PUBLISHER: The Business Research Company | PRODUCT CODE: 1425237
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425237
Aprotic Solvents Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aprotic solvents market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aprotic solvents? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aprotic solvents market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An aprotic solvent is a solvent characterized by the absence of hydrogen bonding, where the proton is neither donated nor accepted. Solvents are chemical compounds in which solutes can dissolve, and they can exist in gaseous, solid, or liquid forms.
The main types of aprotic solvents include n-methyl-2-pyrrolidone (NMP), toluene, benzene, acetone, and others. Benzene is a colorless, volatile hydrocarbon or organic chemical compound with the molecular formula C6H6, commonly found in coal tar and petroleum. These solvents are sourced from both synthetic and bio-based materials and find applications in various industries such as oil and gas, plastics, pharmaceuticals, electronic equipment, paints and coatings, adhesives, and other diverse applications.
The aprotic solvents market research report is one of a series of new reports from The Business Research Company that provides aprotic solvents optical components market statistics, including aprotic solvents optical components industry global market size, regional shares, competitors with a aprotic solvents optical components market share, detailed aprotic solvents optical components market segments, market trends and opportunities, and any further data you may need to thrive in the aprotic solvents optical components industry. This aprotic solvent optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aprotic solvents market size has grown marginally in recent years. It will grow from $20.27 billion in 2023 to $20.59 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%. The growth observed in the historical period can be attributed to several factors, including the expansion of chemical manufacturing, increased usage of industrial solvents, growth in polymer and resin production, the thriving automotive sector, and the development of electronics manufacturing.
The aprotic solvents market size is expected to see steady growth in the next few years. It will grow to $22.4 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of the pharmaceutical industry, shifts in supply chain dynamics, regulatory changes, and global manufacturing trends. Major trends expected in the forecast period include innovation in paints and coatings, a heightened focus on green chemistry practices, advancements in lithium-ion batteries, and an increased emphasis on the use of environmentally friendly green solvents. These trends are poised to significantly influence and shape the landscape of industries using aprotic solvents in the coming years.
The anticipated surge in infrastructural and construction endeavors is poised to fuel the aprotic solvents market's expansion. This upswing is a consequence of escalating population figures, economic upturns, and burgeoning urbanization rates. Aprotic solvents find utility in enhancing adhesion between polymer matrices and fiber surfaces in construction-related applications such as adhesives, sealants, paints, and coatings. Notably, Oxford Economics forecasted in October 2021 a substantial 42% growth in global construction output by 2030, reaching an estimated volume of 15.2 trillion. With the United States, China, India, and Indonesia collectively contributing 58.3% to this global growth, the burgeoning infrastructural and construction activities serve as a primary driver for the aprotic solvents market.
The escalating demand for electronic goods is anticipated to propel the expansion of the aprotic solvents market. This heightened demand encompasses a diverse array of devices reliant on electronic components and technology for their functionalities. Aprotic solvents play a pivotal role in cleansing soldering flux residues and other contaminants from printed circuit boards (PCBs) in electronic devices. They are also instrumental in prepping silicon wafers before various manufacturing steps, cleaning metal surfaces for electroplating processes, and dissolving adhesives and coatings in electronic components. For example, The Economic Times reported in 2022 that indigenous electronic goods production in India surged twofold to $99.83 billion in 2022-23. Consequently, the escalating demand for electronic products stands as a significant driver propelling the aprotic solvents market during the projected period.
Innovative product developments emerge as a pivotal trend garnering attention in the aprotic solvents market. Key industry players are channeling efforts into crafting inventive solutions to fortify their market positions. For instance, INEOS Group Limited, a UK-based global chemicals company, introduced its inaugural bio-attributed phenol line, acetone alpha-methylstyrene (AMS), in June 2022. These offerings, devoid of fossil fuels as a feedstock, are marketed under the INVIRIDIS brand. Representing an innovation in the global phenol market, INVIRIDIS presents a more eco-friendly and sustainable alternative to traditional phenol, acetone, or AMS. Derived from bio-attributed cumene, INVIRIDIS facilitates the substitution of fossil fuel resources. Anticipated to serve numerous value-added applications across diverse sectors, including automotive, construction, home improvement, electronics, and healthcare, INVIRIDIS showcases an example of innovation driving the aprotic solvents market forward.
Companies within the aprotic solvent market are strategically prioritizing the expansion of their production capacities to bolster their product portfolios and broaden their geographic reach. Augmenting production capacity holds significant importance for manufacturing entities aiming to cater to heightened demands, enhance operational efficiency, and foster business expansion. For instance, in August 2023, the Mitsubishi Chemical Group, a Japanese chemicals corporation, announced plans to elevate the γ-butyrolactone (GBL) production capacity at its Okayama Plant in Kurashiki City, Okayama Prefecture, Japan, by 2,000 tons per year. This extension in production is slated to commence in July 2024. GBL, a solvent renowned for its high purity, serves as an electrolyte in capacitors and cleaning solutions for semiconductor parts. Additionally, it serves as a foundational material for N-methyl-2-pyrrolidone (NMP), an aprotic solvent integral in lithium-ion batteries and semiconductor cleaning solutions.
In a significant move during October 2022, Lanxess AG, a specialized chemicals company headquartered in Germany, successfully acquired Emerald Kalama Chemical Limited for an undisclosed sum. This strategic acquisition stands to fortify Lanxess's position within the consumer protection segment, encompassing aroma chemicals and preservatives utilized in food, household, cosmetic, and personal care applications. Emerald Kalama Chemical, a United States-based chemicals company, specializes in processing toluene, recognized as an aprotic solvent, to manufacture chemicals for the food, flavor, fragrance, and pharmaceutical industries. This acquisition underscores Lanxess's intent to broaden its product offerings and strengthen its foothold in key market segments.
Major companies operating in the aprotic solvents market report are BASF SE, Eastman Chemical Company, Royal Dutch Shell PLC, Ineos Chemicals Company, Celanese Corporation, DuPont de Nemours Inc., AlzChem AG, Asahi Kasei Corporation, Imperial Chemical Industries Ltd., Mitsubishi Chemicals Corporation, Nanjing Jinlong Chemical Co. Ltd., Ashland Global Holdings Inc., CNPC Jilin Chemical Group Co. Ltd., China National Petroleum Corporation, Merck Co. & KGaA, Dow Inc., Mitsui Chemicals Inc., Gaylord Chemical Company LLC, Finar Limited, Thermo Fisher Scientific Inc., Sigma-Aldrich Corporation, Avantor Performance Materials LLC, Honeywell International Inc., Solvay SA, Arkema SA, Huntsman Corporation, LyondellBasell Industries N.V., Sinopec Shanghai Petrochemical Company Limited, ExxonMobil Chemical Company, Chevron Phillips Chemical Company LLC, LG Chem Ltd., Sumitomo Chemical Co. Ltd., Toray Industries Inc., Ube Industries Ltd., Wacker Chemie AG
Asia-Pacific was the largest region in the aprotic solvents market in 2023. The regions covered in the aprotic solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aprotic solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aprotic solvent market consists of sales of ethyl acetate and dimethyl sulfoxide. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.