US Solvents Market

  • June 2014
  • -
  • Freedonia
  • -
  • 320 pages

US demand to rise over 1% per annum through 2018

A robust recovery in US construction spending along with the continued rebound in manufacturing output will drive advances in US solvent demand at a greater than one percent annual pace through 2018. Strength in both nonresidential and residential building construction will stimulate not only direct solvent use in construction related activities, but also increased solvent demand in paint and coatings and other construction related materials. Solvent use in a variety of manufacturing applications, but most notably in chemical processing, will be supported in part by comparatively low natural gas prices that will help boost the competitiveness of US manufacturers. The collapse of the housing market and subsequent deep recession resulted in a sharp drop in solvent demand in nearly all applications. This will change going forward as an improved fiscal situation for homeowners and businesses alike -- along with an easing in the tight lending standards that have been prevalent since the financial crisis in 2008 -- will result in robust growth in building construction spending. This in turn will benefit not only direct solvent consumption during construction, but also support increased solvent use in paint, coatings, and other construction related materials.

Alcohols, glycols among favored “green” solvents

Steadily increasing concerns about their sustainability and chemical toxicity, as well as external regulatory pressure, will fuel demand for “green” solvents that are derived from renewable raw materials. This will contribute to growth in alcohols and glycols, which will post the largest advances of all solvents. Other “green” solvents such as butanediol, terpenes, and esters will register the fastest demand growth, albeit from much smaller bases. In addition to favoring more eco-friendly solvents, tightening regulatory standards will restrain overall solvent demand growth, as will industry efforts to limit waste and reduce costs by increased solvent recovery and recycling.

Shift to “greener” solvents to affect key markets

Consumer demand for products with low environmental impacts will encourage producers in the cleaning products and cosmetic and toiletry markets to introduce new or reformulated products that make use of “greener” solvents derived from renewable resources. In addition, environmental regulations at both the state and federal levels aimed at reducing volatile organic compound (VOC) emissions will boost glycol-based solvent demand in the paint and coatings market. Similarly, alcohol solvents will exhibit greater demand from the pharmaceuticals market in order to help producers meet strict FDA and EPA regulations. Shifts in demand within the sizable printing inks market will also be affected by the trend toward “greener” solvent products as soy and propanol-based solvents continue to make inroads as replacements for hydrocarbons.

Paint, coatings to surpass transportation as top market

The transportation market will give way to the paint and coatings market as the largest consumer of solvents by 2018. Restrained by lengthening engine coolant flush intervals and increased consumer demand for longer-lasting, less toxic propylene glycol antifreeze, demand for solvents in the transportation market will grow at a below-average pace through 2023. Additionally, solvent recycling operations will provide additional downward pressure on overall solvent demand going forward.

Study coverage

This upcoming Freedonia industry study, Solvents, is priced at $5100. It presents historic demand data (2003, 2008, 2013) plus forecasts (2018, 2023) by product and market. The study also details market environment factors, evaluates company market share and profiles 34 US industry players such as Dow Chemical, Eastman Chemical, Exxon Mobil, LyondellBasell and Shell Chemical.

Table Of Contents

TABLE OF CONTENTS

INTRODUCTION x

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4

General 4
Demographic Trends 5
Macroeconomic Outlook 9
Consumer Spending 13
Manufacturing Outlook 16
Food and Beverage Outlook 21
Chemical Industry Outlook 24
Electronics Industry Outlook 27
Plastics and Rubber Industry Outlook 31
Petroleum Refining Outlook 33
Environmental and Regulatory Issues 35
Air Quality Issues 37
Worker Safety Issues 40
Solvent Recycling 40
Historical Market Trends 41
Pricing Trends 45
International Activity and Foreign Trade 48

