Solvent Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global solvent market expected to grow in the forecast period of 2025-2034 at a CAGR of 6.20% to attain USD 45.77 Billion by 2034.

Use of Solvents in Pharmaceuticals, Industrial Coatings and Personal Care Products Boosting the Solvent Industry

Solvents are used in a wide variety of applications. They are found all around us. Thousands of manufacturers and production facilities rely on solvents to provide solutions to their manufacturing needs. In daily house cleaning activities, a solvent is used as a cleaning and degreasing agent, for instance, in toiletries, floor, glass, or any dirt cleaning. Amid the COVID-19 pandemic, beauty consumers have renewed their interest in skin care. The ongoing trend on social media urges people to improve overall skin health and fairness. As a result of this, many beauty retailers and manufacturers witness an increase in demand for essential skin products. Many of the products we use daily, ranging from pharmaceuticals to industrial coatings, require solvents at all costs. The rising demand for solvents from end use industries is boosting the market growth of the product.

Solvent: Market Segmentation

The term solvent refers to a large number of chemical substances that have commercial applications across various industries. The solvents are ubiquitous which are used across various industries ranging from coatings and paints, plastics, textiles, rubber, pharmaceuticals, oil and gas, chemical synthesis, construction, among others.

Based on product, the market is segmented into:

• Hydrocarbons
• Alcohol
• Esters
• Ketones
• Chlorinated
• Others

Based on application, the market is segmented into:

• Printing Inks
• Paints and Coatings
• Pharmaceuticals
• Adhesives and Cosmetics
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Increasing use of Solvent in Construction and Agricultural Industry to Bolster the Market Growth of Solvent

The rise in the demand for solvents in the construction and agricultural industry creates an opportunity for the growth of the solvents industry. The increasing use of home and personal care products is driving the demand for solvents in both developed and developing countries. The mass madness of facial and skin care products is supposed to provide opportunities to increase the revenue for manufacturers and suppliers of personal care products, particularly in emerging economies.

High demand for solvents from the construction industry and from agricultural chemicals application is estimated to drive its markets during the forecast period. The construction industry is the backbone of rapid urbanisation and solvents plays a very important part in the constructed infrastructure; it acts as carriers for surface coatings. Solvents are very important to pesticides, and they are used to dictate the healthy growth of plants and vegetables. Solvents are used to extract oils and flavour from nuts, and it is certain that solvents are used extensively in agricultural products, most importantly in oils and spice extract.

Key Industries Players in the Global Solvent Market

The report presents a detailed analysis of the following key players in the global solvent market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• BASF SE
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• Celanese Corporation
• Ashland Inc.
• INEOS Group
• Others

The comprehensive report looks into macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.