Solvents Market Size Worth $41.2 Billion By 2030: IndustryARC

Global Solvents Market size is predicted to reach $41.2 billion by 2030, growing at a CAGR of 5.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Eco-friendly solvent innovation and the adoption of bio-based alternatives propel market growth, finds IndustryARC in its recent report, titled “Solvents Market – By Source (Natural Sources and Derived Sources (Petroleum Sources and Synthetic Sources)), By Type (Organic Solvents and Inorganic Solvents), By End-Use Industry (Paints & Coatings, Pharmaceutical, Adhesives, Printing Inks, Cosmetics, Food and Beverage, Agricultural, Industrial Cleaning, Oil and Gas, Chemical, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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APAC to Register Highest Growth:

The Asia Pacific region is also poised to witness the highest growth in the solvents market during the forecast period, driven by rapid industrialization and urbanization. Emerging economies like China, India, and Southeast Asian countries are seeing increased demand from key sectors such as construction, automotive, and manufacturing. The rising need for paints, coatings, and adhesives in these industries is propelling solvent consumption. Additionally, growing population centers and expanding infrastructure projects are creating further demand. APAC’s economic expansion, coupled with investments in green and bio-based solvent technologies, positions the region as a leader in market growth. The region’s focus on sustainability and innovation is expected to attract significant opportunities for both domestic and international solvent manufacturers.

Solvents Market 2024-2030: Scope of the Report

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Solvents Market Report – Key Takeaways:

• Derived Sources Segment is Leading the Solvents Market

In 2023, the derived sources segment accounted for 84% of the solvents market, largely driven by solvents produced from petroleum and synthetic chemicals. These derived sources are specially formulated to extend solvent applications into new areas. Petroleum-based hydrocarbon fractions are widely used in industrial processes and commercial formulations to dissolve, suspend, or transport other components. The variety of petroleum solvents has expanded significantly in recent years, owing to advancements in refinery processes aimed at converting low-octane feedstocks into high-octane fuels. Additionally, stricter environmental regulations have spurred the development of cleaner, more sustainable solvent options. These innovations have allowed the derived sources segment to maintain its dominant position in the market.

• Dominance of Organic Segment in Solvents Market

In 2023, the organic segment dominated the solvents market, capturing 87% of total revenue. Conventional organic solvents include glycol ethers, hydrocarbons, acetate esters, alcohols, chlorinated solvents, and ketones. These solvents are commonly used in traditional applications such as dry cleaning and in various manufacturing industries. Ketones like acetone, methyl ethyl ketone (MEK), and methyl isobutyl ketone are utilized across multiple industries, including paints and coatings, adhesives, chemical processing, cleaning products, and printing inks. MEK, in particular, is highly valued in paints and coatings due to its ability to produce low-viscosity solutions with high solid content. Ester solvents, meanwhile, are widely used as activators or hardeners in paints and find moderate use as industrial cleaners.

• Paints & Coatings Segment Holds the Largest Market Share

The paints and coatings segment dominated the solvents market in 2023, growing at a CAGR of 3.1% over the forecast period of 2024-2030. This growth is fueled by the rising demand for construction chemicals, driving increased usage of solvents in paints and coatings applications. Additionally, rapid population growth, coupled with the expanding automotive industry, is expected to boost demand for petrochemical-based solvents in this segment. The global growth of the automotive, OEM, machinery, and appliances sectors is also expected to contribute to the rising demand for solvents in paints and coatings. Bio-based solvents are increasingly being used to dissolve binders and pigments, providing consistency in coatings. However, the COVID-19 pandemic has impacted construction activities, particularly in APAC, with many workers staying away from sites due to health concerns, leading to delays in ongoing projects.

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Key Opportunity Analysis:

Growth in Bio-Based Solvents

The increasing shift towards sustainability presents a significant opportunity for the solvents market, particularly in the development of bio-based solvents. As industries face stricter environmental regulations and growing consumer demand for eco-friendly products, the adoption of bio-based solvents, derived from renewable sources such as plant-based materials, is gaining traction. These solvents offer lower toxicity and reduced environmental impact compared to conventional petrochemical-based alternatives. Industries like paints and coatings, personal care, and pharmaceuticals are embracing bio-based solvents to meet sustainability goals while maintaining high performance. This trend is expected to drive substantial growth in the market, as manufacturers continue to innovate and develop greener solutions that cater to both environmental concerns and industrial needs.

Increasing Demand in Emerging Economies

The solvents market is poised to benefit from the rising demand in emerging economies, particularly in regions such as Asia Pacific, Latin America, and the Middle East. Rapid industrialization, urbanization, and expanding automotive and construction sectors in these regions are driving the need for solvents in applications like paints and coatings, adhesives, and cleaning products. Countries like China, India, and Brazil are witnessing strong growth in infrastructure and manufacturing activities, which in turn boosts solvent consumption. Additionally, favorable government policies and investments in these sectors further enhance the demand for solvents. This expanding industrial base provides a lucrative opportunity for both domestic and global solvent manufacturers to tap into these high-growth markets.

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The report also covers the following areas:

• Solvents Market Size and Forecast
• Solvents Market Trends
• Solvents Market Analysis by Product Type

Solvents Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Solvents Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Solvents Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic profoundly disrupted the global solvents market, leading to significant supply chain interruptions and altered demand patterns. Lockdowns and restrictions resulted in the temporary closure of manufacturing facilities, disrupting solvent production and distribution. Concurrently, reduced industrial activity and halted construction projects led to a decline in solvent demand in key sectors such as automotive, construction, and manufacturing. Conversely, the pandemic heightened the need for solvents used in pharmaceuticals and sanitizers, driven by increased health and hygiene concerns. The rise in remote work and e-commerce also spurred demand for solvents in packaging and logistics. This complex situation resulted in a volatile market, with some segments experiencing a slowdown while others saw accelerated growth.
• The Russia-Ukraine conflict has significantly impacted the solvents market by exacerbating supply chain disruptions and causing notable price volatility. The war has disrupted critical supply routes and trade flows across Europe, leading to shortages of essential raw materials for solvent production. This has been particularly detrimental to energy supplies, given Russia’s role as a major energy exporter, affecting solvent costs and availability. The conflict has also heightened geopolitical and economic uncertainties, resulting in increased manufacturing costs and higher prices for consumers. Sanctions and trade restrictions imposed on Russia have further complicated market dynamics, pushing companies to seek alternative suppliers and adjust their strategies. Overall, the conflict has contributed to market instability and inflationary pressures, affecting both supply and demand across various solvent applications.

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List of Key Market Players in the Solvents Market:

The Global Solvents Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• BASF SE
• Exxon Mobil Corporation
• Dow Chemicals
• Shell Chemicals
• Eastman Chemical Company
• Archer-Daniels-Midland Company
• Honeywell International Inc
• Bharat Petroleum Corporation Limited
• Huntsman International LLC
• Ineos Group Limited

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