Global Aprotic Solvents Market: Snapshot
A number of aprotic solvents such as acetone, toluene, and benzene continue to witness strong demand in industries such as pharmaceuticals, oil and gas, specialty chemicals, and paints and coatings. This continuous demand is one of the key factors driving the global market for aprotic solvents. These solvents are used for purposes such as manufacturing chemical, catalyst in a number of reactions, and as a raw material for a number of processes.
Despite healthy growth prospects, the global aprotic solvent market is suffering negatively owing to the concern of shortage in supply. Potential risk of health hazards off commonly used aprotic solvent to human as well as environmental health continue to pose as one of the key impediments limiting the overall development of the global aprotic solvents market. Strict environmental norms continue to contribute to several restrictions concerning the use and disposal of these chemicals, compelling the industrial sector to look out for greener and safer alternatives. Owing to the hazardous as well as flammable nature of aprotic solvents, their transportation is also a big challenge for companies operating in the sector.
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Companies are increasingly focusing on ways of expanding their geographical reach to target high-growth potential emerging economies with a thriving industrial sector. Mergers and acquisitions and strategic collaborations are on a rise and greener options to blockbuster product varieties are being sought. Growth opportunities in the pharmaceutical and oil and gas industries could provide grounds for sustainable growth for companies operating in the global aprotic solvents market.
Global Aprotic Solvents Market: Overview
Aprotic solvents are those that cannot donate hydrogen in a reaction. The global market for aprotic solvents is poised to rise at a significant growth rate in the foreseeable future owing to the burgeoning demand from the end-user industries. Some of the commonly used solvents are acetone, benzene, chloroform, hexane, and toluene. They are primarily used across end-user industries such as electronics, oil and gas, pharmaceuticals, and paints and coatings. The increasing adoption of environment-friendly aprotic solvents is likely to augur well for the growth of the market in the coming years.
This professional study on the global aprotic solvents market is compiled using information from various paid and unpaid sources, including journals, presentations, directories, white papers, and press releases. It serves as an essential source of analysis and data regarding various critical aspects of the market including its dynamics and regional trends. It includes tools such as market attractiveness analysis and Porter’s five force analysis that are useful in calculating the vendor landscape of the market. It methodically examines the latest developments and business strategies of the key companies operating in the market. It also assesses the performance of key player across different geographies. Thus, it provides a 360-degree view of the global aprotic solvents market.
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Global Aprotic Solvents Market: Trends and Opportunities
The growth of the global aprotic solvent market is largely influenced by the oil and gas industry. Hence, its rising consumption all over the world is providing a fillip to the market. The demand for aprotic solvents is expected to remain high in the pharmaceutical industry throughout the forecast period. This can be attributed to the growing innovations in the industry, which is paving way for new drugs.
Over the past few years, there has been a sharp rise in the demand for toluene. It is used as a raw material to produce other chemicals such as trinitrotoluene (TNT), xylene, and benzene. Therefore, its demand is projected to remain strong throughout the same span. Other than toluene, N-Methyl-2-pyrrolidone (NMP), due to its property to dissolve a wide range of metals, is anticipated to register large-scale adoption, especially across the plastic and oil and gas industries.
Global Aprotic Solvents Market: Region-wise Outlook
The key segments covered in the report on the basis of geography are Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific is estimated to command for a large share in the market throughout the forecast period. The flourishing growth of the paints and coatings and pharmaceutical industries is boosting the demand for aprotic solvents in the region. Moreover, the rising demand from the electronics industry is escalating the growth of the region. The domicile of a large number of key paints & coatings companies is also providing a competitive edge to this region over other regions.
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North America will also be a prominent market for aprotic solvents, with the U.S. being a major contributor. The recovering economic conditions after the economic downturn is providing a significant boost to the growth of the region. The Rest of the World region is anticipated to register a steady growth during the same span. Emerging countries in Latin America and the Middle East are likely to be at the forefront of the growth in this region.
Global Aprotic Solvents Market: Competitive Landscape
The majority of players in the global aprotic solvents are focusing towards business development through mergers and acquisitions. Some of the prominent companies operating in the market are BASF SE, Eastman Chemical Company, Du Pont, INEOS, Shell Chemicals, Mitsubishi Chemicals, Imperial Chemical Corporation, CNPC Jilin Chemical Group, and Nanjing Jinlong.