New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- As per the research report “Aprotic Solvents Market” published by Reports Insights, the market is expected to surpass USD 25.2 Billion by the year 2030 at a CAGR rate of 3.6% from USD 18.3 Billion in 2022.
Any kind of solvent is a substance that has the easy dissolving capability in most solutions. The absence of protons (hydrogen) and zero net charges help the solvents to be utilized as the separating agents in multiple acid-base reactions. For instance, when sodium methoxide is dissolved in dimethyl sulfoxide, the resultant chemical is 109 times as basic in nature as methanol. Thus, the aprotic solvents play a major role in the production of multiple industrial products due to low reactivity, improved thermal stability, and high relative permittivity.
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The rising applications of solvents especially in electronics, construction, and oil & gas industries majorly drive the market growth due to their usage in products such as paint & coatings, consumer goods, electronics and electrical, and others. Thus, the surging industrial usage of the solvents is anticipated to witness significant growth during the forecast period owing to the enhanced manufacturing processes because of enhanced industrialization.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 25.2 Billion |
| Study Timeline | 2018-2030 |
| CAGR (2022-2030) | 3.6% |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Report Coverage | Total Revenue Forecast, Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Business Strategies, and more |
| By Type | N-Methyl-2-pyrrolidone, Benzene, Toluene, Acetone, Chloroform, and Others |
| By Source | Bio & Green, and Conventional |
| By Application | Pharmaceuticals, Adhesives, Oil & Gas, Electronics, Personal Care, Paints & Coatings, and Others |
| Major Players | BASF, Ashland, Eastman Chemical Company, INEOS, Mitsui Chemicals, Shell International, Asahi Kasei, AlzChem, Imperial Chemicals Corporation, and DowDuPont, among others. |
| By Geography | Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru] |
Key Market Highlights
- The global aprotic solvents market size is anticipated to grow at a CAGR of 3.6% during the forecast period (2022-2030), to reach USD 221.7 billion by 2030.
- There are five types of aprotic solvents used on the global level: N-Methyl-2-pyrrolidone, benzene, toluene, acetone, and chloroform.
- In the context of the source, the market is bifurcated into bio & green, and conventional.
- Based on application, the market share is segmented into eight groups: pharmaceuticals, adhesives, oil & gas, electronics, personal care, paints & coatings, and others.
- The market is geographically separated into five regions: Europe, North America, South America, the Asia-Pacific, and the Middle East and Africa.
- Asia-Pacific and North America contributed the largest share of the market growth.
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Segmentation:
Based on type, the N-Methyl-2-pyrrolidone segment is anticipated to contribute a significant market share during the forecast period. The high usage in the growing construction and electronics industry to produce multiple products such as petrochemical processing, engineering plastics coatings, and paint and coating removal strengthens the growth of the segment.
Based on the source, the bio & green segment is expected to register the fastest growth during the projected period. The major factor driving the segment's growth is the high reliance on bio-based products due to strict government regulations and the natural sourcing of raw materials. Thus, the rising demand for environment-friendly sourced chemicals is expected to boost market growth.
Based on application, the oil & gas segment is anticipated to contribute the major share to the market growth during the forecast period. The large use of aprotic solvents as the fracking fluids during the oil drilling processes is anticipated to witness significant growth due to augmented demand for oil from major end-users. Such usage as fracking fluid also aids in depleting the environmental degradation in terms of reserves depletion.
Based on region, Asia Pacific is estimated to support the growth of the aprotic solvents market during the forecast period. The large presence of market players combined with the rising scope of manufacturing innovative products due to availability of the raw materials boosts the industry growth. Additionally, the increased emphasis by developing countries such as India, China, and South Korea on improving industrial processes is expected to create lucrative opportunities for the growth of market statistics.
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COVID-19 Impact Analysis
The market is expected to grow at a substantial pace witnessing a CAGR of approximately 3.6%, over the projected period of 2022–2030. During the initial phases of the COVID-19 pandemic, the market witnessed a considerable fall in product sales due to the global imposition of strict lockdown restrictions. Furthermore, the industry manufacturing processes came to a halt due to the difficulties in sourcing raw materials because of disrupted supply chains. Thus, the overall impact on the aprotic solvents industry is expected to be on a moderate level.
List of Major Aprotic Solvents Market Players
Lastly, the market research report comprises the regional and country analysis along with the latest trends, to understand the company profiling of key players operating in the market:
• BASF
• Ashland
• Eastman Chemical Company
• INEOS
• Mitsui Chemicals
• Shell International
• Asahi Kasei
• AlzChem
• Imperial Chemicals Corporation
• DowDuPont
1. Global Market Segmentation
1.1. By Type
1.1.1. N-Methyl-2-pyrrolidone
1.1.2. Benzene
1.1.3. Toluene
1.1.4. Acetone
1.1.5. Chloroform
1.1.6. Others
1.2. By Source
1.2.1. Bio & Green
1.2.2. Conventional
1.3. By Application
1.3.1. Pharmaceutical
1.3.2. Adhesives
1.3.3. Oil & Gas
1.3.4. Electronics
1.3.5. Personal Care
1.3.6. Paints & Coatings
1.3.7. Others
Continue....
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