HOME Research Insight Royal Dutch Shell Plc. (Netherlands) and Eastman Chemical Company (US) are the Key Players in the Solvent Market

Royal Dutch Shell Plc. (Netherlands) and Eastman Chemical Company (US) are the Key Players in the Solvent Market

The solvents market is projected to grow from USD 47.37 billion in 2018 to USD 57.34 billion by 2023, at a CAGR of 3.9% during the forecast period. The major drivers for the market are the increasing demand for bio & green solvents and growth in the automotive and construction industries.

Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and joint ventures, to strengthen their presence and increase their shares in the solvents market.

Growth of the solvents market has been largely influenced by expansions and new product launches that took place between 2012 and 2018. Companies such as Royal Dutch Shell Plc., Eastman Chemical Company, BASF SE, ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., Ashland Global Holdings Inc., Huntsman Corporation, Celanese Corporation, Honeywell International Inc., and INEOS AG have adopted the abovementioned strategies to expand their regional presence and enhance their product offerings.

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Royal Dutch Shell Plc. is one of the leading manufacturers of solvents globally. The company has been focusing on the expansions and new product launches strategies to maintain its leading position in the market. For example, in May 2018, the company started production of the second ethylene cracker at the Nanhai Petrochemicals complex in Huizhou, Guangdong Province, China. This expansion helped the company to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols. In October 2014, the company launched natural gas based paraffinic solvents and fluids and is the first organization globally to offer Gas-to-Liquid (GTL) solvents.

Eastman Chemical Company is another major player in the solvents market. The company has been focusing on acquisitions, expansions, and new product launches as part of its strategic development activities. In December 2016, the company acquired 50% shares of Te An Ling Tian Fine Chemical Co., Ltd. (China). Te An Ling Tian Fine Chemical Co., Ltd. is a manufacturer of amines and specialty derivatives, including solvents and alkyl alkanolamines. The acquisition helped the company to broaden its product portfolio. In March 2015, the company launched TamiSolve NxG, a high-performance solvent which meets safety, health, and environmental regulations.

Related Reports:

Solvents Market by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region - Global Forecast to 2023

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