Rising demand for solvents from emerging economies, favorable government regulations for the use of bio-based solvents are key factors contributing to high CAGR of Solvents Market during forecast period.
The global solvents market was valued at USD 21.73 Billion in 2020 and is expected to reach USD 35.66 Billion by year 2028, at a CAGR of 6.3%. The study covers in-depth analysis of solvents and discusses about its usage in various applications. A solvent is a liquid substance that allows other substances Solvents are very versatile, and can be produced or blended to meet very specific requirements, and to make products with optimal performance, including spray paints that dry quickly and don’t clog the spray nozzle; inks that don’t smudge; outdoor paints that look good and last a long time; and, strong cleaners that are good for tough jobs.
Solvents have many diverse uses—from paints and coatings, personal care products and pharmaceuticals to pesticides, cleaners and inks. Increasing demand for solvents from emerging economies, favorable government regulations for the use of bio-based solvents are some of the key factors propelling market growth in the industry. However, high concentrations of ground level ozone produced by organic solvents affect human, animal and plant health, crops, forest and thus posing a major hindrance for market growth during 2019-2028.
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Key players in the global solvents market include:
Dow Chemical, LyondellBasell, Exxon Mobil, Eastman Chemical, Archer-Daniels-Mildland (ADM), Royal Dutch Shell Plc., BASF SE
For the purpose of this study, Reports and Data have segmented the market on the basis of type end use, and region:
Type (Revenue, USD Million; 2020–2028)
Application (Revenue, USD Million; 2020–2028)
- Paints & Coatings,
- Printing Inks
- Polymer Manufacturing,
Sources (Revenue, USD Million; 2020–2028)
Regional Outlook (Revenue in USD Million; 2020–2028)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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Further key findings from the report suggest
- Number of scientists are engaged in the launch of new solvents. For instance, research by scientists from Queen’s University Belfast on ionic liquid chemistry has been named the ‘Most Important British Innovation of the 21st Century’.
- Organic compounds used as solvents include alcohols, esters and ethers, aromatic compounds, ketones, amines, nitrated and halogenated hydrocarbons. Aromatic solvents include aromatic hydrocarbons such as Toluene, xylene.
- Acetone, Methyl Isobutyl Ketone, Methyl Ethyl Ketone, Methyl Ethyl Ketone are few of the types of ketones. Methyl Ethyl Ketone are used in the production of solvents for coating, magnetic tape, synthetic leather.
- Further, Methanol, Isopropanol are some of the examples of Alcohol. Isopropanol is a colourless liquid used in liniments, lotions, hair. Glycol Ethers is used as a solvent for nitrocellulose resins, spray lacquers, varnishes.
- Paints and coating are the largest contributor in the global solvents market. Solvents are used in paints and coatings to make paint up to desired consistency for application and to avoid clumps or globs. Apart from paints and coating, solvents are also used in various applications such as cosmetics, automotive industry, pharmaceutical products.
- Solvents are used in pharmaceutical products and medicines such cough syrup, aspirin. Butyl acetate is used to purify penicillin by keeping impurities in solution while the penicillin is selectively removed from the reaction mixture by extraction. The hydrocarbon solvent toluene is used as the ink solvent in a specialized type of magazine printing, because it evaporates quickly enough to prevent smudging and leftover toluene is easily recycled
- Solvents removes stains that appear on the windscreen and is also used in the home in window cleaning products. Aliphatic hydrocarbonsare used in the production of tires. In addition to this, Solvents are used in lotions, powders and shaving creams to provide appropriate consistency for the product. Ethyl acetate is used extensively in nail polish and is especially valued for its fast-drying properties.
- On the basis of sources of solvents, petrochemical based solvents are expected to be the largest segment in the global solvents market. Solvents are extensively used in the paints and coatings and account for the largest market share in the global solvents market. Painting and coating hold 46% of the total market share with a CAGR of 6.3%.
- Oxygenated Solvents account for the largest share in the global solvents market owing to its high solvent power and low toxicity. It holds 57.9% of the total market share
- Asia Pacific region is the fastest growing region in the global solvents market due to rapid urbanization, growing demand for automobiles. It has the highest CAGR (4.8%) and has 25.3% of the total market share. North America holds the highest share in the world accounting for 34.3% with a CAGR 3.7%
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