Solvents Market By Source (Petrochemical, Bio-based); By Product Type (Oxygenated Solvents, Hydrocarbon Solvents); By Application (Paints & Coatings, Printing Inks, Metal Cleaning, Personal Care, Polymer Manufacturing, Pharmaceuticals, Adhesives, Agricultural Chemicals, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Solvents Market Overview and Definition
Global solvents market witnessed a market value of USD 38.2 billion in 2022 and is estimated to reach USD 68.5 billion in 2032, registering a compound annual growth rate (CAGR) of 6% between 2023 and 2032. Solvents are chemicals that are used to dissolve or dilute other substances, typically solids, liquids, or gases, in order to create a solution. Solvents are widely used in various industries, such as manufacturing, pharmaceuticals, cosmetics, and cleaning, among others. Some common solvents include water, alcohols, hydrocarbons, and ethers.
The solvents market includes the production, sale, and distribution of solvents for various industrial and commercial applications. Solvents can be classified based on their chemical properties and uses, such as polar and nonpolar solvents, hydrophilic and hydrophobic solvents, and organic and inorganic solvents, among others.
The global solvents market has been growing steadily over the years, driven by the increasing demand for solvents in various industrial applications, such as manufacturing, automotive, and construction. The market includes various types of solvents, such as oxygenated solvents, hydrocarbon solvents, and halogenated solvents, among others. Popular solvent manufacturers include BASF SE, Dow Chemical Company, ExxonMobil Chemical, and Royal Dutch Shell plc, among others. However, it is worth noting that some solvents can have negative environmental and health impacts, and there is a growing trend towards the use of safer and more sustainable solvents in various industries.
A solvent is a chemical substance that dissolves a solute, resulting in a solution and is usually done without chemically changing either the solvents or other materials. There are two variants of solvents, namely conventional and organic. Usually a liquid, they can also be a solid, a gas, or a supercritical fluid. The quantity of solute that can dissolve in a specific volume of solvent varies with temperature. Water is a solvent for polar molecules and the most common solvent called as ‘universal solvent’; all the ions and proteins in a cell are dissolved in water within the cell.
Solvents help to clean, apply, process, or separate materials and accordingly find various applications in chemical, pharmaceutical, oil, and gas industries, including in chemical syntheses and purification processes for use in paints, paint removers, inks, adhesives, dry cleaning, agricultural chemicals and polymer manufacturing.
These solvents play a major role in industrial production. The global solvents market is expected to register growth at a steady CAGR in the coming years.
Solvents Market Drivers
The growth of this market is attributed towards major pertaining factors including the upscaling demand of solvents from paints, coating, printing inks, pharmaceutical, adhesives, and other end-use sectors, high demand for solvents from home care and personal care products as well as from agricultural chemicals applications, the increasing environmental regulations for greener substitutes in developed countries for producing them at lower emissions and less toxicity, rising environmental concerns leading to stringent regulation on the emission of VOC compounds and the robust growth in the construction sector, particularly in emerging countries.
Moreover, there are plenty of research and development activities taking place all around the globe by players and scientists for introduction of newly advanced solvents. For instance, research by scientists from Queen's University Belfast on ionic liquid chemistry has been named the 'Most Important British Innovation of the 21st Century'. A team of nearly 100 scientists are currently exploring the potential of ionic liquids at Queen's. Popularly known as 'super solvents', they are salts that remain liquid at room temperature and do not form vapors. They can be used as non-polluting alternatives to conventional solvents and are revolutionizing chemical processes by offering a much more environmentally friendly solution than traditional methods.
Furthermore, the rising regulatory pressure for the use of organic solvents, which are eco friendly in nature, growth in residential and infrastructure sector in developing nations, the growing demand for solvents from the agricultural chemicals sector, decreasing prices of crude oil globally, the increasing demand from the automotive industries. are additional factors contributing in the fueling of growth of this market.
However, the solvents market is expected to be adversely impacted due to the disturbance in the global supply chain due to the COVID-19 outbreak. The market is highly dependent on the growth in construction, automotive, shipbuilding, aircraft manufacturing as solvents are used in paints & coatings applications in these sectors. The demand for paints & coatings has declined in the first quarter of this year, mainly due to the outbreak of COVID-19, thereby hitting the demand for solvents.
Also, high production cost, performance problems, various health hazards related to solvents, environmental issues, the unstable crude oil prices and the limited technological expansion in bio and green solvents markets are a few factors that hamper the growth of this market.
Solvents Market Segmentation
By Source
- Petrochemical
- Bio-based
By Product Type
- Oxygenated Solvents
- Alcohols
- Glycols
- Glycol Ethers
- Ketones
- Esters
- Hydrocarbon Solvents
- Aliphatic Solvents
- Aromatic Solvents
- Halogenated Solvents
- Acetic Acid
By Application
- Paints & Coatings
- Printing Inks
- Metal Cleaning
- Personal Care
- Polymer Manufacturing
- Pharmaceuticals
- Adhesives
- Agricultural Chemicals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Solvents Market Regional Insights
The Asia Pacific region is the largest and the fastest growing regional market for solvents and is expected to continue to dominate in the near future as well owing to factors such as the increasing demand for solvents in agricultural chemicals, personal care & cosmetics, and home care segments in the region, rapid urbanization, growing populace along with changing lifestyle in the region, increasing spending on construction coupled with growing end-use industries such as paints and coating and adhesives in the region, rising demand for automobiles and also food products in the region. The major contributors in the region include India and China.
The North American region is the second largest regional market for solvents followed by Europe. The growth can be attributed to the rise in the construction and automotive industries, technological advancements, rapid industrialization, growth in the manufacturing sector in the region, the rapidly increasing number of green initiatives taken by regulatory bodies in the region, emergence of bio-based solvents, and the rising awareness among consumers related to benefits of environment friendly products in the region. The major contributing country in the region is the U.S.
Solvents Market Key Players
- Archer-Daniels-Mildland
- Exxon Mobil Corporation
- Shell Chemicals
- Celanese Corporation
- Eastman Chemical Company
- LyondellBasell Industries Holdings
- Ashland Global Holdings Inc.
- Maruzen Petrochemical Co. Ltd
- Huntsman Corporation
- Royal Dutch Shell Plc
- The Dow Chemical Company
- Honeywell International Inc.
- INEOS AG
- BASF SE
- Solvay Chemicals
- Other Players
RECENT DEVELOPMENTS:
- In November 2020, AGC Chemicals Americas offered AMOLEA AT2 and the AsahiKlin AE-3000 series of fluorinated cleaning solvents for metal components like valves, bearings, seals and gaskets, as well as printed wiring assemblies. These new fluorinated solvents are said to be ideal replacements for traditional solvents such as n-propyl bromide and trichloroethylene, which are both currently undergoing risk evaluation under the Toxic Substances Control Act (TSCA) by the U.S. Environmental Protection Agency (EPA).
- In December 2020, the specialties producer Elementis reportedly inked a deal with Nxtlevvel Biochem to develop, make, and sell biobased products, starting with two solvents for industrial paints and coatings. The solvents, which act as coalescing agents, are said to launch early next year.
Timeline Considered for Analysis:
- 2022: Base Year
- 2023 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global solvents market by the following segments:
- Source
- Product Type
- Application
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Solvents Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2023-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 5th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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