Solvents Market Growth, Size, Share, Trends, and Forecast 2030

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 have 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 there's a surge in demand for 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.

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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.

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.

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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.   

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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