Halogenated Solvent Cleaners Market Emerging Economies Expected to Influence Growth until 2027
Fact.MR has announced the addition of the “ Halogenated Solvent Cleaners Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 to 2027"report to their offering.
[UKPRwire, Mon Apr 15 2019] Halogenated solvent cleaners have been gaining popularity, on account of their irreplaceability and cost-efficiency. In addition, their application for depositing coatings and lubricants to rinse metal surfaces and circuit boards are anticipated to amplify their adoption rate for construction activites. Increasing constructional and manufacturing activities in the developing economies such as China and India is expected to drive lucrative growth prospects for the halogenated solvent cleaners market in the upcoming years.
These solvent cleaners boast as competent cleaners and exhibit utmost excellency for dry-cleaning, paint removal, metal cleaning, textile industries, degreasing, automotive aerosols, and furniture industry, which is anticipated to drive promising growth opportunities to the halogenated solvent cleaners market. However, rising government concerns with growing environmental hazards could weigh down the growth of the halogenated solvent cleaners market.
Halogenated Solvent Cleaners Market – Novel Development
Technological advancements in the chemical industry, on account of high adoption of IoT and digitization, is paving the growth of the halogenated solvent cleaners market. The significant players operating in the halogenated solvent cleaners market which include Royal Dutch Shell Plc, Ashland Inc., INEOS AG, Eastman Chemical Co., Honeywell International Inc., ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., Huntsman, Celanese Corporation, BASF SE, and Ashland Inc. are pacing up to win over the competition landscape by developing new production methodologies that provides less toxic, non-chlorinated, or greener solvents.
Recently, Ashland Global Holdings Inc. entered into an agreement with Cruiser Capital Master Fund LP to achieve its financial and operational objectives.
BASF SE established a new facility at Innovation Campus in Shanghai to strengthen its association with the automotive industry and offer novel process catalysts to the chemical industry.
In March 2019, INEOS AG acquired North American business of National Titanium Dioxide Company from Tronox Limited to foray into the pigments market and acquire the second position for the production of titanium dioxide in the core market of North America.
In June 2018, LyondellBasell Industries Holdings B.V. announced an agreement with Karlsruhe Institute of Technology to expand the chemical recycling of plastic materials. The collaborated efforts will focus on developing a new catalyst and process technology with a competency of decomposing plastic waste.
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Halogenated Solvent Cleaners Market – Dynamics
Inferior Competency of Halogenated Solvent Cleaners’ Substitutes to Retain their Popularity
With the recognized toxicity of solvents, manufacturers operating in the halogenated solvent cleaners market have been developing alternatives of non-aerosol solvents for the cleaning of electronics, metal, and precision cleaning. However, lower cleaning competency of these solvents as compared to that of the efficiency of halogenated solvent cleaners is expected to retain the sales prospects of the latter.
Environment-friendly Production Method to Uphold the Growth of the Halogenated Solvent Cleaners Market
Rising emphasis on using environmental-friendly chemicals to prevent the harmful effects of chemicals on human health is drawing the attention of numerous industries. In addition to this, growing trends of substituting solvent with water are expected to limit the growth of the halogenated solvent cleaners market in the upcoming years. However, the demand for sustainable production methodologies in parallel to the increasing concerns pertaining to the industrial hazards prevention is projected to cancel out the limitations posed to the halogenated solvent cleaners market.
Shift towards Green Products to Impede the Growth of the Halogenated Solvent Cleaners Market
Concerns associated with the health threats posed by the halogenated solvent cleaners that emit toxic gases will influence the customers’ preferences for green products extracted from alcohol, terpenes, and soy methyl ester. In addition, reduced drilling rates and popularity of oil as a solvent could impact the rising demand for halogenated solvent cleaners.
Will New Alternatives Outnumber Halogenated Solvent Cleaners?
Despite the availability of alternatives in the market, their lower cleaning efficiency as compared to existing halogenated cleaners have retained the popularity of these cleaners globally.
The Significant New Alternative Policy (SNAP) Program, an initiative by EPA has introduced a list of non-aerosol solvents for metal, electronics and precision cleaning. However, new alternatives suggested by SNAP leave behind dry cleaning and other manual cleaning application. Similarly, the alternative solvents introduced by chemical manufacturers are industry specific and like halogenated solvents are regulated under stringent regulations from various federal organizations such as NESHAP, OSHA, EPA, and other nation-specific frameworks.
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Bio-Based and Greener Alternatives
Increased emphasis on green chemical manufacturing that delivers plant based products and exempt toxic effects on human health as well as environment integrity is drawing traction of multiple end user industries. Another important influencer of the market is growing adoption of “no solvent” approach that substitutes all solvents with water.
Increased importance of sustainable production methods, as well as rising awareness of occupational and environment hazard prevention are estimated to prominently influence the growth of global halogenated solvent cleaners market.
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