High Solvent Properties of N-Methyl-2-Pyrrolidone Dominate The Aprotic Solvents Industry: Report Fact.MR
SEOUL--(Korea Newswire) June 07, 2022 -- As per in-depth industry analysis by Fact.MR, a market research and competitive intelligence provider, the global aprotic solvents market is anticipated to rise at a CAGR of 4.2% from 2022 to 2032.
Significant advancements in manufacturing technology and several innovations in aprotic solvents are driving the market growth. Aprotic solvents are used in agriculture to increase output, improve product quality, and lower production costs. Other factors such as rising demand for consumer goods such as perfumes, as well as intensive research and development (R&D) efforts and a greater focus on sustainable development, are expected to propel the market forward.
The pharmaceutical business is increasing its demand for aprotic solvents. Aprotic solvents are utilized in the production of a wide range of medications and goods. Antibacterial lotions and ointments are made with them. Purification and extraction of chemical substances are also performed with these solvents.
Growing regulatory monitoring and rising public awareness of issues such as health and the environment are driving demand for bio-based aprotic solvents in paints & coatings and other industries. The toxic volatile organic chemicals released by various synthetic solvents are a growing source of concern in the industry, and aprotic solvents are being considered a viable remedy.
Expansion of Agriculture Industry to Propel Aprotic Solvent Consumption in Asia Pacific
The market in China is expected to rise at a 5% CAGR over the forecast period of 2022 to 2032. Paints and coatings, as well as the pharmaceutical industry, are predicted to increase rapidly. In addition, the market is likely to benefit from rising demand from the electronics industry. The presence of a significant number of major paints and coatings companies is driving the demand for aliphatic solvents.
Aprotic solvents are used in agricultural mixtures and synthesis for insecticides, fungicides, and herbicides, among other things. Expansion of the agriculture industry in China is expected to augment demand for aprotic solvents.
Key Takeaways from Market Study
· Global aprotic solvents market to reach a valuation of US$ 28.18 billion by 2032.
· Market in North America projected to increase at CAGR of 4.1% over the forecast period.
· Market in APAC accounts for 28.5% share of the global market.
· Oil & gas industry expected to rise at a CAGR of 4.5% from 2022 to 2032.
“Growing usage of green solvents due to their biodegradability, recyclability, and corrosion resistance, as well as increased R&D activities, are likely to create significant opportunities for aprotic solvent manufacturers over the coming years,” says a Fact.MR analyst.
Key Segments Covered in Aprotic Solvents Industry Research
· Aprotic Solvents Market by Product :
· Aprotic Solvents Market by Source :
-Bio-based Aprotic Solvents
-Conventional Aprotic Solvents
· Aprotic Solvents Market by End-Use :
-Oil & Gas
-Paints & Coatings
-Electrical & Electronics
-Other End Uses
Companies are increasingly focusing on various strategies to increase their global reach in order to target emerging markets with strong development potential and a thriving industrial sector.
Mergers and acquisitions are on the upswing, as are strategic collaborations and greener alternatives to popular product types being sought. Growth prospects in the pharmaceutical and oil and gas sectors could help aprotic solvent suppliers achieve long-term success.
· In 2019, HE-70S, a largely sustainable solvent made from sugarcane ethanol, was introduced by Braskem. This new product will aid the company's chemical product portfolio expansion.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global aprotic solvents market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (N-methyl-2-pyrrolidone, toluene, benzene, acetone, and others), source (bio-based and conventional), and end-use (oil & gas, pharmaceuticals, paints & coatings, electrical & electronics, and other end uses), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Aprotic Solvents Market Report: https://www.factmr.com/report/aprotic-solvents-mar
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This is a news release distributed by Korea Newswire on behalf of this company.