The global Solvents market accounted for USD 28.2 Billion in 2020 and is expected to reach USD 40.9 Billion by 2028, growing at a CAGR of around 4.6% between 2021 and 2028.
Market Overview
The global Solvents market accounted for USD 28.2 Billion in 2020 and is expected to reach USD 40.9 Billion by 2028, growing at a CAGR of around 4.6% between 2021 and 2028.
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 has led regulatory authorities to enforce strict legislation aimed at addressing the harm caused by such hazardous chemical substances.
COVID-19 Impact Analysis:
Due to government-imposed lockdowns to prevent the spreading of COVID, the global solvents industry has seen a small decrease in revenues in the short term. Because of the pandemic, the production and supply chain stopped operating around the world, potentially reducing solvent use. However, in the midst of the pandemic, there has been a surge in product demand for applications such as personal care, domestic and industrial cleaners. Also pharmaceutical industry which is coming under the essential services likely to boost the use of solvents contributing to the growth of the market.
The global markets are slowly opening to their full potential and theirs a surge in demand of the solvents. The market would remain bullish in upcoming year. The significant decrease in the global Bio-solvents market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
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 mechanist of the global solvents market in the years to come.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Segment Analysis Preview
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
Regional Analysis Preview
Asia Pacific ruled the global solvents market in 2020 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.
Key Market Players & 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, and Solvay Chemicals among others.
The global Solvents Market is segmented as follows:
By Type
By End Users
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Type
FIG NO. 2. Market Attractiveness Analysis, By End Users
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Solvents Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Type, 2020 & 2028
FIG NO. 7. Global Solvents Market for Alcohols, Revenue (USD Billion) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Solvents Market for Alcohols, By Country, 2020 & 2028
FIG NO. 9. Global Solvents Market for Hydrocarbons, Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Solvents Market for Hydrocarbons, By Country, 2020 & 2028
FIG NO. 11. Global Solvents Market for Ketones, Revenue (USD Billion) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Solvents Market for Ketones, By Country, 2020 & 2028
FIG NO. 13. Global Solvents Market for Esters, Revenue (USD Billion) 2016 – 2028
FIG NO. 14. Comparative Revenue Analysis of Solvents Market for Esters, By Country, 2020 & 2028
FIG NO. 15. Global Solvents Market for Chlorinated, Revenue (USD Billion) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Solvents Market for Chlorinated, By Country, 2020 & 2028
FIG NO. 17. Global Solvents Market for Others, Revenue (USD Billion) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Solvents Market for Others, By Country, 2020 & 2028
FIG NO. 19. Market Revenue Share, By End Users, 2020 & 2028
FIG NO. 20. Global Solvents Market for Cleaning Products, Revenue (USD Billion) 2016 – 2028
FIG NO. 21. Comparative Revenue Analysis of Solvents Market for Cleaning Products, By Country, 2020 & 2028
FIG NO. 22. Global Solvents Market for Paints and Coatings, Revenue (USD Billion) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Solvents Market for Paints and Coatings, By Country, 2020 & 2028
FIG NO. 24. Global Solvents Market for Printing Inks, Revenue (USD Billion) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Solvents Market for Printing Inks, By Country, 2020 & 2028
FIG NO. 26. Global Solvents Market for Pharmaceuticals, Revenue (USD Billion) 2016 – 2028
FIG NO. 27. Comparative Revenue Analysis of Solvents Market for Pharmaceuticals, By Country, 2020 & 2028
FIG NO. 28. Global Solvents Market for Adhesives and Cosmetics, Revenue (USD Billion) 2016 – 2028
FIG NO. 29. Comparative Revenue Analysis of Solvents Market for Adhesives and Cosmetics, By Country, 2020 & 2028
FIG NO. 30. Global Solvents Market for Others, Revenue (USD Billion) 2016 – 2028
FIG NO. 31. Comparative Revenue Analysis of Solvents Market for Others, By Country, 2020 & 2028
FIG NO. 32. Global Solvents Market Revenue Share, By Region, 2020 & 2028
FIG NO. 33. North America Solvents Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 34. Porter’s Five Forces Analysis for Global Solvents Market
FIG NO. 35. PEST Analysis for Global Solvents Market
FIG NO. 36. Pricing Analysis for Global Solvents Market
FIG NO. 37. Value Chain Analysis for Global Solvents Market
FIG NO. 38. Company Share Analysis, 2019
FIG NO. 39. Radar Determinant Chart, 2019
FIG NO. 40. Company Strategic Developments – Heat Map Analysis
FIG NO. 41. Dow Chemical Company Business Segment Revenue Share, 2020 (%)
FIG NO. 42. Dow Chemical Company Geographical Segment Revenue Share, 2020 (%)
FIG NO. 43. Market Channels
FIG NO. 44. Marketing Channel Development Trend
FIG NO. 45. Growth in World Gross Product, 2008-2018
FIG NO. 46. Research Methodology – Detailed View
FIG NO. 47. Research Methodology
List of Tables
TABLE NO. 1. Global Solvents Market: Snapshot
TABLE NO. 2. Quarterly Solvents Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Solvents Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
