-- According to the report published by Allied Market Research, the California industrial degreasing solvents market generated $7.1 million in 2019, and is expected to reach $8.9 million by 2027, witnessing a CAGR of 2.8% from 2020 to 2027. The report offers a detailed analysis of changing market dynamics, competitive scenario, top segments, key investment pockets, value chain, and regional landscape.
Rise in average age of vehicles and surge in demand for water-based degreasers drive the growth of the California industrial degreasing solvents market. However, increase in environmental and health concerns regarding solvent-based degreasers hinders the market growth. On the other hand, emergence of the electronics sector presents new opportunities in the coming years.
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Covid-19 Scenario:
• Manufacturing activities of different types of products stopped partially or completely due to lockdown imposed by governments in many countries. In addition, raw material shortage occurred.
• As daily operations in the end-use industries such as paints, coatings, automotive, and others halted, the demand for industrial degreasing solvents reduced. However, the demand would grow steadily during the post-lockdown.
The report offers detailed segmentation of the California industrial degreasing solvents market based on product and end-use industry.
Based on product, the oxygenated degreasing solvent segment accounted for the highest market share in 2019, contributing to more than two-fifths of the total market share, and is estimated to maintain its leadership status during the forecast period. However, the green degreasing solvent segment is expected to manifest the highest CAGR of 4.4% from 2020 to 2027.
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Based on end-use industry, the automotive repair and maintenance segment held the highest share in 2019, accounting for more than one-fifth of the California industrial degreasing solvents market, and is projected to maintain its lead position during the forecast period. However, the pharmaceutical and medicine manufacturing segment is expected to witness the fastest CAGR of 4.2% from 2020 to 2027.
Leading players of the California industrial degreasing solvents market analyzed in the research include BASF SE, Royal Dutch Shell Plc, RB Products, Inc., Jayne Products, Wego Chemical Group, CRC Industries, Inc., Keteca Water Works, LyondellBasell Industries N.V., Columbus Chemical Industries, Honeywell International Inc., Dow Inc., Arkema, and Eastman Chemical Company.
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