Global Solvent Market

Solvent Market Size, Share, Growth Analysis, By Type(Alcohols, Ketones), By Application(Paints & coatings, Printing inks and others) - Industry Forecast 2024-2031


Report ID: SQMIG40C2003 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Solvent Market Insights

Solvent Market size was valued at USD 30.47 Billion in 2021 and is poised to grow from USD 32.3 Billion in 2022 to USD 51.48 Billion by 2030, at a CAGR of 6.0% during the forecast period (2023-2030).

The global solvent market is driven by various industries such as paints and coatings, pharmaceuticals, chemicals, and cleaning products. Solvents play a crucial role in these sectors, acting as a medium for dissolving, dispersing, or extracting other substances. One of the key drivers of the solvent market's growth is the increasing demand for paints and coatings in construction, automotive, and industrial applications. Solvents are essential components in the formulation of these products, enabling proper application and drying processes. Additionally, the growing popularity of eco-friendly and low-VOC (volatile organic compound) solvents has further fuelled market expansion, as environmental regulations have become more stringent worldwide. The pharmaceutical industry is another significant contributor to the solvent market's growth.

Solvents are extensively used in drug formulation, extraction, and purification processes. With the rising prevalence of chronic diseases and the constant need for new medications, the demand for solvents in pharmaceutical manufacturing has increased substantially. However, the global solvent market also faces several challenges. One of the primary concerns is the environmental impact of traditional solvents, particularly those based on petroleum derivatives. These solvents can contribute to air pollution and pose health risks to both workers and end consumers.

Consequently, there is a growing emphasis on developing and adopting eco-friendly alternatives with lower toxicity and reduced environmental impact. Furthermore, the volatility of raw material prices, especially for petroleum-based solvents, can pose challenges to market players. Fluctuating crude oil prices directly impact solvent production costs, which can affect profit margins and pricing strategies. Another challenge in the solvent market is the increasing regulatory scrutiny and the need to comply with stringent safety and environmental standards. Regulatory bodies worldwide are implementing stricter regulations on solvent usage, emissions, and disposal practices. This has prompted solvent manufacturers to invest in research and development to create sustainable, compliant solutions while maintaining product performance.

US Solvent Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 30.47 Billion

Largest Segment

Alcohols

Fastest Growth

Alcohols

Growth Rate

6.0% CAGR

Global Mobile Virtualization Market ($ Bn)
Country Share for Asia-Pacific Region (%)
Global Solvent Market By Type ($ Bn)
Global Solvent Market By Type (%)

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Solvent Market Segmental Analysis

The global solvent market is segmented on the basis of type, application, and region. By type, the market is segmented into Alcohols, Ketones, and Others. By application, the market is segmented into Paints & coatings, Printing inks and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Solvent Market By Type, 2023 (%)

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Solvent Market Regional Insights

Asia Pacific emerges as the leading region in the solvent market, capturing a substantial revenue share of 41.8%. Furthermore, the region is anticipated to experience the highest growth rate, with a projected compound annual growth rate (CAGR) of 6.8% during the forecast period. This growth can be attributed to the increased investments by the automobile manufacturing and construction industries in countries like India and China, coupled with the rapid pace of industrialization. Consequently, these factors contribute to the expansion of the paints and coatings industry within the region. For example, Asian Paints announced a significant investment of USD 128 million to expand its manufacturing capacity in India from 130,000 KL to 250,000 KL. Similarly, Berger Paints plans to invest USD 39 million in establishing a new plant in India. As a result, the growing paints and coatings sector in Asia Pacific is expected to drive the demand for solvents over the forecasted period.

Europe is another region witnessing growth in the solvent market, driven by the implementation of green initiatives by regulatory authorities. This shift towards sustainability has led to an increasing preference for bio-based products over chemical-based alternatives, thereby driving the demand for solvents in the region. Moreover, Germany, being the fifth largest e-commerce market globally, is experiencing significant growth, supported by the rising consumer inclination towards online shopping. This growth in the e-commerce sector has resulted in a substantial demand surge for corrugated cardboard, product packaging, and printed labels to ensure safe and appealing packaging of goods. Consequently, this increased demand for printing inks in the region is expected to fuel the need for solvents over the forecast period.

