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The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
According to the latest market report published by Persistence Market Research, titled “North America Market Study on Speciality Solvents: Pharmaceutical and Personal Care Segment to Exhibit above Average Growth during the Forecast Period 2016 – 2022,” the North America specialty solvents market was valued at US$ 37.8 Bn in 2015 and is anticipated to expand at a CAGR of 4.5% from 2016 to 2022, to reach a market value of US$ 51.2 Bn by 2022.
Currently, the North America specialty solvents market is mainly driven by factors such as growing overall chemical industry output and consumption of these chemicals across various industries, increasing demand from the pharmaceuticals industry, and surge in overall industrial output. However, factors such as distribution channel and supply chain infringement and decreasing profit margins as a result of increasing market competition are some of the major challenges expected to be faced by market players in North America specialty solvents market during the forecast period.
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The North America specialty solvents market is segmented on the basis of country, end-use, and product type. On the basis of country, the North America specialty solvents market is segmented into the U.S. and Canada. The U.S. market for specialty solvents is expected to be the largest contributor to the overall North America market in terms of value share, followed by Canada, by 2015 end. The U.S. market is also expected to be the fastest growing market over the forecast period (2016-2022). Growth of the U.S. specialty solvents market is primarily attributed to the growth of end-user industries such as building and construction, pharmaceutical and personal care, food & beverages, etc.
On the basis of product type, the market is segmented into ten major segments, namely, alcohol, aliphatic hydrocarbon, amine, aromatic hydrocarbon, chelating agents, chlorinated solvents, ester, ether, fatty chemicals, and ketone. In terms of value, the ether segment is expected to emerge as the fastest growing segment in the North America specialty solvents market, reaching a market value of around US$ 4.3 Bn by 2022 end, expanding at a CAGR of 6.0% over the forecast period.
On the basis of end-use, the market is segmented into plastic & rubber, electronics & IT, food & beverages, pharmaceuticals & personal care, building & construction, automotive, agriculture, mining, oil & gas, household, industrial & institutional (HI & I) and others. The electronics & IT segment is expected to emerge as the fastest growing segment, by end-use, in the North America specialty solvents market over the forecast period.
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Key players reported in this study on the North America specialty solvents market include:
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