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Solvents Market

Solvents Market Size, Share & Trends Analysis Report By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), By Region, And Segment Forecasts, 2023-2031

Report ID : 1738 | Published : 2023-04-18 | Pages: 180 | Format:

The Global Solvents Market Size is valued at 23.46 billion in 2022 and is predicted to reach 39.67 billion by the year 2031 at a 6.22% CAGR during the forecast period for 2023-2031.

Solvents have many applications in the home, the workplace, and research. With the transportation business rising steadily in recent years, the demand for solvents is also increasing. Another factor driving market expansion is the increased use of microbe solvents.

Solvents Market

Growing customer awareness of the detrimental effects of solvents on the environment, combined with stringent regulations devised by governments across regions to mitigate these effects, is projected to limit market expansion. As a result, manufacturers increasingly turn to bio-based solvents, deemed greener and less hazardous to the environment. Bio-based solvents are increasingly being used in product formulations. Their quality, however, is often modest. The paints and varnishes industry is primarily encouraging these solvents and is seeking to create bio-based alternatives further to minimize the usage of hazardous and toxic compounds. 

Recent Developments:

  • In November 2021-Asian Paints announced a USD 128 million investment to increase its manufacturing capacity in India from 1,30,000 KL to 250,000 KL.
  • In 2022-Berger Paints invested USD 39 million to establish a new plant in India. 

Competitive Landscape:

Some of the Solvents market players are:

  • Arkem
  • Ashland Inc.
  • BASF SE
  • BioAmber
  • BP
  • Celanese Corporation
  • Top Solvent
  • Chevron Phillips Chemical
  • Dow
  • Eastman Chemical Company
  • Exxon Mobil Corporation
  • Flotek Industries
  • Honeywell International
  • Huntsman International LLC.
  • INEOS Group
  • Invista
  • LyondellBasell Industries Holdings B.V.
  • Monument Chemical
  • Royal Dutch Shell plc
  • Shell Chemicals
  • Solvay

Market Segmentation:

The solvents market is segmented based on product and application. Based on product, the market is segmented as hydrocarbons, alcohol, esters, ketones, chlorinated and others. By application, the market is segmented into printing inks, paints and coatings, pharmaceuticals, adhesives, cosmetics, and others. 

Based On Product, The Ketones Segment Is A Major Contributor In The Solvents Market

The ketones category will hold a major share of the global Solvents market in 2022. The use of methyl ethyl ketone, acetone, and methyl ethyl ketone are used in various applications such as sealants, paint and varnish, cleansers, heterogeneous catalysis, and printing inks has contributed to this increase. Furthermore, the progressive transition toward water-borne paints and coatings has hindered ketones' growth due to increased scrutiny by numerous environmental agencies for VOC (volatile organic compound) pollutants from solvent-based paints and coatings.

The Printing Ink Segment Witnessed Growth At A Rapid Rate

The printing inks segment is projected to grow rapidly in the global Solvent market. Its expansion might be ascribed to the rising demand for printing inks in the packaging and advertising industries. Additionally, developments in manufacturing technology, case-ready packaging, and enhanced packaging practices are expected to benefit the printing ink market. Furthermore, developments in commercial food technology in the United States and Europe are predicted to boost the expansion of the ready meals industry, pushing demand for printing inks and, in turn, increasing the need for solvents, especially in countries such as the US, Germany, UK, China, and India.

The North American Solvents Market Holds A Significant Revenue Share In The Region

The North American Solvents market is projected to register the highest market share due to increased urban and industrial development. Rising car consumption will likely boost the expansion of the region's solvent industry. Furthermore, a substantial expansion in building and construction activities and rising vehicle demand will likely drive the need for solvents in the paints and coatings application. Asia Pacific region is projected to grow faster in the market. This is due to the region's growing demand for solvents in agricultural chemicals, personal care & aesthetics, and residential care. Increasing urbanization and changing lifestyles further drive the region's rapid expansion. In addition, the region's personal care market is expanding, fuelling the solvents market's growth. 