Global Solvent Market By Region, 2024-2031
  • Largest
  • Fastest

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Solvent Market Dynamics

Solvent Market Drivers

Growing Industrialization

  • The increasing industrialization across various sectors such as paints and coatings, pharmaceuticals, chemicals, and cleaning products is driving the demand for solvents. These industries heavily rely on solvents for processes such as formulation, extraction, and cleaning.

Expansion of Construction Industry

  • The booming construction industry worldwide is a significant driver for the solvent market. Solvents are extensively used in paints, coatings, adhesives, and sealants, which are crucial components in construction activities. The rising urbanization and infrastructure development projects contribute to the demand for solvents.

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Solvent Market Competitive Landscape

The global solvent market exhibits a competitive landscape characterized by intense rivalry among key players operating in various industries such as paints and coatings, pharmaceuticals, chemicals, and cleaning products. The market is driven by continuous product innovation, technological advancements, and a focus on sustainability. Key market participants strive to meet the evolving customer demands by developing eco-friendly solvents with improved performance characteristics. Players in the solvent market emphasize research and development activities to introduce novel solvents that comply with stringent environmental regulations. Additionally, there is a growing focus on the development of low-VOC and bio-based solvents to cater to the increasing demand for sustainable solutions. Companies also invest in process optimization, supply chain management, and strategic collaborations to gain a competitive edge and enhance their market presence. Furthermore, market participants actively engage in marketing and promotional activities to create awareness about the benefits of their solvent products. They adopt strategies such as mergers, acquisitions, and partnerships to expand their product portfolios, geographical reach, and customer base.

Solvent Market Top Player’s Company Profile

  • ExxonMobil Corporation - US
  • Royal Dutch Shell plc - Netherlands
  • BASF SE - Germany
  • Dow Chemical Company - US
  • DuPont de Nemours, Inc. - US
  • Eastman Chemical Company - US
  • LyondellBasell Industries N.V. - Netherlands
  • Chevron Phillips Chemical Company LLC - US
  • Total Energies DE - France
  • Huntsman Corporation - US
  • Arkema S.A. - France
  • Mitsui Chemicals, Inc. - Japan
  • Sinopec Group - China
  • CNPC (China National Petroleum Corporation) - China
  • LG Chem Ltd. - South Korea
  • Solvay S.A. - Belgium
  • Toray Industries, Inc. - Japan
  • Reliance Industries Limited - India
  • Formosa Plastics Corporation - Taiwan
  • PTT Global Chemical Public Company Limited - Thailand

Solvent Key Market Trends

  • Rising Emphasis on Safety and Compliance: Safety regulations and occupational health concerns are driving the demand for solvents with improved safety profiles. Manufacturers are focusing on producing solvents with lower toxicity, reduced flammability, and minimized health risks to protect workers and ensure compliance with stringent safety standards.
  • Growing Application Scope in Cleaning and Degreasing: Solvents play a vital role in cleaning and degreasing applications across industries such as automotive, manufacturing, and electronics. With increasing quality and cleanliness standards, there is a rising demand for effective solvents that offer efficient cleaning and residue-free surfaces.

Solvent Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global solvent market analyses, The global solvent market continues to exhibit steady growth driven by various factors. The market is witnessing an increasing demand for eco-friendly solvents as companies strive to comply with stringent environmental regulations and reduce their carbon footprint. The shift towards water-based and bio-based solvents is gaining momentum, fuelled by concerns over volatile organic compound (VOC) emissions and sustainability.

Additionally, the pharmaceutical and healthcare sectors are driving the demand for solvents due to the continuous development of new medications and drug formulations. Advancements in solvent recycling technologies and a growing emphasis on safety and compliance are shaping the market landscape. Emerging markets in Asia-Pacific and Europe offer significant growth opportunities as industrialization and urbanization drive the demand for solvents in various industries. Furthermore, the market is witnessing product innovations, including specialty solvents tailored for specific applications, to meet the evolving needs of customers. Overall, the global solvent market is characterized by a focus on sustainability, safety, and technological advancements, presenting both challenges and opportunities for market players.

