HOME Research Insight The Top players in the Solvents Market adopted these strategies to their Positions in the Solvents Market

The Top players in the Solvents Market adopted these strategies to their Positions in the Solvents Market

The growth prospects for the solvents market are positive with the market size expected to witness a high growth rate of 7.9% from 2016 to 2021, in terms of value. The global solvents market is rapidly evolving with the major market players playing a crucial role in the development of the market. Some major players such as BASF SE (Germany), Royal Dutch Shell Plc (Netherlands), and LyondellBasell Industries Holdings B.V. (Netherlands) led the market in 2015.

BASF SE and Royal Dutch Shell Plc have a major share in the global solvents market. These companies mainly focus on the expansions strategy in the global solvents market to strengthen their positions. The players are concentrating to expansions to meet the growing demand, owing to the rise in the production of automobiles and the growing construction industry; and the use of solvents in various end-use applications such as paints & coatings, pharmaceuticals, agricultural chemicals, and adhesives among others. 

The major players are concentrating on expanding their presence in countries such as Britain, Germany, U.S., Brazil, India, South Korea, China, and Singapore, in order to develop and manufacture solvents. The companies are upgrading their units for the enhanced production of solvents. These expansion strategies help the companies to meet the growing demand for solvents for a variety of end-use applications such as paints & coatings, printing inks, metal cleaning, agricultural chemicals, adhesives, personal care, and pharmaceuticals, among others.

Expansions, agreements, and new product launches are the key strategies adopted by major solvents manufacturers in the recent past. The top players in the solvents market adopted these strategies to their positions in the solvents market and to enhance their product portfolios.

BASF SE is focusing on expansion to meet the growing demand in the market. The company built a production plant for acetylene at its Ludwigshafen site, Germany in September 2016. Acetylene is used in the manufacture of pharmaceuticals, plastics, solvents, electronic chemicals, and highly elastic textile fibers. The company also expanded the production of a chemical intermediate, BDO at the Geismar plant in January, 2015. It is focusing on distribution agreements to meet the growing demand for solvents and thus, the company is concentrating on expansions and agreements to meet the growing demand for solvents.

Royal Dutch Shell Plc is another key player in the solvents market which is focusing on new product launches to cater to the demand from end-use applications. In 2014, the company launched natural gas-based paraffinic solvents and fluids. It is the first organization globally to offer GTL solvents. These solvents are readily biodegradable. The products are used in applications such as crop protection, water treatment, paints, coatings & inks, personal care & cosmetics, institutional cleaning products, metalworking, process diluents, mining, defoamers, sealants, and heat transfer fluids.  

The leading market players have adopted different strategies in order to gain competitive advantage over other players. The Asia-Pacific region is leading in terms of the demand for solvents. This is because of the increased production of automobiles in the region, accompanied by the growing construction industry. Also, increasing population and urbanization in the region accompanied by an increasing middle class with higher incomes are creating a demand, which in turn is driving the demand for solvents in the region.

Related Reports:

Solvent Market by Type (Ketones, Esters, Alcohols, Glycol Ethers, Aromatics, Aliphatics), Application (Paints & Coatings, Adhesives, Pharmaceuticals, Printing Inks, Personal Care), Source (Bio & Green, Conventional) - Global Forecast to 2021

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