Upscaling demand for solvents from paints, coating, printing inks, dyes, metal finishing, pharmaceutical, adhesives, and other end-use sectors is driving the market growth. Rising environmental concerns leading to stringent regulation on the emission of VOC compounds is generating high demand for biobased solvents. In addition to this, Low production cost, the cost-effective and eco-friendly alternative is further gaining demand for green solvents.
The latest report by Value Market Research expects the Global Solvent Market to reach USD 59.57 BN by 2030. It was valued at USD 33.4 BN in 2022 The report foresees a 7.5% CAGR from 2023 to 2030
ALCOHOL DOMINATED THE PRODUCT SEGMENT
On the basis of product, alcohol emerged as the leading product in 2022. Upsurging demand for various alcohols and their derivatives in a diverse areas of application such as in chemical, paints and coating, pharmaceutical, manufacturing, and many more industries are driving the segment growth.
PAINTS AND COATINGS HAS LED THE APPLICATION SEGMENT
By application, paints and coatings dominated the segment in 2022. Expanding the printing industry along with growing global demand for varnishes, dyes, inks, and metal finishing is generated high demand for solvents. Rising usage of paints & coating from architectural, construction, automotive, and other end-use industries is boosting the market growth.
ASIA PACIFIC ACCOUNTED FOR MAJOR MARKET SHARE
Geographically, Asia Pacific held the highest market share and dominated the market in 2022. Ongoing construction and refurbishment activities of residential and commercial infrastructure are driving the regional market. The extensive usage of paint & coating in construction activities has contributed immensely to the growth of the solvent market.
KEY PLAYERS OF THE MARKET
Major players of the solvent market are Ashland Inc., BASF SE, Celanese Corporation, Dow Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Ineos A.G., Maruzen Petrochemical, Sasol Solvents, Shell Chemical, and Solvay Chemicals.
As per this study the Global Solvents Market was valued USD 33.4 BN (by revenue) in 2022 and is anticipated to reach USD 59.57 BN by 2030 with a CAGR of 7.5%. By volume, the market was estimated XX Kilo Tons in 2022 and is expected to reach XX Kilo Tons by 2030 with a CAGR of XX%.
Solvents refer to a class of chemical compounds which are used to dissolve or suspend the other materials. Perhaps, water is the most common solvent used in everyday life and some of the solvents are also organic compounds, such as benzene, tetrachloroethylene, or turpentine. Solvents composed of polar molecules, like water, and dissolve other polar molecules, such as table salt, while nonpolar solvents, such as gasoline, dissolve nonpolar substances such as wax. The degree that a solvent dissolves in a given solute is referred to as its solubility. For example, Ethyl alcohol is highly soluble in water and Vinegar is very insoluble in oil.
Market Dynamics
Developing automotive and construction sectors all over the world are the major reasons anticipated to drive the demand for solvents across paints and coatings application. Apart from this, growth in consumer-oriented markets such as cleaning products, cosmetics, and toiletries will also stimulate demand for “green” solvents, such as butanediol derivatives, terpenes, and alcohols. Further, commencement of green & bio-solvents and ongoing research and development are likely to offer new opportunities for the growth of the global solvents market in the years to come.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of solvents.
Market Segmentation
The broad solvents market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
By Application
- Paints & Coatings
- Printing Inks
- Pharmaceuticals
- Cosmetics & Adhesives
- Other (Deicing, Cleaning Agent Etc.)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for solvents in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Solvents Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Solvents market includes BASF SE, Dow, Shell Chemicals, Exxon Mobil Corporation, Celanese Corporation, Eastman Chemical Company, Honeywell International Inc., Huntsman International LLC., INEOS, LyondellBasell Industries Holdings B.V., Solvay. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.