Aprotic Solvents Market Size, Share & Trends Analysis Report 2020-2027 (PDF)
The global aprotic solvents market was calculated at USD 18.2 billion by the end of 2019 and is anticipated to grow at a CAGR of 7.6% over the upcoming years. The increasing use of bio-based products in various industries like oil & gas, paint and coatings, pharmaceuticals and electronics etc. is expected to increase the demand of Aprotic solvents in the upcoming years. A country’s economic strength is justified by the availability of sources of power and oil and gas plays a vital role in developing the economy, the growing demand of the aprotic solvents in the oil and gas vertical has a direct proportionality with the country’s growth and hence is expected to boost the demand in the upcoming period.
Due to stringent government regulations by various developing and developed economies for environment-friendly products in the pharma industry and growing trends of pharmaceutical companies to produce nature-friendly equipment, medicines and healthcare products, the aprotic solvents demand is expected to be increasing in the pharmaceutical industry which is anticipated to be the fastest-growing sector in the upcoming period.
In regional terms, owing to the presence of large pharmaceutical players like Johnson and Johnson, Pfizer, Novartis, GlaxoSmithKline (GSK) and many more, the North American region is one of the major markets for the demand of aprotic solvents and is expected to gain the market share in this region for the next 5-7 years.
Aprotic solvents are segmented on the basis of the chemicals present in them for example, toluene, benzene, chloroform, hexane, N-Methyl-2-pyrrolidone, and others. By 2019, the aprotic market was dominated by toluene with a market share of more than 18% by revenue. Toluene is also used as a raw material in manufacturing trinitrotoluene (TNT), xylene, and benzene. With the rising demand for end-use industries such as pharmaceuticals and paints and coatings, the demand for toluene is expected to rise in the upcoming years. It resembles paint thinner, with properties like colorless and inflammable.
One of the most widely used aprotic solvents in the industry is N-Methyl-2-pyrrolidone (NMP) which has a major application in the oil and gas industry. With a unique property of dissolving a wide range of materials and plastics, it is mostly used in the plastic industry too. The NMP solvent is expected to grow at the highest CAGR during the next 5-7 years due to its wide applicability.
Some of the major industries where aprotic solvents are widely used are pharmaceuticals, electronics, oil and gas, and paint and coatings. During the end of 2019, the oil and gas industry was one of the major industries which were dominated by the use of aprotic solvents by market share. This was followed by the pharmaceutical industry due to its wide application scope in creating nature-friendly drugs and products. The oil and gas market was highly dominated by Russia, the Middle East, and North American countries which are the largest exporters of oil and gas to the world. The growth pattern of aprotic solvents in the pharmaceutical industry is anticipated to grow at a CAGR of 7% owing to the development of the pharma industry in the COVID-19 situation and also in the post COVID world. Growing trends to produce environment-friendly and green aprotic solvents are expected to rise market growth.
The Asia Pacific region is expected to be the fastest-growing region with a CAGR of 5.5% from 2019 to 2027. With the rapid industrialisation in the developing economies like China, India and South Korea and growing demand for electronics, paints and coatings and pharma industry is expected to boost the demand. Owing to the large players in the paint and coating industry like Asian paints and Nippon paints and large electronics manufacturers like Nikon, Sony, Hitachi and Samsung etc. with these giants in both the industries the market is expected to witness significant growth for aprotic solvents in the upcoming years.
The North American region was valued as the second growing region by the end of 2019 which is largely dominated by the US with more than 73% market share. This region is home to huge multinationals in the automotive and electronic segment and is expected to witness the growth in the upcoming years.
Key Market Players:
The aprotic solvents market is spread across the globe with manufacturers spreading across the countries and providing equal growth and development opportunities across. Some of the key players of this market are Mitsubishi Chemicals, Eastman Chemical Company, BASF, Asahi Kasei and Ashland. Major players are adopting strategies like joint ventures, agreements, and partnerships to mutually reap the benefits and attain growth. To address the butadiene demand globally, Linde and BASF came together with an agreement to cope up the butadiene production and distribute it across the globe.
The Aprotic Solvents market research report forecasts market share and revenue growth at the regional, local and global level and provided an in-detailed analysis of the latest industry trends and forecasting. For the research study purpose, UpGraph Research and Consultancy has segmented the research report into below segments.
Global Product Outlook (Volume, Revenue, USD Million; 2019 – 2027)
Global Application Outlook (Volume, Revenue, USD Million; 2019 – 2027)
Regional Outlook (Volume, Revenue, USD Million; 2019 – 2027)
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