Malaysia Solvents Market Size Forecast to Reach $185.4 Million by 2026
Rapid Growth in the Build & Construction Along With the Growing Transportation Sector in Malaysia Is Driving the Market Growth for Solvents.
(EMAILWIRE.COM, January 30, 2022 ) Malaysia Solvents market size is forecast to reach US$185.4 million by 2026, after growing at a CAGR of 6.6% during 2021-2026. Solvents are generally available in a liquid state but they are also available in solid or gaseous forms. Ethylene glycols and ethyl acetate are the organic compounds finds its usage in paints & coatings, chemical manufactuirng, and other industries.Solvents are used for different applications in domestic, commercial, and research purposes. The growing demand for solvents from various industries such as transportation, pharmaceutical, personal care, and agriculture among others. The growing construction activities in Malaysia are also supporting the market growth during the forecast period. The growing demand for solvents from the paints & coatings sector along with the growing usage of paints & coatings among end-use industries is also driving the market positively. The rising disposable income and consumer spending as well as steady industrial growth in Malaysia are the key factors supporting the market growth during the forecast period. However, Stringent regulatory policies regarding the usage of solvents are likely to hamper the market growth during the forecast period.
COVID-19 Impact
The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the chemical industry. The temporary shutdown of chemical manufacturing facilities has negatively impacted the market. The downfall in the production of solvents, disruption of logistical services, and lack of workforce impacted the market negatively during the covid-19 crises. Travel restrictions have reduced the supply of raw materials required for the manufacturing of solvents, which, in turn, has affected negatively the market growth during the pandemic.
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Malaysia Solvents Market Segment Analysis - By Source
The petroleum based source segment accounted for 76.8% of the market share in 2020 by revenue and is estimated to grow at a significant CAGR during the forecast period. The majority of Solvents are derived from petroleum and synthetic chemicals. Petroleum solvents are generally made up of liquid hydrocarbon derived from petroleum and petroleum by-products. These products are widely preferred in various industrial applications because of their effectiveness, low cost, and ready availability. The natural source segment is expected to grow at a high CAGR during the forecast period. Manufacturers of solvents are adopting natural sources for developing solvents. Naturally, derived solvents are environmentally friendly and show less impact on human health.
Malaysia Solvents Market Segment Analysis - By Type
The organic solvents segment accounted for the largest share of 90.3% in 2020 by revenue eand is estimated to grow at a significant CAGR during the forecast period. Organic solvents are widely preferred in traditional applications, such as dry cleaning, paints & coatings, adhesives, and chemical processing among others. Organic solvents contain a carbon-based molecular structure. Organic solvents offer various properties such as are volatile, exhibit a low boiling point, and they have lower molecular weights among others. The oxygenated solvents type of organic solvents segment is expected to hold a major share in the Malaysia Solvents market during the forecast period. Oxygenated solvents contain carbon atoms, hydrogen atoms, and oxygen atoms. Oxygenated solvents have high purity, good solvency power, and are they can easily mix with water. These are some of the major properties driving the market for oxygenated solvents during the forecast period.
Malaysia Solvents Market Segment Analysis - By End-Use industry
The paints & coatings segment accounted for 37.7% of the market share in 2020 by revenue and is estimated to grow at a significant CAGR during the forecast period. The growing construction industry is positively driving the market for paints & coatings industry which is further driving the market for solvents during the forecast period. The growing demand for protective coatings from transportation sectors is also driving the market for Malaysian solvents market. According to the Malaysian Automotive Association, the Malaysian total vehicle production reached 529,434 units in 2020.
Malaysia Solvents Market Drivers:
Growing demand from building & construction industry
Rapid growth in the build & construction along with the growing transportation sector in Malaysia is driving the market growth for solvents. The growth in the construction industry is driving the market for paints & coatings which is further driving the market for solvents in Malaysia. According to trading economics, the Malaysian construction industry is expected to register a 4.5% growth rate between 2019-2024. The Malaysian government has made considerable progress to expand and modernized its infrastructures throughout the country. In March 2020, the Malaysian government allocated USD 472.8 million to infrastructure development projects.
