Solvents Market Report 2026

The solvents market size has grown strongly in recent years. It will grow from $33.39 billion in 2025 to $35.34 billion in 2026 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to expansion of chemical manufacturing industries, growth of paints and coatings sector, increasing pharmaceutical production, rising demand for industrial cleaning solutions, availability of petrochemical-based solvents.

The solvents market size is expected to see strong growth in the next few years. It will grow to $44.59 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing regulatory pressure on hazardous solvents, rising investments in sustainable chemistry, expansion of electric vehicle coatings demand, growing use in advanced manufacturing processes, increasing adoption of circular solvent management. Major trends in the forecast period include growing demand for low-voc and green solvents, rising adoption of bio-based solvents, expansion of solvents in pharmaceutical manufacturing, increased use in high-performance coatings, enhanced focus on solvent recovery and recycling.

The increasing use of cosmetics is expected to drive the growth of the solvents market. Cosmetics encompass a wide range of products applied to the body, face, hair, or nails to enhance or modify appearance. Solvents are used in cosmetics to dissolve and disperse ingredients, enabling formulations with desirable textures and application properties. They improve stability, spreadability, and shelf life, ensuring effective delivery of active ingredients and a pleasant sensory experience for consumers. For example, in 2023, according to the Cosmetic Toiletry & Perfumery Association (CTPA), a UK-based trade association, color cosmetics sales grew from 118,178 units in 2022 to 123,056 units in 2023, a 4.1% increase, while skincare products rose from 456,401 units in 2022 to 460,868 units in 2023, a 1% growth. Therefore, the rising use of cosmetics is propelling the solvents market.

Major companies in the solvents market are strategically focusing on developing sustainable products, such as sustainable ultra-pure solvents, showcasing the feasibility of producing high-quality solvents from recycled materials. A sustainable ultra-pure solvent is characterized not only by high purity but also by environmentally friendly and sustainable production methods. In January 2023, Clariter, a Luxembourg-based cleantech company, and TotalEnergies Fluids, a France-based energy and petroleum company, introduced a sustainable ultra-pure solvent derived from plastic waste. These ultra-pure solvents find application in demanding markets such as pharmaceuticals and cosmetics, requiring safe, colorless, odorless, and tasteless products meeting the highest pharmacopoeia-standard purity criteria.

In April 2023, INEOS Phenol, a manufacturer of phenol and acetone based in Switzerland, acquired Mitsui Phenol Singapore Co. Ltd. from Mitsui Chemicals Inc. for $330 million. This acquisition is intended to boost INEOS's production capabilities by adding over 1 million tonnes of annual production capacity, which includes substantial outputs of cumene, phenol, acetone, alpha-methyl styrene, and bisphenol. Mitsui Phenol Singapore Co. Ltd. is a chemical company located in Singapore that supplies solvents.

Major companies operating in the solvents market are BASF SE, Dow Inc., Exxon Mobil Chemical Company, Shell Chemicals, LyondellBasell Industries N.V., INEOS Group Limited, Arkema S.A., Eastman Chemical Company, Mitsubishi Chemical Group Corporation, Saudi Basic Industries Corporation (SABIC), Evonik Industries AG, Celanese Corporation, LG Chem Ltd., Formosa Plastics Corporation, Reliance Industries Limited, Braskem S.A., Sasol Limited, Covestro AG, Huntsman Corporation, Solvay S.A.

Asia-Pacific was the largest region in the solvents market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the solvents market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The solvents market consists of sales of organic solvents, inorganic solvents, protic solvents, and aprotic solvents. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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