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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Solvents Market size was valued at US$ 24.33 billion in 2022 and it is projected to reach around US$ 51.01 billion by 2029, it is expected to grow at a CAGR of 6.1% from 2023 to 2029. Some of the key factors influencing the market growth include growing demand for solvents as it a crucial coating for the protection of numerous compounds and residential and nonresidential buildings by various undesirable conditions such as rust, UV radiations & dust. Additionally, increase in acceptance of solvents in automobile industries as it less harmful for the environment, increase the shelf life of the end products and rising in the manufacturing industries will further boost the market growth in the forecast period. However, volatile prices of solvents and quality benchmark establishment are the major factors hindering the market growth. Global solvents market is surging owing to frequent acquisitions and launchings by the market players.
For Instance, In August 2017, ExxonMobil Corporation's Singapore affiliate completed the acquisition of one of the world's largest aromatics facilities on Jurong Island in Singapore, owned by Jurong Aromatics Corporation (Singapore). The acquisition helped the company increase hydrocarbon production to over 3.5 million tons per year, including 1.8 million tons of paraxylene.
Study Period
2024-2030Base Year
2023CAGR
6.10%Largest Market
Asia PacificFastest Growing Market
North America
Solvents are thin layered coating on the surface of the end product which provide crucial properties such as corrosive resistance, UV resistance, hydrophobic, and others. They are extremely used by end users such as automobile manufacturers, healthcare, marine, electronic, militaries and others. Due to increasing in the technological advancement in fingerprinting and green solvent innovations solvents are widely utilized by electronic industrials segment. Additionally, rising usage of solvents in automobile sectors to resist the damage of vehicle due to undesirable conditions. Rising use of solvents for development of greenery constructions boosting the market growth. In addition, high growth in emerging economies provides huge growth opportunity for the market.
Asia Pacific accounted for larger revenue share in global solvents market with considerable CAGR. The growth in this region can be attributed to rising demand for ecofriendly products and emerging economies. Also, rising awareness among European customers about the insulation properties and increasing manufacturing industries in this region is the other important factor responsible for the market growth. North America held significant market share during estimated period as the rapid growing manufacturing industries, strict regulation for environment protection and key manufacturers are adopting various strategies for the expansion are of the market in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 24.33 billion |
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Market Size in 2029 |
US$ 51.01 billion |
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Market CAGR |
6.10% |
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By Source |
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By Application |
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By Region |
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The solvents market is projected to expand at a CAGR of 6.1% during the forecast period
Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US)
north-America is the fastest-growing region for solvents market
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Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.