North America Speciality Solvents Market
North American Market for Specialty Solvents to Expand at Moderate Pace; High Demand in Chemical Sector Drives Growth
North America Speciality Solvents Market Segmented By Alcohol, Aliphatic Hydrocarbon, Amine, Aromatic Hydrocarbon, Chelating Agents, Chlorinated Solvents, Ester, Ether, Fatty Chemicals, Ketone
The North American market for specialty solvents is projected to exhibit moderate growth over the forecast period. Multiplicity in application across different industries including building & construction, food & beverages, pharmaceutical, and personal care industries is expected to drive the growth of the North American market. The augmenting demand for these chemicals in the IT and electronics sector is escalating the progress in the market.
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- BASF SE.
- Bayer Group.
- AkzoNobel N.V.
- The Dow Chemical Company.
- LyondellBasell Industries Holdings B.V.
- Mitsui Chemicals.
- Braskem SA.
- PPG Industries.
Effect of Covid-19
The steep rise in the COVID-19 cases in America has slowed down the economic growth in the region, creating a depression in the market revenue generated during the COVID-19 pandemic. With relaxation in lockdown, the business in specialty solvents market in North America is expected to pick up its normal pace.
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This market can be broadly segmented on the basis of end-use into agriculture, building & construction, food & beverages, oil & gas, plastic & rubber, automotive, electronics & IT and Household, Industrial, and Institutional (HI & I). The electronics and IT sector are expected to grow at a rapid pace during the forecast period, contributing substantial revenue in the market.
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The market players are exploring growth prospects into emerging end-use sectors to expand their market presence in North America. Established players in the market include BASF SE, Bayer Group, Akzonobel N.V., The Dow Chemical Company, LyondellBasell Industries Holdings B.V., E.I. duPont de Nemours and Company, Mitsui Chemicals, Braskem SA, PPG Industries, and Eastman Chemical Company.
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North America specialty solvents market is anticipated to grow from US$ 37.8 Bn in 2015 to US$ 51.2 Bn by 2022, expanding at a CAGR of 4.5% in terms of revenue during the forecast period (2016-2022)
In this report, the North America specialty solvents market is tracked in terms of volume consumption, and is calibrated to obtain the market revenue estimates by multiplication of weighted average prices. Increasing demand from various end-use industries, such as pharmaceuticals & personal care, building & construction, food and beverages, household, industrial & institutional (HI & I), etc., is anticipated to drive growth of the North America specialty solvents market over the forecast period.
The growth of the pharmaceuticals industry and increasing demand for these chemicals from the electronics and IT industry are factors that are expected to further push their demand in the North America market. Due to rising demand from various industries, the overall North America specialty solvent market is expected to increase at a CAGR higher than that of the average economy growth of the region.
Restraints to the Market
However, factors such as distribution channel and supply chain infringement, decreasing profit margins, etc. are some of the major challenges expected to be faced by market players in the North America specialty solvents market during the forecast period.
How is the Market Segmented?
The overall North America specialty solvents market is segmented on the basis of product type, end-use, and country.
The section - market analysis, by product type, comprehensively analyzes the market on the basis of product type and presents an in-depth analysis of the market size in terms of value and volume for 2016-2022. In 2015, with more than one-third of total revenue share, the aromatic hydrocarbon segment dominated the North America specialty solvents market, followed by the alcohol and amine segments, respectively.
The ether segment is anticipated to expand at the fastest CAGR of 6.0% over the forecast period in the North America specialty solvents market in terms of revenue, followed by the fatty chemicals segment.
The section - market analysis, by end-use, analyzes the North America specialty solvent market on the basis of end-uses of these chemicals across various industries and the data is provided both in terms of value and volume for 2016-2022.
The electronics and IT segment is expected to expand at the highest CAGR of 7.2% in terms of value during the forecast period. In terms of market share, the household, industrial, and institutional (HI & I) segment accounted for more than one third revenue share of the overall market in 2015 and is expected to dominate the North America market throughout the forecast years.
The section - market analysis, by country, includes an in-depth country-level analysis of the U.S. and Canada market, by product type and end-use; and provides market data both in terms of value and volume for 2016-2022. In 2015, the U.S. dominated the overall North America specialty solvent market, accounting for more than 90% share.
The U.S. market is also expected to expand at a marginally higher CAGR than that of the Canada over the forecast period.
The North America specialty solvents market is segmented as follows:
By Product Type