Solvents Market Report Scope:

Report Attribute

Specifications

Market size value in 2022

USD 23.46 Bn

Revenue forecast in 2031

USD 39.67 Bn

Growth rate CAGR

CAGR of 6.22 % from 2023 to 2031

Quantitative units

Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Product And Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Ashland, ExxonMobil, Huntsman, Arkema, LyondellBasell, BP, INEOS, Honeywell International, Solvay, Eastma Chemical, Chevron Phillips Chemical, Celanese, Top Solvent, BioAmber, Flotek Industries, Invista, Monument Chemical.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Solvents Market Snapshot

Chapter 4. Global Solvents Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:

5.2.1. Oxygenated Solvents

5.2.1.1. Alcohols

5.2.1.1.1. Methanol
5.2.1.1.2. Ethanol
5.2.1.1.3. Propanol
5.2.1.1.4. Butanol

5.2.1.2. Glycols

5.2.1.2.1. Ethylene Glycols
5.2.1.2.2. Propylene Glycols

5.2.1.3. Glycol Ethers

5.2.1.3.1. E-series Glycol Ethers
5.2.1.3.2. P-series Glycol Ethers
5.2.1.3.3. Butyl Glycol Ethers

5.2.1.4. Ketones

5.2.1.4.1. Acetone
5.2.1.4.2. MEK
5.2.1.4.3. MIBK

5.2.1.5. Esters

5.2.1.5.1. Ethyl Acetate
5.2.1.5.2. Butyl Acetate

5.2.2. Hydrocarbon Solvents

5.2.2.1. Aliphatic Solvents

5.2.2.2. Aromatic Solvents

5.2.2.2.1. Toluene
5.2.2.2.2. Xylene
5.2.2.2.3. Ethyl Benzene

5.2.3. Halogenated Solvents

5.2.3.1.1. Methylene Chloride
5.2.3.1.2. Trichloroethylene
5.2.3.1.3. Perchloroethylene

5.2.3.2. Acetic Acid

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Paints & Coatings
6.2.2. Pharmaceuticals
6.2.3. Adhesives
6.2.4. Printing Inks
6.2.5. Metal Cleaning
6.2.6. Personal Care
6.2.7. Polymer Manufacturing
6.2.8. Agricultural Chemicals
6.2.9. Others

Chapter 7. Solvents Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2023-2031
7.1.2. North America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2023-2031
7.1.3. North America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2023-2031

7.2. Europe

7.2.1. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2023-2031
7.2.2. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2023-2031
7.2.3. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2023-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2023-2031
7.3.2. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2023-2031
7.3.3. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2023-2031

7.4. Latin America

7.4.1. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2023-2031
7.4.2. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2023-2031
7.4.3. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2023-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2023-2031
7.5.2. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2023-2031
7.5.3. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2023-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. Arkem
8.2.2. Ashland Inc.
8.2.3. BASF SE
8.2.4. BioAmber
8.2.5. BP
8.2.6. Celanese Corporation
8.2.7. Top Solvent
8.2.8. Chevron Phillips Chemical
8.2.9. Dow
8.2.10. Eastman Chemical Company
8.2.11. Exxon Mobil Corporation
8.2.12. Flotek Industries
8.2.13. Honeywell International
8.2.14. Huntsman International LLC.
8.2.15. INEOS Group
8.2.16. Invista
8.2.17. LyondellBasell Industries Holdings B.V.
8.2.18. Monument Chemical
8.2.19. Royal Dutch Shell plc
8.2.20. Shell Chemicals
8.2.21. Solvay
8.2.22. Other Prominent Players

Segmentation of Solvents Market-

Solvents Market By Product-

  • Oxygenated Solvents
    • Alcohols
      • Methanol
      • Ethanol
      • Propanol
      • Butanol
    • Glycols
      • Ethylene Glycols
      • Propylene Glycols
    • Glycol Ethers
      • E-series Glycol Ethers
      • P-series Glycol Ethers
      • Butyl Glycol Ethers
    • Ketones
      • Acetone
      • MEK
      • MIBK
    • Esters
      • Ethyl Acetate
      • Butyl Acetate
    • Hydrocarbon Solvents
      • Aliphatic Solvents
      • Aromatic Solvents
        • Toluene
        • Xylene
        • Ethyl Benzene
      • Halogenated Solvents
        • Methylene Chloride
        • Trichloroethylene
        • Perchloroethylene
      • Acetic Acid

Solvents Market

Solvents Market By Application-

  • Paints & Coatings
  • Pharmaceuticals
  • Adhesives
  • Printing Inks
  • Metal Cleaning
  • Personal Care
  • Polymer Manufacturing
  • Agricultural Chemicals
  • Others

Solvents Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Solvents Market?

Solvents Market expected to grow at a 6.22% CAGR during the forecast period for 2023-203

Ashland, ExxonMobil, Huntsman, Arkema, LyondellBasell, BP, INEOS, Honeywell International, Solvay, Eastma Chemical, Chevron Phillips Chemical

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