The Aprotic Solvents Market
size is projected to grow at a CAGR of 3.6% during the forecast period (2022-2027) and reach US$21.6 billion by 2027. The growth of the aprotic solvents market is primarily driven by the growth of the paints & coatings industry. Aprotic solvents are those compounds that do not exhibit proton or hydrogen atoms and include acetone, acetonitrile, pyridine and other aliphatic or aromatic solvents that do not contain acidic or basic groups. The surging developments associated with the paints & coatings industry across the world have led to considerable growth in the Aprotic Solvents market.
Aprotic Solvents Market: Leading Segments - Paints & Coatings
Based on application, the Aprotic Solvents market can be segmented into paints & coatings, adhesives & sealants, lubricants and greases, inks and toners, polishes & waxes, washing & cleaning products, agrochemicals and others. The paints & coatings sector is the leading aprotic solvents segment. During the forecast period 2022-2027, the paints & coatings segment is expected to grow with a CAGR of 3.8%. This can be attributed to various reasons such as the increase in housing projects and repair & maintenance work globally.
Aprotic Solvents Market: Leading Segments - Asia-Pacific
Asia-Pacific region dominated the Aprotic Solvents market share by 41.7% in 2021. In developing countries such as India, South Korea and Malaysia, the increasing demand for aprotic solvents for paints & coatings is driving the aprotic solvents market. According to Invest India, by 2025, the building and construction industry is estimated to reach US$1.4 trillion. Moreover, according to International Trade Administration (ITA), China is the world’s largest construction market and is forecasted to grow at an annual average growth rate of 8.6% during 2022-2030. Thus, such surging development related to building & construction sectors in the Asia-Pacific region is expected to boost the demand for Aprotic Solvents.
Aprotic Solvents Market Trends
The pharmaceutical & healthcare sector utilizes Aprotic Solvents including acetone, acetonitrile, pyridine and other aliphatic or aromatic solvents to dissolve chemical compounds that are utilized for manufacturing pharmaceutical products and drugs. These solvents are essential in the initiation of many pharmaceutical production methods. In China, by 2030, the size of the pharmaceuticals & healthcare industry is expected to reach 16 trillion RMB (US$ 2.3 Million), according to the staff research report on the "US-China Economic and Security Review Commission." Additionally, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total local production of pharmaceuticals reached US$340,898.7 Million in 2020 from US$322,407.6 Million in 2019. Thus, the growing pharmaceutical & healthcare sector would increase the demand for Aprotic Solvents as a topical pharmaceutical. This is expected to drive the growth of the market over the forecast period.
The Major Players in this Market
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Aprotic Solvents market. The top 10 players in the aprotic solvents market are: Dow, Eastman Chemical Company, BASF SE, Mitsubishi Chemical Corporation, AlzChem Group AG, INEOS, China National Petroleum Corporation, Merck KGaA, Celanese Corporation and Ashland.
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