The global solvents market size was valued at USD 33.2 Bn in 2022 and is likely to reach USD 52.42 Bn by 2031, expanding at a CAGR of 6.3% during 2023 – 2031. The market growth is attributed to the increasing demand for industrial solvents due to their indispensable utilization across diverse applications.
The high utilization of solvents such as ketones, alcohols, and hydrocarbons in various industries are contributing to market expansion. These chemical substances possess unique ability to dissolve, disperse, or extract other materials without undergoing a chemical reaction. Thus, they are highly utilized in industries such as paints and coatings, pharmaceuticals, adhesives, and chemical manufacturing.
Solvents act as a medium for dissolving or suspending solutes transforming them into a liquid, gaseous, or solid form depending on the intended purpose. In the paints and coatings sector solvents serve as the medium that enables the even dispersion of pigments and resins, resulting in smooth and durable finishes. Moreover, solvents are crucial for extracting active compounds from plant materials or formulating drug solutions in the pharmaceutical industry.
Solvents are used to facilitate the bonding process by dissolving or softening adhesive components, which ensures strong and reliable adhesion. These solvents are also integral in the production of cleaning agents where they effectively dissolve the contaminant substances such as dirt, grease, and oil. Therefore, a rapid surge in the demand for cleaning agents across various industries resulting in boosting the demand for solvents.
The COVID-19 pandemic had a moderate impact on the solvent market. A sharp decline in demand from the paint & coatings and adhesives industries and disruptions in the supply chain due to the lack of timely supply of raw materials slowed down the revenue generation of the market. On the other hand, the demand for hand sanitizers, disinfectants, and cleaning products has increased during the pandemic. This shift in priorities has led to an increase in demand for solvents required in the formulation of sanitizers and disinfectants.
Solvents Market Dynamics
Key Trends
Growing adoption of water-based and green solvents is a major market trend. The demand for eco-friendly products has increased, due to the rising environmental concern. Water-based solvents are less toxic than chemical-based solvents due to their lower VOC (volatile organic compounds) emissions, which further reduces the health risk for on-site workers.
- For instance, on March 28, 2022, Groupe Berkem, a global manufacturer of bio-based chemicals announced the launch of 100% bio-based alkyd resins for the construction paints market. This new bio-based range aimed at the formulation of decorative paints with low environmental impact.
Major Drivers
Rising demand from the paints and coatings industry is expected to drive the market during the projected period. Solvents play a very crucial role in the formulation of paints and coatings, as it helps to control the viscosity of paint formulations. It ensures optimal consistency in paint. Adding solvents in paints enables to adjustment of the thickness of the paint, which is important for different paint methods such as brushing, rolling, or spraying. Furthermore, the solvent has appropriate evaporation rates that contribute to the efficient drying of the paint. This reduces the time required for the coating to reach its desired hardness and durability.
Existing Restraints
Increasing health risks and environmental hazards due to chemical solvents are expected to hinder the market. Chemical solvents are known to be toxic and can pose serious health risks to workers. High exposure to these solvents through inhalation, skin contact, or ingestion can lead to various health issues including respiratory problems, neurological disorders, organ damage, and even cancer.
Emerging Opportunities
The development of VOC-free compounds is likely to create immense opportunities for the key players competing in the market. Manufacturers are focusing on producing and commercializing sustainable and eco-friendly solvent solutions to minimize VOC emissions and environmental impact and improved safety profiles. Furthermore, the development of green solvents with unique properties, including high-performance coating and uniform mixtures ensure consistent quality and cater to the sustainability requirements of industries across various sectors.
Scope of the Solvents Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Solvents Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Alcohols, Ketones, Esters, Aromatic, Aliphatic, and Others), Source (Petrochemical-based and Bio-based), and Application (Paints & Coating, Adhesives, Pharmaceuticals, Cosmetics & Personal Care, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ashland; BASF SE; Celanese Corporation; Chevron Phillips Chemical Company LLC.; Dow; Eastman Chemical Company; Exxon Mobil Corporation; KURARAY CO., LTD.; LyondellBasell Industries Holdings B.V.; Maruzen Petrochemical; Shell International B.V.; and Solvay
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Solvents Market Segment Insights
Type Analysis
Based on type, the solvents market is divided into alcohols, ketones, esters, aromatic, aliphatic, and others. The alcohol segment is expected to hold a major revenue share of the market during the projection period, due to the wide range of applications and excellent solvency power. Alcohols, such as ethanol, methanol, isopropyl alcohol, and butanol are highly versatile solvents that are extensively applicable across various industries.
