Exempt Solvents Market Size, Growth and Forecast to 2030

The latest market report published by Credence Research, Inc. “Global Exempt Solvents Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2030”. The Global Exempt Solvents Market generated revenue of around USD 1.8 billion in 2022 and is anticipated to grow a CAGR of over 12.5% during the forecast period from 2023 to 2030 to reach around USD 4.1 billion in 2030.

Organic substances known as exempt solvents are exempt from the limits imposed on most volatile organic substances. This mixture of solvents mostly consists of acetone, methyl acetate, dimethyl carbonate, parachlorobenzotrifluoride, tert-butyl acetate, and propylene carbonate. Most products made with these compounds include industrial cleaners, lacquers, enamels, inks, adhesives, and thinners. A solution is created when a solute and a separate substance called a solvent to liquefy together. A solvent is a substance that can liquefy in a solid, liquid, or gas. Even though they are "compounds of carbon," several substances on the EPA's list are expressly exempt from regulation as VOCs. These substances are known as exempt solvents. In the coatings business, exempt solvents are widely used.

The global exempt solvents market is bifurcated into Type, Application, and Geography. Based on type, the exempt solvents market is categorized into Methyl chloroform, Methyl chloride, Methyl Acetate, Acetone, Parachlorobenzotrifluoride, and Others. On the basis of application, the global exempt solvents market is segmented into chemical, pharmaceutical, oil & gas industries, and others. Based on geography, the exempt solvents market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

In 2022, Europe dominated the global Exempt Solvents market and accounted for a major market revenue share in terms of value. The significant automotive industry in this area is the main driver of the exempt solvents' rapid growth. Also, a large player's presence in Europe is anticipated to stimulate the market for exempt solvents.

The Exempt Solvents Market is driven by a number of factors. Firstly, the ever-increasing demand for solvents in a variety of industries is a key driver of market growth. Secondly, the stringent regulatory environment surrounding the use of traditional solvents is driving companies to seek out exempt solvents as an alternative. thirdly, the increasing cost-competitiveness of exempt solvents compared to traditional solvents is another key driver of market growth. Finally, the growing awareness of the environmental benefits of using exempt solvents is also helping to drive market growth.

The global exempt solvents market is driven by the rising demand for eco-friendly and biodegradable products. The increasing awareness about the harmful effects of traditional solvents has resulted in the shift of preference towards exempt solvents. Moreover, the stringent regulations imposed by various governments to reduce environmental pollution are also acting as a major driving force for the growth of this market. The rising cost of traditional solvents is another key factor that is fuelling the demand for exempt solvents.

Why to Buy This Report-

·         The report provides a qualitative and quantitative analysis of the global Exempt Solvents market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.

·         The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level

·         In-depth analysis of the global Exempt Solvents market segmentation based on type, and application.

·         Major countries in each region with their import/export statistics

·         The global Exempt Solvents market report also includes analysing of the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.

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