The High Purity Solvent Global Market Report 2023 by The Business Research Company, provides high purity solvent market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s High Purity Solvent Global Market Report 2023, the market size grew from $50.98 billion in 2022 to $55.6 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the high purity solvent market is expected to grow to $77.17 billion in 2027 at a CAGR of 8.5%.
The increasing demand for paints and coatings is expected to propel the growth of the high purity solvent market going forward. Paints and coatings refer to a liquid, liquefiable, or solid mastic material that solidifies after being applied to a substrate in a thin layer. High purity solvents are used to dissolve various components used in paint and coating formulations.
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The high purity solvent market is segmented:
1) By Type: Acetone, Acetonitrile, Dimethyl Sulfoixde, Other Types
2) By Category: Polar Solvent, Non-Polar Solvent
3) By Applications: Liquid Crystal Displays, Lithium-Ion Batteries, Electroplating, Polymer Resins, Catalysts, Other Applications
4) By End-User: Pharmaceutical, Chemicals, Cosmetics and Personal Care, Food and beverages, Agriculture, Paints and Coatings, Biotechnology, Electrical and Electronics, Other End Users
The introduction of bio-derived products has emerged as a key trend gaining popularity in the high purity solvent market. Major companies operating in the high purity solvents sector are focused on developing bio-derived products to reinforce their position. For instance, in February 2022, Clariant, a Switzerland-based specialty chemicals company, launched its new Vita 100% bio-based surfactants and polyethylene glycols (PEGs) to help directly address climate change by removing fossil carbon from the value chain. Vita products are made with renewable feedstocks and have a Renewable Carbon Index of at least 98%. Designed for natural formulations with a high Renewable Carbon Index (RCI), the new Vita products assist manufacturers in increasing the bio-based carbon content of consumer goods such as detergents, hair and body shampoo, paint, industrial lubricants, and crop formulations.
The high purity solvent market report table of contents includes:
1. Executive Summary
2. High Purity Solvent Market Characteristics
3. High Purity Solvent Market Trends And Strategies
4. High Purity Solvent Market – Macro Economic Scenario
5. COVID-19 Impact On High Purity Solvent Market
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26. Africa High Purity Solvent Market
27. High Purity Solvent Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The High Purity Solvent Market
29. High Purity Solvent Market Future Outlook and Potential Analysis
30. Appendix
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