Overview and Scope
A solvent is a liquid that may dissolve or disperse one or more other compounds. A variety of solvents are used as chemical intermediates, fuels, and components in a wide range of products. They can also make paint, ink, coatings, home cleansers, spot removers, adhesives, nail polish removers, automotive goods, and other products.
Sizing and Forecast
The solvents market size has grown strongly in recent years. It will grow from $30.78 billion in 2023 to $32.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrial revolution, chemical synthesis advancements, paints and coatings development, petrochemical industry growth, print and ink industry.
The solvents market size is expected to see strong growth in the next few years. It will grow to $39.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to regulatory compliance, bio-based solvents, green chemistry initiatives, circular economy integration, pharmaceutical industry growth. Major trends in the forecast period include voc reduction, high-performance solvents, nano-solvents development, digitalization in solvent management, transparency and traceability.
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Segmentation & Regional Insights
The solvents market covered in this report is segmented –
1) By Type: Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, Other Types
2) By Category: Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Other Categories
3) By Source: Bio-Based Solvents, Petrochemicals-Based Solvents
4) By Application: Adhesives, Paints And Coatings, Personal Care, Pharmaceuticals, Other Applications
Asia-Pacific was the largest region in the solvents market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for personal care products is expected to propel the growth of the solvents market going forward. Personal care products are a grouping of traditional family chemical compounds that are used for health, beauty, and hygiene. Personal care items included fancy cosmetics, skin care products, hair care products, cleaning products, and perfumes. Solvents are a key component of skin care products since they are used to dissolve certain components, thereby improving functionality, texture, and sensory qualities. For instance, in February 2021, according to the report by Loreal Cosmetic World, a France-based company that manufactures cosmetics and skin care products, demand for personal care goods such as skincare climbed from more than 228 billion euros ($244.65 billion) in 2021 to 8% in 2021 and 41.8% in 2022. Therefore, the rising demand for personal care products is driving the growth of the solvents market.
Key Industry Players
Major companies operating in the solvents market report are China Petroleum and Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., Marathon Petroleum Corporation, Valero Energy Corporation, PJSC Lukoil Oil Company, Reliance Industries Limited, Mitsui Chemicals Inc., BASF SE, Dow Jones Industrial, Sabic, LyondellBasell Industries Holdings B.V, Henkel AG and Co. KGaA, Toray Industries Inc., INEOS Group Limited, Westlake Corporation, Solvay SA, International Flavors and Fragrances Inc., Akzo Nobel NV, Arkema SA, Eastman Chemical Company, Daicel Corporation, Celanese Corporation, Wacker Chemie AG, Huntsman International LLC., Givaudan, Lonza Group AG, Clariant AG, Ashland Global Holdings Inc., Hengyi Industries Sdn Bhd
The solvents market report table of contents includes:
1. Executive Summary
2. Solvents Market Characteristics
3. Solvents Market Trends And Strategies
4. Solvents Market – Macro Economic Scenario
5. Global Solvents Market Size and Growth
…
32. Global Solvents Market Competitive Benchmarking
33. Global Solvents Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solvents Market
35. Solvents Market Future Outlook and Potential Analysis
36. Appendix
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