Solvents Market Size, Share, Growth & Industry Trends [2031]
Solvents Market Size, Share, Growth & Industry Trends [2031]
Segments - Solvents Market by Type (Alcohols, Ketones, Esters, Aromatic, Aliphatic, and Others), Source (Petrochemical-based and Bio-based), Application (Paints & Coating, Adhesives, Pharmaceuticals, Cosmetics & Personal Care, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :MC-5375
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Report Description
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.
|
Attributes |
Details |
|
Report Title |
Solvents Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
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) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
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 |
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,
-
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Solvents Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solvents Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solvents Market - Supply Chain
4.5. Global Solvents Market Forecast
4.5.1. Solvents Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solvents Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solvents Market Absolute $ Opportunity
5. Global Solvents Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Solvents Market Size and Volume Forecast by Types
5.3.1. Alcohols
5.3.2. Ketones
5.3.3. Esters
5.3.4. Aromatic
5.3.5. Aliphatic
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solvents Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Solvents Market Size and Volume Forecast by Applications
6.3.1. Paints & Coating
6.3.2. Adhesives
6.3.3. Pharmaceuticals
6.3.4. Cosmetics & Personal Care
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Solvents Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Solvents Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Solvents Demand Share Forecast, 2019-2026
8. North America Solvents Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Solvents Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Solvents Market Size and Volume Forecast by Types
8.4.1. Alcohols
8.4.2. Ketones
8.4.3. Esters
8.4.4. Aromatic
8.4.5. Aliphatic
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Solvents Market Size and Volume Forecast by Applications
8.7.1. Paints & Coating
8.7.2. Adhesives
8.7.3. Pharmaceuticals
8.7.4. Cosmetics & Personal Care
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Solvents Demand Share Forecast, 2019-2026
9. Latin America Solvents Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Solvents Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Solvents Market Size and Volume Forecast by Types
9.4.1. Alcohols
9.4.2. Ketones
9.4.3. Esters
9.4.4. Aromatic
9.4.5. Aliphatic
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Solvents Market Size and Volume Forecast by Applications
9.7.1. Paints & Coating
9.7.2. Adhesives
9.7.3. Pharmaceuticals
9.7.4. Cosmetics & Personal Care
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Solvents Demand Share Forecast, 2019-2026
10. Europe Solvents Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Solvents Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Solvents Market Size and Volume Forecast by Types
10.4.1. Alcohols
10.4.2. Ketones
10.4.3. Esters
10.4.4. Aromatic
10.4.5. Aliphatic
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Solvents Market Size and Volume Forecast by Applications
10.7.1. Paints & Coating
10.7.2. Adhesives
10.7.3. Pharmaceuticals
10.7.4. Cosmetics & Personal Care
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Solvents Demand Share Forecast, 2019-2026
11. Asia Pacific Solvents Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Solvents Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Solvents Market Size and Volume Forecast by Types
11.4.1. Alcohols
11.4.2. Ketones
11.4.3. Esters
11.4.4. Aromatic
11.4.5. Aliphatic
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Solvents Market Size and Volume Forecast by Applications
11.7.1. Paints & Coating
11.7.2. Adhesives
11.7.3. Pharmaceuticals
11.7.4. Cosmetics & Personal Care
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Solvents Demand Share Forecast, 2019-2026
12. Middle East & Africa Solvents Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Solvents Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Solvents Market Size and Volume Forecast by Types
12.4.1. Alcohols
12.4.2. Ketones
12.4.3. Esters
12.4.4. Aromatic
12.4.5. Aliphatic
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Solvents Market Size and Volume Forecast by Applications
12.7.1. Paints & Coating
12.7.2. Adhesives
12.7.3. Pharmaceuticals
12.7.4. Cosmetics & Personal Care
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Solvents Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Solvents Market: Market Share Analysis
13.2. Solvents Distributors and Customers
13.3. Solvents Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Ashland
13.4.2. BASF SE
13.4.3. Celanese Corporation
13.4.4. Chevron Phillips Chemical Company LLC.
13.4.5. Dow
13.4.6. Eastman Chemical Company
13.4.7. Exxon Mobil Corporation
13.4.8. KURARAY CO., LTD.
13.4.9. LyondellBasell Industries Holdings B.V.
13.4.10. Maruzen Petrochemical
13.4.11. Shell International B.V.
13.4.12. Solvay
Methodology
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