TABLE NO. 6. Global Solvents Market for Alcohols, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Solvents Market for Hydrocarbons, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Solvents Market for Ketones, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Solvents Market for Esters, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Solvents Market for Chlorinated, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Solvents Market for Others, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12: Global Solvents Market for Cleaning Products, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13: Global Solvents Market for Paints and Coatings, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 14. Global Solvents Market for Printing Inks, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 15. Global Solvents Market for Pharmaceuticals, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 16. Global Solvents Market for Adhesives and Cosmetics, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 17. Global Solvents Market for Others, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 18. Global Solvents Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 19: North America Solvents Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 20. North America Solvents Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 21: North America Solvents Market Revenue, By End Users, 2016 – 2028 (USD Billion)
TABLE NO. 22. U.S. Solvents Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 23. U.S. Solvents Market Revenue, By End Users, 2016 – 2028 (USD Billion)
TABLE NO. 24. Canada Solvents Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 25. Canada Solvents Market Revenue, By End Users, 2016 – 2028 (USD Billion)
TABLE NO. 26. Mexico Solvents Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 27. Mexico Solvents Market Revenue, By End Users, 2016 – 2028 (USD Billion)
TABLE NO. 28. Drivers for the Solvents Market: Impact Analysis
TABLE NO. 29. Restraints for the Solvents Market: Impact Analysis
TABLE NO. 30. Major Buyers of Solvents
TABLE NO. 31. Distributors/Traders List of Solvents
TABLE NO. 32. Global Solvents Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 33: Global Solvents Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)
This report is based on in-depth qualitative and quantitative analyses of the global Industrial Solvents market. Zion Research has collected and analyzed key data belong to the global Industrial Solvents market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Industrial Solvents across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Industrial Solvents industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Industrial Solvents market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
The solvent is an organic chemical in form of liquid. It mostly becomes become liquid after dissolving gaseous, solid and liquid solutes together. They are also available in solid and gasses states. Solvents are the vital auxiliary ingredient that is widely used in industrial production processes. They are extensively used in paints, coatings, adhesives, sealants, printing inks and varnishes. Solvents are immensely utilized in various industries such as pharmaceuticals, chemicals, packaging, paints & coatings, cosmetics, and cleaners among others.
The solvents market is primarily driven by increasing construction and automotive industry across the globe. Rapidly rising demand for solvents especially in emerging economies such as China, India, and Brazil is expected to boom the market size of solvents in the near future. However, environmental concerns may impede the market growth. Nonetheless, increasing demand for green and bio-based solvents is likely to open new opportunities for the major vendors of the market during the years to come.
Based on types of solvents, the global solvents market is bifurcated into alcohols, hydrocarbons, ketones, esters, chlorinated and others. Among these types, alcohol was the leading segment of the global solvents market in 2016. It held for above 30% share of the entire market in 2016 and furthermore, this trend is likely to continue in the near future. Growing demand for ethanol and methanol in the cosmetic industry coupled with rising usage of isopropanol as a drying and cleaning agent in the semiconductor industry is likely to drive the demand for alcohols over the years to come. Hydrocarbon was the second largest segment of the market in the same year. Hydrocarbon and esters are important types of solvents that are predicted to have the positive influence on the market margin during the next few years.
Cleaning products, paints & coating, printing ink, pharmaceutical, adhesives, cosmetics and others are major end-uses of solvents market. In 2016, paints & coatings segment was the most attractive end-use of the global solvents market, that accounted for more than 35% share of total volume consumption. Growing use of paints & coatings in automotive and construction industries is expected to gain high-profit margins of solvents industry in the near future. Moreover, cleaning products, cosmetics, and pharmaceutical segments are projected to experience significant growth over the coming years. Growing packaging industry is also attributed to growing the use of printing ink. Furthermore, rising demand for cosmetic products is projected to influence the market growth during the next few years.
Asia Pacific emerged as largest market of solvents that accounted for above 40.0% share of the total market in 2016. It is also predicted to be the fastest-growing market of solvents over the forthcoming years due to the growing consumption of solvents in paints and coating applications. Growing construction and automotive sector in countries such as China and India are likely to witness the exponential expansion of solvents market in the region during the coming years. Europe was the second largest market of solvents in the same year. North America is projected to have decent growth in the next few years. Additionally, Latin America and Middle East & Africa are projected to grow at a high CAGR within the forecast period.
Key players of 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, and Solvay Chemicals among others.
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The global Solvents Market was valued at USD 28.2 Billion in 2020.
The global Solvents Market is expected to reach USD 40.9 Billion by 2028, growing at a CAGR of 4.6% between 2021 to 2028.
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 2016 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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