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 regulatory driver is the most important driver for the exempt solvents market. Thisdriver covers all the regulations related to exempt solvents that are imposed by the government on the manufacturers. The major regulations related to exempt solvents include the Volatile Organic Compounds (VOCs) Rule, Clean Air Act Amendments (CAAA), and Renewable Fuel Standard (RFS). The VOCs Rule regulates the volatile organic compounds that are emitted from consumer products. The CAAA regulates emissions of air pollutants from stationary sources such as factories and power plants. The RFS mandates the use of renewable fuels in transportation sector.
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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