These ethyl alcohol solvents are widely used in the manufacturing of paints & coatings, pharmaceuticals, personal care products, cleaning agents, and chemicals. Furthermore, alcohol has the ability to dissolve both polar and non-polar compounds, which makes it suitable for diverse formulation requirements. The solvency power enables efficient extraction, dispersion, and blending of various ingredients, which further enhances the performance and functionality of products.
Source Analysis
In terms of source, the market is bifurcated into petrochemical-based and bio-based. The petrochemical-based segment is estimated to hold a key market share during the projected period, owing to their less boiling point, which makes them ideal for acting as a solvent to dissolve various compounds including fat, oil, varnish, and rubber. Petrol ether is affordable compared to others and made from synthetic compounds or petroleum. These solvents are easy to transport due to their lightweight consistency. The segment growth is further attributed to the rising usage in industrial processes to dissolve and suspend other components.
Application Analysis
On the basis of application, the market is segmented into paints & coating, adhesives, pharmaceuticals, cosmetics & personal care, and others. The paints & coating segment is anticipated to expand at a considerable CAGR in the coming years, due to the growing construction activities, urbanization, and infrastructure projects. Solvents play a crucial role in paint formulations, as it dissolves and disperse various components such as pigments, resins, binders, and additives. Chemical ethyl acetate solvents are essential for formulating paints & coatings, as it provides desirable properties such as adhesion, gloss, durability, and resistance to various environmental factors.
Regional Analysis
In terms of region, the global solvents market is categorized into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projected period, due to rapid industrialization and strong growth in construction and infrastructure development.
Emerging countries like China, India, and Southeast Asian nations have witnessed significant growth in manufacturing sectors such as automotive, electronics, construction, and consumer goods. These industries heavily rely on solvents for applications like coatings, cleaning agents, adhesives, and chemical processing. Furthermore, the paints and coatings industry is a major consumer of solvents, which is closely linked to the ongoing substantial construction activities in this region.
The market in North America is anticipated to expand at a rapid pace in the coming years. The region is home to several key industries, such as paints and coatings, pharmaceuticals, adhesives, automotive, aerospace, and electronics that heavily rely on solvents. Moreover, the increasing demand for industrial cleansers to remove oil or grease from the automotive industry further accelerates the market in the region.
Segments
The global solvents market has been segmented on the basis of
Type
- Alcohols
- Ketones
- Esters
- Aromatic
- Aliphatic
- Others
Source
- Petrochemical-based
- Bio-based
Application
- Paints & Coating
- Adhesives
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Ashland
- BASF SE
- Celanese Corporation
- Chevron Phillips Chemical Company LLC.
- Dow
- Eastman Chemical Company
- Exxon Mobil Corporation
- KURARAY CO., LTD.
- LyondellBasell Industries Holdings B.V.
- Maruzen Petrochemical
- Shell International B.V.
- Solvay
Competitive Landscape
Key players competing in the global solvents market are Ashland; BASF SE; Celanese Corporation; Chevron Phillips Chemical Company LLC.; Dow; Eastman Chemical Company; Exxon Mobil Corporation; KURARAY CO., LTD.; LyondellBasell Industries Holdings B.V.; Maruzen Petrochemical; Shell International B.V.; and Solvay.
These companies adopted various strategies such as partnerships, mergers, reduction in production costs, launching new products, and implementing advanced technologies to boost their share. For instance,
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On April 25, 2022, Solvay, a global leader in Materials, Chemicals, and Solutions launched its new generation of solvent Rhodiasolv IRIS. This new solvent offers various properties such as non-flammability, biodegradability, and non-CMR (carcinogenic, mutagenic, and reprotoxic). This Rhodiasolv IRIS range is one of the key products in the green solvents which is eco-friendly and agriculture friendly.
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