Quick Summary:
In today's dynamic business world, understanding the undercurrents of the global solvent market is paramount to stay ahead of the curve. As a compound involved in several applications across various industries, ranging from pharmaceuticals to cosmetics and from printing inks to adhesives, solvents play an instrumental role in driving diverse sectors of the economy.
The multifaceted use of solvents such as cleaning and degreasing agents, spot removers, nail polish removers, amongst others, has been a critical driver in market growth. Additionally, with growing environmental consciousness, the shift towards environmentally friendly and organic products is expanding. This trend is leading manufacturers to invest in green and bio-based solvents, opening up new frontiers for sustainable solutions in the industry. The market is further influenced by factors such as accelerating industrialization, strict regulations, R&D activities, and technology improvements. This report provides an in-depth analysis of these market dynamics that shape the future of the global solvent market.
The global solvent market size reached US$ 46.1 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 60.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Solvents refer to chemical substances that can dissolve, disperse or extract other materials to form a solution without changing them chemically. They usually have an unpleasant odor and are highly volatile and flammable, except for chlorinated solvents. Solvents are generally liquids; however, they can also be in solid or gaseous form and are available in conventional and organic variants. They are widely utilized as cleaning and degreasing agents and as ingredients in products, such as spot removers, printing inks, varnishes, adhesives, cosmetics, perfumes, detergents, paint thinners, and nail polish removers.
2. What is the expected growth rate of the global solvent market during 2023-2028?
3. What are the key factors driving the global solvent market?
4. What has been the impact of COVID-19 on the global solvent market
5. What is the breakup of the global solvent market based on the product?
6. What is the breakup of the global solvent market based on the source
7. What is the breakup of the global solvent market based on the application?
8. What are the key regions in the global solvent market?
9. Who are the key players/companies in the global solvent market?
Solvents refer to chemical substances that can dissolve, disperse or extract other materials to form a solution without changing them chemically. They usually have an unpleasant odor and are highly volatile and flammable, except for chlorinated solvents. Solvents are generally liquids; however, they can also be in solid or gaseous form and are available in conventional and organic variants. They are widely utilized as cleaning and degreasing agents and as ingredients in products, such as spot removers, printing inks, varnishes, adhesives, cosmetics, perfumes, detergents, paint thinners, and nail polish removers.
Solvent Market Trends:
The increasing product applications in various end use industries represent the primary factor driving the market growth. For instance, solvents are used in paints and coatings to dissolve colors and binders, provide consistency, and find huge applications in pharmaceutical drug manufacturing processes. Additionally, there has been a substantial rise in the product usage in household cleaning and personal care products. Along with this, the widespread adoption of solvents in pesticide formulations is catalyzing the product demand. Furthermore, with the rising environmental concerns, consumers are increasingly shifting toward eco-friendly and organic products, which pose little or no hazards to the environment and human health. As a result, several leading manufacturers are making heavy investments and entering into collaborations with the top biotechnology companies to launch green and bio-based solvents to achieve sustainability. Moreover, the emerging solvent applications in chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers are propelling the market growth. Other factors, including rapid industrialization and urbanization, stringent government regulations to use green solvents, ongoing research and development (R&D) activities, and technological advancements, are also providing a positive thrust to the market growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global solvent market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, source and application.Breakup by Product:
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
Breakup by Source:
- Petrochemical-based
- Bio and Green
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Cosmetics and Adhesives
- Others
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.Key Questions Answered in This Report
1. What was the size of the global solvent market in 2022?2. What is the expected growth rate of the global solvent market during 2023-2028?
3. What are the key factors driving the global solvent market?
4. What has been the impact of COVID-19 on the global solvent market
5. What is the breakup of the global solvent market based on the product?
6. What is the breakup of the global solvent market based on the source
7. What is the breakup of the global solvent market based on the application?
8. What are the key regions in the global solvent market?
9. Who are the key players/companies in the global solvent market?
Frequently Asked Questions about the Global Solvent Market
What is the estimated value of the Global Solvent Market?
What is the growth rate of the Global Solvent Market?
What is the forecasted size of the Global Solvent Market?
Who are the key companies in the Global Solvent Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | June 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 46.1 Billion |
| Forecasted Market Value ( USD | $ 60.4 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Solvent Market
6 Market Breakup by Product
7 Market Breakup by Source
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
- Solvay S.A.
Methodology
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