The Germany industrial solvents market is expected to garner $5 billion by 2024, driven by the increasing demand for adhesives in the automotive sector to reduce friction and overheating in engines. The product is easy to spread and is anti-corrosive which makes it ideal for several materials without the risk of chemical reaction, thereby increasing its demand in the thriving automotive market of Germany.
According to a 2015 estimate, the European Solvents Industry Group (ESIG) cites that the industrial solvents market can plausibly provide employment to over 10,000 people in Europe. The solvents industry, on an average, offered manufacturers an estimated combined turnover of €5 billion in the region, with sales of approximately 5 million tons per year.
Alcohol-based industrial solvents market is expected to surpass a consumption over 8.5 million tons by 2024. This growth can primarily be attributed to the fact that alcohol solvents evaporate quickly and effectively avert growth of microorganisms when applied in antiseptic drug products.
Alcohol solvents are commonly used in cosmetics, cleaners, pharmaceuticals, fuels, textiles as well as antifreeze, solvents, dyes and inks. As per estimates, industrial solvents market from the cosmetics & fragrances application are expected to register a CAGR of 2.5% over 2018-2024, primarily due to the product’s solvency with various substances and the ability to decrease the viscosity of liquids.
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Industrial solvents, useful chemicals that can be dissolved generally without causing a change in the chemical nature of other substance, are remnant across a wide variety of products ranging from paints, cleaners & degreasers and adhesives, to personal care products and pharmaceuticals. The rise in the number of end-use industries with growing dependency on the product to fulfill manufacturing needs will help boost the industrial solvents market size, anticipated to cross $35 billion by 2024.
The rising demand for paints & coatings and printing inks across the industrial cosmos is anticipated to drive industrial solvents market growth. The product is increasingly being used in pharmaceuticals, personal care as well as the consumer electronics sector. The sudden upsurge in the oil market, increasing population & urbanization, not to mention, rapid industrialization, and escalating growth in major end-use industries, including nail enamels, dry cleaning, paint & coatings, and paint thinners, will contribute toward the expansion of the industrial solvents market.
Several production facilities excessively rely on solvents to fulfill their manufacturing needs, garner increased outputs as well as enhance safety in industrial procedures. In the paints & coatings sector, industrial solvents dissolve or disperse the components used in the paint formulation, to obtain the desired consistency for specific applications. For instance, the slow evaporation of solvents offers cars a smooth, flawless coating and a durable paint finish.
Personal care products like cosmetic powders, lotions and shaving creams use solvents to gain necessary chemical uniformity. Ethanol for example, is a key solvent used by perfume manufacturers due to its low odor property. In the pharmaceutical sector, solvents are a key ingredient in the production of drugs like penicillin, aspirin, cough syrup and topical ointments. A solvent like butyl acetate is mainly used to purify penicillin which selectively extracts impurities from the reaction mixture.