Report Metric Details
Market size value in 2023 USD 30.47 Billion
Market size value in 2031 USD 51.48 Billion
Growth Rate 6.0%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Alcohols, Ketones, and Others
  • Application
    • Paints & coatings, Printing inks and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ExxonMobil Corporation - US
  • Royal Dutch Shell plc - Netherlands
  • BASF SE - Germany
  • Dow Chemical Company - US
  • DuPont de Nemours, Inc. - US
  • Eastman Chemical Company - US
  • LyondellBasell Industries N.V. - Netherlands
  • Chevron Phillips Chemical Company LLC - US
  • Total Energies DE - France
  • Huntsman Corporation - US
  • Arkema S.A. - France
  • Mitsui Chemicals, Inc. - Japan
  • Sinopec Group - China
  • CNPC (China National Petroleum Corporation) - China
  • LG Chem Ltd. - South Korea
  • Solvay S.A. - Belgium
  • Toray Industries, Inc. - Japan
  • Reliance Industries Limited - India
  • Formosa Plastics Corporation - Taiwan
  • PTT Global Chemical Public Company Limited - Thailand
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Solvent Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Solvent Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Solvent Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solvent Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solvent Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Solvent Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Solvent Market size was valued at USD 30.47 Billion in 2021 and is poised to grow from USD 32.3 Billion in 2022 to USD 51.48 Billion by 2030, at a CAGR of 6.0% during the forecast period (2023-2030).

The solvent market exhibits a competitive landscape characterized by intense rivalry among key players operating in various industries such as paints and coatings, pharmaceuticals, chemicals, and cleaning products. The market is driven by continuous product innovation, technological advancements, and a focus on sustainability. Key market participants strive to meet the evolving customer demands by developing eco-friendly solvents with improved performance characteristics. Players in the solvent market emphasize research and development activities to introduce novel solvents that comply with stringent environmental regulations. Additionally, there is a growing focus on the development of low-VOC and bio-based solvents to cater to the increasing demand for sustainable solutions. Companies also invest in process optimization, supply chain management, and strategic collaborations to gain a competitive edge and enhance their market presence. Furthermore, market participants actively engage in marketing and promotional activities to create awareness about the benefits of their solvent products. They adopt strategies such as mergers, acquisitions, and partnerships to expand their product portfolios, geographical reach, and customer base. 'ExxonMobil Corporation - US', 'Royal Dutch Shell plc - Netherlands', 'BASF SE - Germany', 'Dow Chemical Company - US', 'DuPont de Nemours, Inc. - US', 'Eastman Chemical Company - US', 'LyondellBasell Industries N.V. - Netherlands', 'Chevron Phillips Chemical Company LLC - US', 'Total Energies DE - France', 'Huntsman Corporation - US', 'Arkema S.A. - France', 'Mitsui Chemicals, Inc. - Japan', 'Sinopec Group - China', 'CNPC (China National Petroleum Corporation) - China', 'LG Chem Ltd. - South Korea', 'Solvay S.A. - Belgium', 'Toray Industries, Inc. - Japan', 'Reliance Industries Limited - India', 'Formosa Plastics Corporation - Taiwan', 'PTT Chemical Public Company Limited - Thailand'

The increasing industrialization across various sectors such as paints and coatings, pharmaceuticals, chemicals, and cleaning products is driving the demand for solvents. These industries heavily rely on solvents for processes such as formulation, extraction, and cleaning.

Rising Emphasis on Safety and Compliance: Safety regulations and occupational health concerns are driving the demand for solvents with improved safety profiles. Manufacturers are focusing on producing solvents with lower toxicity, reduced flammability, and minimized health risks to protect workers and ensure compliance with stringent safety standards.

Asia Pacific emerges as the leading region in the solvent market, capturing a substantial revenue share of 41.8%. Furthermore, the region is anticipated to experience the highest growth rate, with a projected compound annual growth rate (CAGR) of 6.8% during the forecast period. This growth can be attributed to the increased investments by the automobile manufacturing and construction industries in countries like India and China, coupled with the rapid pace of industrialization. Consequently, these factors contribute to the expansion of the paints and coatings industry within the region. For example, Asian Paints announced a significant investment of USD 128 million to expand its manufacturing capacity in India from 130,000 KL to 250,000 KL. Similarly, Berger Paints plans to invest USD 39 million in establishing a new plant in India. As a result, the growing paints and coatings sector in Asia Pacific is expected to drive the demand for solvents over the forecasted period.

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Global Solvent Market

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