III. PRODUCTS 51

Demand Overview 51
Functions 56
Green Solvents 59
Alcohols 62
Ethanol 65
Methanol 69
Isopropanol 72
Butanol 75
Other Alcohols 78
Market Share 81
Glycols 82
Ethylene Glycol 84
Propylene Glycol 87
E-Series Glycol Ethers 91
P-Series Glycol Ethers 94
Dipropylene Glycol 97
Other Glycols 99
Market Share 101
Hydrocarbons 103
Types 107
Producers 108
Ketones 108
Acetone 111
Methyl Ethyl Ketone 114
Methyl Isobutyl Ketone 117
Other Ketones 119
Market Share 121
Esters 122
Ethyl Acetate 124
Butyl Acetate 126
Other Esters 128
Market Share 129
Chlorinated Solvents 130
Methylene Chloride 135
Perchloroethylene 136
Trichloroethylene 137
Other Chlorinated Solvents 138
Markets 139
Market Share 140
Soy Oil and Derivatives 142
Butanediol and Derivative Solvents 144
Butanediol 146
Gamma-Butyrolactone and Derivatives 148
Tetrahydrofuran 150
Market Share 152
Terpenes 153
Other Solvents 155

IV. MARKETS 159

General 159
Transportation 161
Industry Overview 162
Solvents Demand 163
Paint and Coatings 167
Industry Overview 167
Solvents Demand 168
Printing Inks 173
Industry Overview 173
Solvents Demand 176
Cleaning Products 180
Industry Overview 180
Solvents Demand 182
Cosmetics and Toiletries 185
Industry Overview 186
Solvents Demand 189
Adhesives and Sealants 191
Industry Overview 192
Solvents Demand 194
Construction 197
Industry Overview 197
Solvents Demand 200
Chemical Processing 203
Industry Overview 203
Solvents Demand 206
Other Markets 208
Pharmaceuticals 209
Asphalt Production 212
Plastics and Rubber Processing 214
Electronic Components 216
Metal Processing 217
Food and Beverage Processing 219
Petroleum Refining 221
Agricultural Chemicals 223
All Other Markets 224

V. INDUSTRY STRUCTURE 227

General 227
Market Share 230
Industry Restructuring 234
Competitive Strategies 235
Low Cost Leadership 236
Cooperative Agreements 237
Product Differentiation 239
Research and Development 239
Marketing and Distribution 240
Company Profiles 243
Advanced Aromatics, see Monument Chemical
Archer-Daniels-Midland Company 244
Arizona Chemical Company LLC 246
Arkema SA 247
Ashland Incorporated 249
Axiall Corporation 251
BASF SE 253
BP plc 256
Celanese Corporation 257
Chevron Phillips Chemical Company LLC 259
CITGO Petroleum, see Petróleos de Venezuela
Croda International plc 261
Dow Chemical Company 263
DuPont (EI) de Nemours 269
Dynaloy, see Eastman Chemical
Eastman Chemical Company 271
Equistar Chemicals, See LyondellBasell Industries
Exxon Mobil Corporation 275
Flint Hills Resources, see Koch Industries
Florida Chemical, see Flotek Industries
Flotek Industries Incorporated 277
Georgia Gulf, see Axiall
Haltermann Solutions, see Monument Chemical
Honeywell International Incorporated 279
Huntsman Corporation 282
Indorama Corporation 285
INEOS Group AG 287
INVISTA Sarl, see Koch Industries
Koch Industries Incorporated 289
Lonza Group Limited 291
LyondellBasell Industries NV 292
Marathon Petroleum Corporation 297
Methanex Corporation 299
Monument Chemical Incorporated 300
Occidental Petroleum Corporation 302
OXEA Sarl 304
OxyChem, see Occidental Petroleum
PBF Energy Incorporated 305
Petróleos de Venezuela SA 306
Phillips 66 307
Renessenz LLC 309
Royal Dutch Shell plc 310
Sasol Limited 314
Solvay SA 316
Toledo Refining, see PBF Energy
Total SA 319
Valero Energy Corporation 320


LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Population and Households 8
2 Macroeconomic Indicators 13
3 Personal Consumption Expenditures 16
4 Manufacturers’ Shipments 20
5 Food and Beverage Shipments 24
6 Chemical Product Shipments 27
7 Electronic and Computer Product Shipments 31
8 Plastic and Rubber Shipments 32
9 Refined Petroleum Products Supply and Demand 35
10 Solvents Market, 2003-2013 44
11 Solvents Pricing 47
SECTION III -- PRODUCTS
1 Solvents Demand by Product 54
2 Solvents Demand by Function 58
3 Solvents Demand: Conventional vs. Green 61
4 Alcohol Solvents Demand by Type 64
5 Ethanol Solvents Demand 69
6 Methanol Solvents Demand 72
7 Isopropanol Solvents Demand 75
8 Butanol Solvents Demand 78
9 Other Alcohol Solvents Demand 80
10 Glycol Solvents Demand by Type 83
11 Ethylene Glycol Solvents Demand 87
12 Propylene Glycol Solvents Demand 91
13 E-Series Glycol Ether Solvents Demand 94
14 P-Series Glycol Ether Solvents Demand 97
15 Dipropylene Glycol Solvents Demand 99
16 Other Glycol Solvents Demand 101
17 Hydrocarbon Solvents Demand by Type and Market 106
18 Ketone Solvents Demand by Type 110
19 Acetone Solvents Demand 114
20 Methyl Ethyl Ketone Solvents Demand 116
21 Methyl Isobutyl Ketone Solvents Demand 119
22 Other Ketone Solvents Demand 120
23 Ester Solvents Demand by Type 123
24 Ethyl Acetate Solvents Demand 126
25 Butyl Acetate Solvents Demand 127
26 Other Ester Solvents Demand 129
27 Chlorinated Solvents Demand by Type 134
28 Chlorinated Solvents Demand by Market 140
29 Soy Oil and Derivative Solvents Demand 144
30 Butanediol and Derivative Solvents Demand by Type 145
31 Butanediol Solvents Demand 147
32 Gamma-Butyrolactone and Derivatives Solvents Demand 150
33 Tetrahydrofuran Solvents Demand 152
34 Terpenes Solvents Demand By Product and Market 155
35 Other Solvents Demand by Product and market 158
SECTION IV -- MARKETS
1 Solvents Demand by Market 160
2 Transportation Indicators 163
3 Transportation Market for Solvents 166
4 Paint and Coatings Shipments 168
5 Paint and Coatings Market for Solvents 172
6 Printing Inks Shipments 175
7 Printing Inks Market for Solvents 179
8 Cleaning Products Shipments 182
9 Cleaning Products Market for Solvents 185
10 Cosmetics and Toiletries Supply and Demand 188
11 Cosmetics and Toiletries Market for Solvents 191
12 Adhesives and Sealants Shipments 193
13 Adhesives and Sealants Market for Solvents 196
14 Construction Expenditures 200
15 Construction Market for Solvents 202
16 Chemical Product Shipments 205
17 Chemical Processing Market for Solvents 207
18 Other Markets for Solvents 209
19 Pharmaceutical Market for Solvents 212
20 Asphalt Production Market for Solvents 214
21 Plastics and Rubber Market for Solvents 215
22 Electronics Market for Solvents 217
23 Metal Processing Market for Solvents 219
24 Food and Beverage Market for Solvents 221
25 Refined Petroleum Products Market for Solvents 222
26 Agricultural Chemicals Market for Solvents 224
27 All Other Markets for Solvents 226
SECTION V -- INDUSTRY STRUCTURE
1 Solvent Sales by Company, 2013 228
2 Selected Acquisitions and Divestitures 235
3 Selected Cooperative Agreements 238


LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Solvents Demand, 2004-2013 45
SECTION III -- PRODUCTS
1 Solvents Demand by Type, 2013: Volume and Value 55
2 Solvents Demand by Function, 2013 59
3 Conventional vs. Green Solvent Demand, 2003-2013 62
4 Alcohol Solvents Demand by Type, 2013 65
5 Alcohol Solvents Market Share, 2013 81
6 Glycol Solvents Demand by Type, 2013 84
7 Glycol Solvents Market Share, 2013 102
8 Ketone Solvents Demand by Type, 2013 111
9 Ketone Solvents Market Share, 2013 121
10 Ester Solvents Demand by Type, 2013 124
11 Ester Solvents Market Share, 2013 130
12 Chlorinated Solvents Demand by Type, 2013 135
13 Chlorinated Solvents Market Share, 2013 141
14 Butanediol and Derivative Solvents Market Share, 2013 153
SECTION IV -- MARKETS
1 Solvents Demand by Market, 2013 161
SECTION V -- INDUSTRY STRUCTURE
1 US Solvents Market Share, 2013 231

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