The growing transportation sector in Malaysia
The transportation sector plays an important role in the Malaysian economy. The transportation sector in Malaysia includes automotive, aerospace, railways, and marine. The growing demand for protective coatings in transporation sector is driving the market growth. The large population and strong domestic demand are driving positive growth for transportation activities which is further driving the market for solvents. According to the Malaysian Automotive Association, in 2019, approximately 572,000 passenger cars and commercial vehicles were manufactured and assembled in Malaysia. The aerospace industry is one of the rapidly growing industries in Malaysia. The country has several aerospace parks namely, Senai Airport Aviation Park, Subang Aerotech Park, Nusajaya Tech Park, UMW High-Value Manufacturing Park, and Kulim Hi-Tech Park among others. According to the data published by the Malaysian Investment Development Authority (MIDA), the aerospace sub-sector investments reached RM 15.1 billion in 2019, which includes RM 10.7 billion foreign investments and RM4.4 billion domestic investments.
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Malaysia Solvents Market Challenges:
Health Effects
Petrochemical-based solvents cause many short-term and long-term health-related problems. Some of the short-term related health problems include severe headaches, hallucinations, prolonged sniffing, blackouts, sickness, and dizziness among others. Long-term effects include damage to the kidneys, brain, heart, and liver among others. Some solvents can cause the lungs to freeze and cause suffocation. Some of the most hazardous solvents include benzene, carbon disulfide, and carbon tetrachloride among others. Benzene solvents may cause irregularities in the heartbeat which leads to hearth related problems. These are some of the major challenges hampering the market growth during the forecast period.
Malaysia Solvents Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Malaysia Solvents market. Major players in the Malaysia Solvents market are PETRONAS Chemicals Group Berhad, Lotte Chemical Titan, Ancom Berhad, Royal Dutch Shell, BASF SE, Arkema Sdn Bhd, Idemitsu Kosan, ExxonMobil Chemical Malaysia Sdn Bhd, DAIREN CHEMICAL (M) SDN. BHD., British Petroleum, and others.
Related Reports:
A. Solvent Market
https://www.industryarc.com/Report/15267/solvents-market.html
B. Green Solvents & Bio Solvents Market
https://www.industryarc.com/Report/11696/green-solvents-biosolvents-market.html
For more Chemicals and Materials Market related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
COVID-19 Impact
The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the chemical industry. The temporary shutdown of chemical manufacturing facilities has negatively impacted the market. The downfall in the production of solvents, disruption of logistical services, and lack of workforce impacted the market negatively during the covid-19 crises. Travel restrictions have reduced the supply of raw materials required for the manufacturing of solvents, which, in turn, has affected negatively the market growth during the pandemic.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19578
Report Price: $4500 (Single User License)
Malaysia Solvents Market Segment Analysis - By Source
The petroleum based source segment accounted for 76.8% of the market share in 2020 by revenue and is estimated to grow at a significant CAGR during the forecast period. The majority of Solvents are derived from petroleum and synthetic chemicals. Petroleum solvents are generally made up of liquid hydrocarbon derived from petroleum and petroleum by-products. These products are widely preferred in various industrial applications because of their effectiveness, low cost, and ready availability. The natural source segment is expected to grow at a high CAGR during the forecast period. Manufacturers of solvents are adopting natural sources for developing solvents. Naturally, derived solvents are environmentally friendly and show less impact on human health.
