Solvents Market size was valued round USD 48.4 Bn in 2021 and poised to grow at significant CAGR of 3.8 % from 2022-2028. 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.
This report gives a comprehensive outlook on solvents across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of type, source, application and region. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, This report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed global solvents market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global solvents market report include suppliers, manufacturers, marketers, policymakers, and healthcare service providers engaged in global solvent products.