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.
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 |
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Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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