International. The latest market report from Markets & Markets reveals that the global solvent market, in volume and value, will grow to US$43.4 million by 2018, at an estimated CAGR of 5% between 2013 and 2018.
The market for conventional solvents is mainly due to the growing demand from the construction and automotive sector in the developing economies of Asia and the Pacific. On the other hand, the consumption of bio and green solvents is being pushed by the minimal impact they have on the environment.
Those with lower volatile organic compounds (VOCs), accompanied by renewable sources as a raw material is an ideal option in highly regulated countries such as North America and Europe. As the performance of the cost ratio of these solvents increases, they will find greater penetration in various end-user sectors.
Finally, the report indicates that rising oil prices are also an important factor in increasing the penetration of bio and green solvents, as consumers seek to reduce dependence on non-renewable resources such as crude oil, coal and natural gas.
