In terms of value, the industrial cleaning solvents market is estimated to grow from USD 1.1 billion in 2022 to USD 1.4 billion by 2028, at a CAGR of 4.3%. The main drivers which are driving the industrial cleaning solvents market are fast industrial development, hygiene initiative at place of work, and mounting demand from end-use industries for cleaning applications.
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The key players profiled in the report Exxon Mobil Corporation (US), Shell plc (UK), BASF SE (Germany), Dow Inc. (US), and LyondellBasell Industries N.V. (US). The major market players have given a high priority on incorporating new technologies to keep up with the changing demands of the industrial cleaning solvents around the world. To develop their market position in the industry, these players have adopted a range of growth strategies such as initiating new product development, forming collaborations and partnerships, acquiring other companies, and expansions. These tactics have been utilized to develop their market share in the industrial cleaning solvent industry.
BASF SE is one of the world’s largest chemical companies, with a broad range product portfolio. Overall, its product range serves various industries including agriculture, automotive & transportation, chemicals, coating solutions, furniture & wood, home care and cleaning, nutrition, packaging & prints, paint & coatings, leather & footwear construction, electronics & electric, energy & resources, pharmaceuticals, plastics & rubber, pulp & paper, textile, and personal care & hygiene industries. It offers industrial cleaning solvents for various applications such as metal cleaning, disinfection, commercial laundry and others. The company has its presence in 91 countries and operates at 239 production sites across regions. In March 2022, BASF planned to built a new production site to increase the production capacity of its alkylethanolamines portfolio.
Exxon Mobil Corporation is one of the world’s largest publicly traded oil & gas companies. Through its chemical products business segment, it offers industrial cleaning solvents. These cleaning solvents are used in various end-use industries such as manufacturing & commercial offices, automotive & aerospace, food processing, healthcare, hospitality and others. Likewise, the company has strong R&D capabilities, which help know customers well. The company is focusing on improvements, sustained investments, and technological advancements. It has a extensive worldwide presence in almost all key countries.
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Shell Plc, formerly known as Royal Dutch Shell Plc, is a petrochemical and energy company. Also, it is one of the six oil & gas “supermajors” and one of the world’s most valuable companies. It operates through five business segments, and chemicals business segment offers industrial cleaning solvents. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American regions. It is also increasing its global foothold to achieve a strong customer base in emerging as well as developed markets.
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