Malaysia Solvents Market Segment Analysis - By Type
The organic solvents segment accounted for the largest share of 90.3% in 2020 by revenue eand is estimated to grow at a significant CAGR during the forecast period. Organic solvents are widely preferred in traditional applications, such as dry cleaning, paints & coatings, adhesives, and chemical processing among others. Organic solvents contain a carbon-based molecular structure. Organic solvents offer various properties such as are volatile, exhibit a low boiling point, and they have lower molecular weights among others. The oxygenated solvents type of organic solvents segment is expected to hold a major share in the Malaysia Solvents market during the forecast period. Oxygenated solvents contain carbon atoms, hydrogen atoms, and oxygen atoms. Oxygenated solvents have high purity, good solvency power, and are they can easily mix with water. These are some of the major properties driving the market for oxygenated solvents during the forecast period.
Malaysia Solvents Market Segment Analysis - By End-Use industry
The paints & coatings segment accounted for 37.7% of the market share in 2020 by revenue and is estimated to grow at a significant CAGR during the forecast period. The growing construction industry is positively driving the market for paints & coatings industry which is further driving the market for solvents during the forecast period. The growing demand for protective coatings from transportation sectors is also driving the market for Malaysian solvents market. According to the Malaysian Automotive Association, the Malaysian total vehicle production reached 529,434 units in 2020.
Malaysia Solvents Market Drivers:
Growing demand from building & construction industry
Rapid growth in the build & construction along with the growing transportation sector in Malaysia is driving the market growth for solvents. The growth in the construction industry is driving the market for paints & coatings which is further driving the market for solvents in Malaysia. According to trading economics, the Malaysian construction industry is expected to register a 4.5% growth rate between 2019-2024. The Malaysian government has made considerable progress to expand and modernized its infrastructures throughout the country. In March 2020, the Malaysian government allocated USD 472.8 million to infrastructure development projects.
The growing transportation sector in Malaysia
The transportation sector plays an important role in the Malaysian economy. The transportation sector in Malaysia includes automotive, aerospace, railways, and marine. The growing demand for protective coatings in transporation sector is driving the market growth. The large population and strong domestic demand are driving positive growth for transportation activities which is further driving the market for solvents. According to the Malaysian Automotive Association, in 2019, approximately 572,000 passenger cars and commercial vehicles were manufactured and assembled in Malaysia. The aerospace industry is one of the rapidly growing industries in Malaysia. The country has several aerospace parks namely, Senai Airport Aviation Park, Subang Aerotech Park, Nusajaya Tech Park, UMW High-Value Manufacturing Park, and Kulim Hi-Tech Park among others. According to the data published by the Malaysian Investment Development Authority (MIDA), the aerospace sub-sector investments reached RM 15.1 billion in 2019, which includes RM 10.7 billion foreign investments and RM4.4 billion domestic investments.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=19578
Malaysia Solvents Market Challenges:
Health Effects
Petrochemical-based solvents cause many short-term and long-term health-related problems. Some of the short-term related health problems include severe headaches, hallucinations, prolonged sniffing, blackouts, sickness, and dizziness among others. Long-term effects include damage to the kidneys, brain, heart, and liver among others. Some solvents can cause the lungs to freeze and cause suffocation. Some of the most hazardous solvents include benzene, carbon disulfide, and carbon tetrachloride among others. Benzene solvents may cause irregularities in the heartbeat which leads to hearth related problems. These are some of the major challenges hampering the market growth during the forecast period.
Malaysia Solvents Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Malaysia Solvents market. Major players in the Malaysia Solvents market are PETRONAS Chemicals Group Berhad, Lotte Chemical Titan, Ancom Berhad, Royal Dutch Shell, BASF SE, Arkema Sdn Bhd, Idemitsu Kosan, ExxonMobil Chemical Malaysia Sdn Bhd, DAIREN CHEMICAL (M) SDN. BHD., British Petroleum, and others.
Related Reports:
A. Solvent Market
https://www.industryarc.com/Report/15267/solvents-market.html
B. Green Solvents & Bio Solvents Market
https://www.industryarc.com/Report/11696/green-solvents-biosolvents-market.html
For more Chemicals and Materials Market related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Contact Information:
IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results