Global Solvents Market Size is valued at USD 25.8 Bn in 2024 and is predicted to reach USD 47.4 Bn by the year 2034 at a 6.4% CAGR during the forecast period for 2025-2034.
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.
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.
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 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 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.
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Report Attribute |
Specifications |
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Market size value in 2024 |
USD 25.8 Bn |
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Revenue forecast in 2034 |
USD 47.4 Bn |
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Growth rate CAGR |
CAGR of 6.4% from 2025 to 2034 |
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Quantitative units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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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 |
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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. |
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, 2024 & 2034
5.2. Market Size (Value (US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2021 to 2034 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, 2024 & 2034
6.2. Market Size (Value (US$ Mn) & Volume (KT) & Forecasts and Trend Analyses, 2021 to 2034 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, 2021-2034
7.1.2. North America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2021-2034
7.1.3. North America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2021-2034
7.2. Europe
7.2.1. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2021-2034
7.2.2. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2021-2034
7.2.3. Europe Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2021-2034
7.3. Asia Pacific
7.3.1. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2021-2034
7.3.2. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2021-2034
7.3.3. Asia Pacific Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2021-2034
7.4. Latin America
7.4.1. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2021-2034
7.4.2. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2021-2034
7.4.3. Latin America Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2021-2034
7.5. Middle East & Africa
7.5.1. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Product Type, 2021-2034
7.5.2. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by Application, 2021-2034
7.5.3. Middle East & Africa Solvents Market Value (US$ Mn) & Volume (KT) Estimates and Forecasts by country, 2021-2034
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
Solvents Market By Product-
Solvents Market By Application-
Solvents Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.
