New York, A solvent is a substance that dissolves a solute (a chemically distinct minority phase) to give a solution (a uniform mixture). The solvent is the major component of the solution by volume. The solute is generally present in much lower concentrations.
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Key Trends
The key trends in solvents technology are the development of more environmentally friendly solvents and the development of solvents with specific properties for specific applications.
The development of more environmentally friendly solvents is driven by the need to reduce the environmental impact of solvent use. This has led to the development of solvents made from renewable resources, such as biomass-derived solvents.
The development of solvents with specific properties for specific applications is driven by the need for solvents that can meet the demanding requirements of certain industries.
Key Drivers
The key drivers of the solvents market are the growing demand for solvents in end-use industries such as paints & coatings, printing inks, adhesives & sealants, and cleaners & degreasers.
The growing demand for solvents in these industries is driven by the growing construction, automotive, and electronics industries. The other drivers of the solvents market are the growing environmental regulations and the need for eco-friendly solvents.
The environmental regulations are driving the demand for biodegradable solvents and the need for eco-friendly solvents is driving the demand for solvents made from renewable resources.
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Market Segments
The solvents market is segmented by product type, application, and region. By product, the market is classified into hydrocarbons, alcohols, ketones, and others. Based on application, it is bifurcated into printing ink, paintings, coatings, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global solvents market includes players such as Eastman Chemical Company, LyondellBasell Industries Holdings B.V., Ashland Global Holdings Inc., BASF SE, Huntsman Corporation, ExxonMobil Corporation, Celanese Corporation, Honeywell International Inc., INEOS Group AG, Royal Dutch Shell Plc, and others.
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