Solvents Market Growth, Size, Share, Trends, and Forecast 2032

Solvents Market Insights

According to Zion Market Research, the global Solvents Market was worth USD 25.76 Billion in 2023. The market is forecast to reach USD 42.5 Billion by 2032, growing at a compound annual growth rate (CAGR) of 5.72% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Solvents Market industry over the next decade.

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Solvents Market: Overview          

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.  

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Solvents Market: 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.

Solvents Market: Segmentation

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

Solvents Market: Report Scope

Regional Analysis Preview

Asia Pacific ruled the global solvents market in 2023 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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Solvents Market: 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
• 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