- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
Solvents Market size was valued at USD 24.33 billion in 2022 and it is projected to reach around USD 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.
Solvents Market Key Developments:
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.
Solvents Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
6.10%
Largest Market
Asia Pacific
Fastest Growing Market
North America
Solvents Market Dynamics
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.
Solvents Market Regional Analysis
Asia-Pacific Got Significant Share
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
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market and forecast.
- The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup's details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market
Solvents Market Segmentation
By Type
By Source
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
By Application
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
By Geography
- Latin America
- Europe
- Asia Pacific
- Middle East
- North America
Frequently Asked Questions
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
Table of Content
- Executive Summary
- Global Solvents Market Introduction
- Global Solvents Market - Taxonomy
- Global Solvents Market -Definitions
- Type
- Source
- Application
- Global Solvents Market Dynamics
- Drivers
- Restraints
- Opportunities/Unmet Needs of the Market
- Trends
- Global Solvents Market Dynamic Factors - Impact Analysis
- Global Solvents Market - Competition Landscape
- Global Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%)
- Market Opportunity Analysis
- Global Solvents Market, By Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Alcohols
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Aliphatic
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Aromatic
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Glycol Ethers
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Ketones
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Others
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Alcohols
- Global Solvents Market, By Source, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Bio & Green Solvents
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Petrochemical-Based Solvents
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Others
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Global Solvents Market, By Application, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Adhesives
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Agricultural chemicals
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Metal cleaning
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Paints & coatings
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Personal care
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Polymer manufacturing
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Printing inks
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Others
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Bio & Green Solvents
- Global Solvents Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- North America
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Europe
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Asia-Pacific
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Latin America
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Middle East and Africa
- Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Global Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Region, 2020 - 2026
- North America
- North America Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
- Source Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
- Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
- Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- S.
- Canada
- North America Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Country, 2020 - 2026
- North America Solvents Market Dynamics - Trends
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Europe Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
- Source Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
- Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
- Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Poland
- Rest of Europe
- Europe Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Country, 2020 - 2026
- Europe Solvents Market Dynamics - Trends
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Asia-Pacific Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
- Source Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
- Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
- Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Japan
- China
- India
- ASEAN
- Australia & New Zealand
- Rest of Asia-Pacific
- Asia-Pacific Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Country, 2020 - 2026
- Asia-Pacific Solvents Market Dynamics - Trends
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Latin America Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
- Source Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
- Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
- Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Brazil
- Mexico
- Argentina
- Venezuela
- Rest of Latin America
- Latin America Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Country, 2020 - 2026
- Latin America Solvents Market Dynamics - Trends
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Middle East and Africa Solvents Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Alcohols
- Aliphatic
- Aromatic
- Glycol Ethers
- Ketones
- Others
- Source Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Bio & Green Solvents
- Petrochemical-Based Solvents
- Others
- Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Adhesives
- Agricultural chemicals
- Metal cleaning
- Paints & coatings
- Personal care
- Polymer manufacturing
- Printing inks
- Others
- Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Gulf Cooperation Council (GCC) Countries
- Israel
- South Africa
- Rest of MEA
- MEA Solvents Market - Opportunity Analysis Index, Type, Source, Application, and Country, 2020 - 2026
- MEA Solvents Market Dynamics - Trends
- Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
- Competition Landscape
- Strategic Dashboard of Top Market Players
- Company Profiles (Introduction, Financial Analysis, Type & Service Offerings, Key Developments, Strategies, and SWOT Analysis)
- 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)
- Celanese Corporation (US)
- Huntsman Corporation (US)
- Solvay SA (Belgium)
- Honeywell International Inc. (US)
- INEOS Group AG (UK)
- Olin Corporation (US)
- Bharat Petroleum Corporation Limited (India)
- Chevron Phillips Chemical Company (US)
- Reliance Industries Limited (India)
- Research Methodology
- Key Assumptions and Acronyms
- 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)
- Celanese Corporation (US)
- Huntsman Corporation (US)
- Solvay SA (Belgium)
- Honeywell International Inc. (US)
- INEOS Group AG (UK)
- Olin Corporation (US)
- Bharat Petroleum Corporation Limited (India)
- Chevron Phillips Chemical Company (US)
- Reliance Industries Limited (India)