Global Solvents Market Trends, Applications, Analysis, Growth, and Forecast to 2028

Global Solvents Market Overview

"The Solvents Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

A solvent is a substance that liquidizes in a chemically mixed solute to make a solution. Most commonly, it appears in a liquid state. It may also appear in the gaseous and solid states. These solvents are either conventional or of organic type.

These solvents are widely used in many applications, such as paints, coatings, and printing ink. The key uses of these solvents are cooling circuits, dry cleaning, and deicers, among others. Conventional solvents include glycol ethers, hydrocarbons, acetate esters, alcohols, ketones, and others.

Applications such as dry cleaning rely on organic ones, except for chlorinated solvents, as they are highly flammable in nature. A few of these solvents are dangerous, may pose a health risk to reproductive and nervous systems, and even cause cancer. These solvents should be used with appropriate precautions to lower any health-related issues.

The global solvents market is segregated into product types, applications, and regions. Based on product type, the global solvents market is sub-segmented into alcohols, glycols, esters, ketones, and other product types. Concerning application, the global solvents market is distributed into paints & coatings, pharmaceuticals, adhesives, printing inks, industrial cleaning, and other applications. Based on region, the global solvents market is sub-segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Global Solvents Market Dynamics

The demand for bio-based products is increasing due to the increased severity of environmental regulations. In addition, there is an upsurge in innovations and advancements of chemicals. The paints & coatings industry is growing rapidly. Solvents are highly used in paints to avoid globs or clumps and give the desired consistency in various applications.

The demand for paints in the construction sector and surging infrastructure development in countries such as China, India, and the US is rising. These factors are expected to further complement the revenue growth trajectory of this global industry in the foreseeable future. However, chemical-based solvents can affect not only to human health but also to the environment and animals.

Even the workers working in chemical manufacturing plants deal with severe health-related problems because of continuous exposure to such substances. These factors may impose a hindrance to the economic growth of the global solvents market over the forecast timeframe.

Global Solvents Market Regional Analysis

The global solvents market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

Markets in the Asia Pacific region are expected to account for the largest share in the global solvents market due to the rising demand in the paints & coatings industry and increasing infrastructure development with innovations in bio-based products.

Markets in North America are anticipated to grow rapidly due to the automotive sector's rapid growth and the rising demand for industrial cleaners.

Markets in Europe are expected to grow in the global solvents market attributed to the increased use of alcohol in the cosmetics and food & beverages sectors and the increased use of bio-based products as an option to chemical-based products.

COVID-19 Impact Analysis on Global Solvents Market

Apart from the impacts on human life, this pandemic has inflicted an invariable blow to industries worldwide. This novel virus has caused unprecedented damage to trade as a whole, as well as the global economy. As this deadly virus continues to wreak havoc, it has left several industries and economies in a stage of uncertainty and market volatility in its wake.

It has also strained investments and scheduled plans across various sectors. At the nexus of this pandemic, China’s impaired manufacturing and production operations have adversely affected global supply chains, leaving China’s economy in absolute disarray. These respectively imposed shutdowns/lockdowns were meant to slow the trajectory of this virus but have resulted in the crashing of economic outputs, further causing financial panic across a wide range of markets; it even led to curtailing general travel, leisure and social living.

During the first half of 2020, there was a sharp decline in trade activities, which caused the global economy to shrink by 3%, only to recover in the second half of that year partially. With the abatement of the second wave, and increased vaccination initiatives, there are visible signs of improvement across various sectors in numerous countries.

Global Solvents Market Competitive Landscape

• BASF SE
• Solvay S.A
• The Dow Chemical Company
• Exxon Mobil Corporation
• Royal Dutch Shell plc.
• Idemitsu Kosan Co., Ltd.
• Ashland Inc.
• Bharat Petroleum Corporation Limited
• India Glycols Limited.
• Hindustan Petroleum Corporation Limited
• Eastman Chemical Company
• Other players

Report Scope

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• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Segments Covered

Global Solvents Market by Product Type

• Alcohols
• Glycols
• Esters
• Ketones
• Other Product Types

Global Solvents Market by Application

• Paints & Coatings
• Pharmaceuticals
• Adhesives
• Printing Inks
• Industrial Cleaning
• Other Applications