Solvents Market Growth, Size, Share, Trends, and Forecast 2032
Solvents Market by Type (Alcohols, Hydrocarbons, Ketones, Esters, and Chlorinated) By End Users (Cleaning Products, Paints and Coatings, Printing Inks, Pharmaceuticals, and Adhesives and Cosmetics, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 25.76 Billion | USD 42.5 Billion | 5.72% | 2023 |
Solvents Market Insights
According to Zion Market Research, the global Solvents Market was worth USD 25.76 Billion in 2023. The market is forecast to reach USD 42.5 Billion by 2032, growing at a compound annual growth rate (CAGR) of 5.72% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Solvents Market industry over the next decade.
Solvents Market: Overview
Solvents are organic compounds that have a wide range of industrial uses in a variety of industries. Solvents are widely used in sectors such as textiles, paints & coatings, plastics & rubber, pharmaceuticals, oil & gas, manufacturing, and chemical synthesis and many others. Solvents are used in paints and coatings to remove various chemicals to make them safe for use. Solvent-based paints dry quicker than its alternatives, allowing for a faster pace of output. The domination of traditional petroleum feedstock-based solvents in the global solvents industry can be seen in the above industries. The widespread use of petroleum-based solvents is said to have resulted in environmental damage. As a result, the environmental concerns have led regulatory authorities to enforce strict legislation aimed at addressing the harm caused by such hazardous chemical substances.
Solvents Market: Growth Factors
Developing automotive and pharma sectors all over the world are the major reasons anticipated to tower the global solvents market. Increasing requirement for solvents for different applications particularly in developing areas of India, China, and Brazil is expected to power the market size for the global solvents market over the forecast period. On the other hand, increasing environmental concerns is expected to slow down the development of the global solvents market. Nonetheless, commencement of green & bio-solvents and in-progress research and development are likely to offer new opportunities to the major mechanism of the global solvents market in the years to come.
Solvents Market: Segmentation
On the basis of Type, Solvents market has been divided as Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated and Others. Alcohols are expected to become more common in the general solvents industry in the near future due to their lower price, limited application area, and ease of availability as compared to other solvents.
On the basis of End Users, the market is segmented into Cleaning Products, Paints & Coating, Printing Ink, Pharmaceutical, Adhesives, Cosmetics and Other End-Uses. Paints and coatings dominated the solvents industry in 2020, accounting for almost 35.5% of total solvents sales. In the near future, the global solvents industry is expected to be dominated by the paints and coatings application division
Solvents Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Solvents Market |
| Market Size in 2023 | USD 25.76 Billion |
| Market Forecast in 2032 | USD 42.5 Billion |
| Growth Rate | CAGR of 5.72% |
| Number of Pages | 160 |
| Key Companies Covered | Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Ashland Inc., Honeywell International Inc., Eastman Chemical Company, Ineos A.G., Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals among others |
| Segments Covered | By Type, By End Users and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Regional Analysis Preview
Asia Pacific ruled the global solvents market in 2023 and it is also expected to be the quickest developing market in the years to come. Up-and-coming markets in Asia-Pacific are expected to offer the great scope to the key players in the global solvents market in the years to come. Asia Pacific was chased by North America and Europe for the global solvents market in the same year. These both regions are mature areas for global solvents market.
Solvents Market: Competitive Landscape
The major players operating Solvents market are
- Dow Chemical Company
- Sasol Solvents
- BASF SE
- Celanese Corporation
- Maruzen Petrochemical
- Ashland Inc.
- Honeywell International Inc.
- Eastman Chemical Company
- Ineos A.G.
- Exxon Mobil Corporation
- Shell Chemical
- Solvay Chemicals
- among others.
The global Solvents Market is segmented as follows:
By Type
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
By End Users
- Cleaning Products
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Adhesives and Cosmetics
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
The global Solvents Market was valued at USD 25.76 Billion in 2023.
The global Solvents Market is expected to reach USD 42.5 Billion by 2032, growing at a CAGR of 5.72% between 2024 to 2032.
Some of the key factors driving the global Solvents Market growth are Increasing Requirement For Solvents For Different Applications, and Developing automotive and pharma sectors all over the world.
Asia Pacific ruled the global solvents market in 2023 and it is also expected to be the quickest developing market in the years to come. Up-and-coming markets in Asia-Pacific are expected to offer the great scope to the key players in the global solvents market in the years to come. Asia Pacific was chased by North America and Europe for the global solvents market in the same year. These both regions are mature areas for global solvents market. Hence, they are anticipated to see a stagnant development for the global solvents market in the years to come.
Some of the major players of global Solvents market includes Dow Chemical Company, Sasol Solvents, BASF SE, Celanese Corporation, Maruzen Petrochemical, Ashland Inc., Honeywell International Inc., Eastman Chemical Company, Ineos A.G., Exxon Mobil Corporation, Shell Chemical, and Solvay Chemicals among others.
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