Global Solvents Market Outlook 2024, Forecast To 2033
8 Mar, 2024
The solvents market has witnessed strong growth, expanding from $30.78 billion in 2023 to $32.53 billion in 2024, with a 5.7% CAGR. This growth is attributed to factors such as industrial revolution advancements and petrochemical industry growth. Projected to reach $39.87 billion in 2028, with a 5.2% CAGR, the market's expansion will be driven by regulatory compliance and bio-based solvents. Major trends include VOC reduction and digitalization in solvent management.
Global Solvents Market Key Driver
The solvents market is witnessing growth due to rising demand for personal care products. Personal care items, essential for hygiene and grooming, rely on solvents for their formulation. Notably, reports from Loreal Cosmetic World highlight significant growth in skincare product demand, reflecting consumer preferences for personal care. This increasing demand for personal care products is driving growth in the solvents market as manufacturers cater to evolving consumer needs.
Get A Free Sample Of The Global Solvents Market ReportGlobal Solvents Market Segments
The solvents market covered in this report is segmented –
1) Type:Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, Other Types
2) Category:Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Other Categories
3) Source:Bio-Based Solvents, Petrochemicals-Based Solvents
4) Application:Adhesives, Paints And Coatings, Personal Care, Pharmaceuticals, Other Applications
By Geography: The countries covered in the solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the solvents market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Solvents Industry Players
China Petroleum and Chemical Corporation; Exxon Mobil Corporation; Royal Dutch Shell Plc.; Marathon Petroleum Corporation; Valero Energy Corporation; PJSC Lukoil Oil Company; Reliance Industries Limited; Mitsui Chemicals Inc.; BASF SE; Dow Jones Industrial; Sabic; LyondellBasell Industries Holdings B.V; Henkel AG and Co. KGaA; Toray Industries Inc.; INEOS Group Limited; Westlake Corporation; Solvay SA; International Flavors and Fragrances Inc.; Akzo Nobel NV; Arkema SA; Eastman Chemical Company; Daicel Corporation; Celanese Corporation; Wacker Chemie AG; Huntsman International LLC.; Givaudan; Lonza Group AG; Clariant AG; Ashland Global Holdings Inc.; Hengyi Industries Sdn Bhd
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Solvents Market Overview
A solvent is a liquid that may dissolve or disperse one or more other compounds. A variety of solvents are used as chemical intermediates, fuels, and components in a wide range of products. They can also make paint, ink, coatings, home cleansers, spot removers, adhesives, nail polish removers, automotive goods, and other products.