Industrial Solvents Market Global Report 2026

The industrial solvents market size has grown strongly in recent years. It will grow from $37.67 billion in 2025 to $40.2 billion in 2026 at a compound annual growth rate (CAGR) of 6.7%. Growth during the historic period was fueled by the expansion of the paints and coatings industry, rising demand for industrial cleaning and degreasing applications, increasing chemical manufacturing activities, growing pharmaceutical and agrochemical production, and greater adoption of solvents in adhesives and sealants manufacturing.

The industrial solvents market size is expected to see strong growth in the next few years. It will grow to $51.29 billion in 2030 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to the increasing demand for sustainable bio-based solvents, rising development of green solvent technologies, growing expansion of pharmaceutical and biotechnology industries, increasing need for specialty solvents in advanced applications, and rising adoption of low-emission solvent solutions. Major trends in the forecast period include the growing adoption of low volatile organic compound industrial solvents, increasing development of bio-based and environmentally friendly solvent formulations, rising demand for high-purity solvents in advanced manufacturing processes, increasing replacement of hazardous solvents with safer alternative formulations, and expanding use of specialty solvents for high-performance industrial applications.

The increasing demand from the paints and coatings industry is expected to propel the growth of the industrial solvents market going forward. The paints and coatings industry is the sector that develops and manufactures protective and decorative surface coatings used across construction, automotive, industrial, and consumer applications to improve durability, appearance, and performance. The paints and coatings industry is expanding primarily due to rapid construction and infrastructure development, which increases demand for coatings used to protect and enhance buildings and other structures. Industrial solvents support the paints and coatings industry by dissolving resins, regulating viscosity, enabling smooth application and uniform film formation, while controlling drying time and enhancing overall coating performance. For instance, in November 2024, according to the American Coatings Association, a US-based non-profit organization, Illinois led U.S. paint and coatings exports in 2023 with $361 million, followed by Texas at $333 million and Ohio at $280 million. Therefore, the increasing demand from the paints and coatings industry is driving the growth of the industrial solvents market.

Major companies operating in the industrial solvents market are focusing on developing innovative solutions, such as lower-carbon variants, to reduce greenhouse gas emissions, minimize environmental impact, and decrease dependence on fossil-based feedstocks. Lower-carbon variants are product versions manufactured with reduced greenhouse gas emissions by using cleaner production methods and more sustainable or renewable raw materials. For instance, in March 2026, BASF SE, a Germany-based chemicals company, launched lower-carbon variants of butanediol (BDO), tetrahydrofuran (THF), polytetrahydrofuran (PolyTHF), and N-methylpyrrolidone (NMP). These products reduce lifecycle greenhouse gas emissions by incorporating more sustainable feedstocks and cleaner manufacturing processes. They are designed to help downstream industrial solvents and chemical manufacturers reduce their carbon footprint while maintaining the same performance characteristics in applications such as coatings, adhesives, and specialty formulations.

In April 2026, Shrieve Chemical Company LLC, a US-based chemical company, acquired Vertec BioSolvents Inc. for an undisclosed amount. Through this acquisition, Shrieve Chemical Company aims to strengthen its portfolio of sustainable and bio-based solvents while expanding its presence in low-carbon specialty chemical solutions. Vertec BioSolvents Inc. is a US-based manufacturer of bio-based industrial solvents.

Major companies operating in the industrial solvents market are Exxon Mobil Corporation, Shell plc, BASF SE, SABIC, Dow Inc., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corporation, INEOS Group Holdings S.A., Honeywell International Inc., Wanhua Chemical Group Co. Ltd., Sasol Limited, Mitsui Chemicals Inc., Celanese Corporation, Arkema S.A., Eastman Chemical Company, Syensqo SA, Formosa Chemicals & Fibre Corporation, Huntsman Corporation, Nouryon Chemicals Holding B.V., Ashland Inc., Kuraray Co. Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, KH Neochem Co. Ltd., Kanto Chemical Co. Inc.

North America was the dominating region in the industrial solvents market in 2025. Asia-Pacific is expected to be the rapidly growing region in the forecast period. The regions covered in the industrial 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 industrial solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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