the forecast period, growing an approximate CAGR of 3% from 2016 to 2023.

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Asia Pacific, dominated by China and India organic solvents market size accounted for more than 40% of the global demand in 2015. China was the leading consumer globally and accounted for approximately 24% of the total consumption. Rapid industrialization and increasing manufacturing set up and investment from other countries were among the key factors to drive demand in the region.

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U.S. organic solvents market size was the second largest region and is expected to witness nominal growth due to saturated solvent market and increase in environment regulations. Growth in construction and building industries in Saudi Arabia and Qatar is likely to positively influence Middle East & Africa organic solvents market growth.

Increasing environmental concerns has led to various laws and acts such as Registration, Evaluation and Authorization of Chemicals (REACH) legislation of 2007 and Clean Air Act revisions of 1996. These reforms have put limitations on toxic materials usage and promoting less harmful and low content solvents. Volatile raw material cost is likely to be among the key factors to influence organic solvents market price trend.

Organic solvents are carbon-based molecular structure chemicals, which are used to dissolve material to extract one material from other and to create solution. These chemicals can be categorized into synthetic and natural solvents. Natural solvents are derived from living organisms and synthetic solvents need chemical reactions of other compounds in order to be created.

These products can be segmented on the basis of structure and functional group. They are divided into hydrocarbons, aromatic hydrocarbons, aliphatic (non-aromatic) and carbon compounds with several functional groups such as alcohols, carbonyls, halocarbons, and ethers.

Organic solvents applications are further bifurcated on the basis of solvent types. Aliphatic including alkenes are used for dye, oil extraction, paint, adhesives, pharmaceuticals and polymerization.

Aromatics are used for industrial applications such as adhesives, paints, printing inks, extraction, insecticides, and degreasing. Carbonyls including esters are used for end-user applications including decaffeination, paint diluents and activation, glue, food flavoring, and circuit board & electronics cleaners. Other functional groups including alcohols are used for applications such as resins, dyes, lubricants and oils. These are also used to dissolve sugars, soaps, and certain pharmaceutical drugs.

Alcohol-based organic solvents market was the leading product segment and accounted for 30% of the total volume in 2015. Hydrocarbon and chlorinated solvents are likely to grow at sluggish rate owing to its toxic effects on atmosphere and hazardous nature. Bio-based solvents are anticipated to be an attractive segment owing to increasing naturally sourced products consumption trend.

In terms of application, paints & coatings were the leading consumer and accounted for over 45% of the total volume in 2015. However, powder and water-based paints are replacing the traditional solvent-based paints. These new paints are considered to have low VOC and produce less damaging content into the environment. Water based systems is expected to witness significant growth owing to increase preference in construction and paints & coatings industry.

Growth in end-use industry applications such as cosmetics, electronics, and pharmaceutical coupled with manufacturers shift in preference to renewable resources is anticipated to create opportunity for bio-based solvents.

Organic solvents market share is dominated by BASF, Dow Chemical Company, ExxonMobil, and Sinopec. These solvents are renewable and have less VOC emissions However, initially extensive R&D and performance enhancements are required before commercialization.

Other key players include Solvay Chemicals, Celanese Corporation, Sasol, Shell, Maruzen Petrochemical, and DuPont.