The latest research study “Solvents Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global solvent market reached a value of US$ 43.74 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 57.95 Billion by 2027 exhibiting a CAGR of 4.50% during 2022-2027.
Chemical compounds known as solvents have the ability to scatter, dissolve, or remove other materials to create a solution without affecting them. Except for the chlorinated varieties, they are often pungent, extremely combustible, and volatile. Solvents come in both conventional and organic varieties and are frequently found as liquids, solids, and gases. Numerous products, including varnishes, adhesives, cosmetics, spot removers, printing inks, perfumes, detergents, paint thinners, nail polish removers, etc. use them extensively as cleaning and degreasing agents.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Solvent Market Trends and Drivers:
One of the main reasons propelling the solvent market is the increasing product demand in paints and coatings to give consistency and dissolve colours as well as in pharmaceutical drug manufacturing processes.
In addition, the growing demand for these ingredients in personal care and household cleaning products is fueling market expansion. In addition, the introduction of green and bio-based solvents by top manufacturers in association with major biotechnology firms is also igniting the global industry.
Research and development (R&D) initiatives, ongoing technical developments, and rising urbanisation and industrialisation are further key growth-promoting drivers. In addition, it is anticipated that the solvent market will benefit in the upcoming years from the rising product popularity in chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers.
Global Solvent Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Archer-Daniels-Midland Company, Ashland Inc., BASF SE, Bharat Petroleum Corporation Limited, bp p.l.c., Celanese Corporation, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Huntsman Corporation, LyondellBasell Industries N.V., Royal Dutch Shell plc, Sasol Limited and Solvay S.A.
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The report has segmented the market on the basis of region, product, source and application.
Breakup by Product:
Breakup by Source:
- Bio and Green
Market Breakup by Application:
- Paints and Coatings
- Printing Inks
- Cosmetics and Adhesives
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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