AsiaPacific Solvents Market: Introduction
The Asia Pacificsolvents market is estimated to reach value of ~US$13 Bn by 2027, expandingat a CAGR of ~4% during the forecast period. Interms of volume, the market in the region is estimated to reach 6,652.07 kilotons by 2027, expanding at a CAGR of ~4% between 2019 and 2027. Amongtypes, the oxygenated solvents segment held a major share of the market in theregion in 2018. The trend is expected tocontinue throughout the forecast period. This is primarily attributable to highdemand for oxygenated solvents from paints & coatings, personal care,industrial cleaners, healthcare, and automotive industries in the region. Amongapplications, the paints & coatings segment held a leading share of theAsia Pacific solvents market in 2018. Moreover,the segment is expected to create an incremental opportunity of US$1,683.26 Mn during the forecast period. This can beattributed to high demand for paints and coatings in the region, due toexpanding construction industry and ongoing infrastructure development in theregion, especially in developing economies such as China and India. This isboosting the demand for paints and coatings and, in turn, driving the demandfor solvents in the region.
Key Drivers of Asia PacificSolvents Market
Increasingdemand for paints, coatings, and printing inks is expected to drive thesolvents market in Asia Pacific during the forecast period. Around 50% ofthe total solvents produced are used in the manufacture of paints, coatings,and printing inks in Asia Pacific. Solvents dissolve or disperse differentcomponents such as binders, additives, pigments, and extenders used in theformulation of paints and coatings. They also help in speeding up the curingand drying process, due to which the demand for solvents is increasing.Moreover, the paints & coatings industry in Asia Pacific is expected toexpand at a significant rate in the near future, owing to rapidindustrialization and urbanization in the region, especially in developingcountries such as China and India. Demand for industrial paints is alsoincreasing due to ongoing industrialization in Asia Pacific. Thus, thesefactors are projected to drive the demand for paints and coatings in the regionfrom 2019 to 2027.This would result in increase in the demand for quick-drying paints in theregion, which is expected to boost the solvents market in Asia Pacific duringthe forecast period.
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Increasingdemand for adhesives and sealants in the industrial sector is expected to drivethe market in the region during the forecast period. Adhesives and sealants isanother key end-user of solvents in the Asia Pacific region. Solvents are usedin adhesives and sealants to improve their efficiency at low temperatures,thereby maintaining an evaporation rate for better performance. Aromaticsolvents are largely used in the adhesives industry, due to their highevaporation rates, which causes rise in the viscosity of adhesive films.Moreover, wetting of surface is a crucial property of an adhesive, which isachieved by dispersing or dissolving the polymer in a suitable solvent. Rising industrializationin the region, especially in developing countries such as China and India, isexpected to drive the demand for adhesives and sealants in Asia Pacific duringthe forecast period. Thus, increasing demand for adhesives and sealants islikely to drive the solvents market in Asia Pacific during the forecast period.
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China to be a Highly LucrativeCountry of Asia Pacific Solvents Market
Chinadominated the solvents market in Asia Pacific in 2018. Thecountry is anticipated to continue its dominance in the near future. This canbe ascribed to increase in the consumption of paints and coatings along withthe rising demand for adhesives and sealants from industries such asconstruction and packaging in the region. The India and ASEAN markets are likelyto be moderately attractive during the forecast period, while Rest of AsiaPacific and Japan are likely to be less attractive markets during the forecastperiod.
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Major Developments in Asia PacificSolvents Market
In 2019,Indian Oil Corporation Ltd announced its plans to invest US$27.8 Bn in the next five to seven years to expand itsrefining, marketing, petrochemical, and natural gas business divisions. In 2018, Yip’sChemical Holdings Limited announced to have completed the acquisition of thecoatings businesses of DGL Camel (Hong Kong) Limited. Also, in 2018,Cabot Microelectronics Corporation announced that the company had entered intoa definitive agreement to acquire KMG Chemicals, Inc. In 2017, IndianOil Corporation Ltd announced its plans to invest US$4.4 Bn to ramp up its petrochemical production by 2021.
Competition Landscape of AsiaPacific Solvents Market
The AsiaPacific solvents market is highly competitive. Various international andlocally organized players operate in the market. Scale of operations,quality expertise, and product differentiation are also high. Key playersoperating in the Asia Pacific solvents market are Anjanee Chemical India, AsiaPacific Petrochemical Co., Ltd, Yip's Chemical Holdings Limited, Royal DutchShell plc, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited,KMG Singapore Pte. Ltd, BASF SE, AGC Chemicals, Idemitsu Kosan Co., Ltd.,Occidental Petroleum Corporation, Jun Yuan Petroleum Group, Asia PetrochemicalsLLC, and Eastman Chemical Company.
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