How Has The Solvents Market Size Evolved In Recent Years?
The solvents market has seen considerable growth due to a variety of factors.
•In the past few years, the size of the solvents market has consistently expanded. The market is expected to rise from $32.32 billion in 2024 to $33.86 billion in 2025, showing a compound annual growth rate (CAGR) of 4.8%.
The growth during the historical period is linked to factors such as the industrial revolution, progress in chemical synthesis, evolution of paints and coatings, expansion of the petrochemical industry, and growth in the print and ink industry.
What Is The Projected Growth Of The Solvents Market?
The solvents market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the solvents market is anticipated to witness robust expansion, surging to $43.1 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%.
This increase in the anticipated period can be credited to elements such as regulatory compliance, growth in the pharmaceutical industry, the inception of bio-based solvents, and the integration of green chemistry initiatives and a circular economy. Key trends to watch in the forecast period encompass reduction in volatile organic compounds (VOC), the introduction of high-performance solvents, the development of nano-solvents, digital advancements in solvent management, and enhanced transparency and traceability.
What Are The Primary Growth Drivers In The Solvents Market?
The solvents market's expansion is anticipated to be driven by a growing need for personal care products. These are conventional family chemical compounds commonly used for health, hygiene, and aesthetic purposes, inclusive of high-end cosmetics, skin and hair care items, cleaning products, and fragrances. Solvents serve a crucial role in skin care items as they are known for dissolving certain ingredients, thereby enhancing the functionality, texture, and sensory perception. As per the US-based government agency, Bureau of Labor Statistics, there was an upsurge in the average consumer spending on personal care products by 12.3 percent in September 2023. This was a rise from $771 in 2021 to $866 in 2022. Consequently, the flourishing demand for personal care items is stimulating the progress of the solvents industry.
What Is The Segmentation Of The Global Solvents Market?
The solvents market covered in this report is segmented –
1) By Type: Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, Other Types
2) By Category: Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Other Categories
3) By Source: Bio-Based Solvents, Petrochemicals-Based Solvents
4) By Application: Adhesives, Paints And Coatings, Personal Care, Pharmaceuticals, Other Applications
Subsegments:
1) By Alcohols: Ethanol, Isopropanol, Methanol, Butanol, Other Alcohols
2) By Hydrocarbons: Aliphatic Hydrocarbons, Aromatic Hydrocarbons, Cycloaliphatic Hydrocarbons
3) By Ketones: Acetone, Methyl Ethyl Ketone (MEK), Other Ketones
4) By Esters: Ethyl Acetate, Butyl Acetate, Other Esters
5) By Chlorinated: Methylene Chloride, Chloroform, Other Chlorinated Solvents
6) By Other Types: Glycols, Ether Solvents, Specialty Solvents
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What Emerging Trends Are Shaping The Solvents Market Landscape?
In the solvent market, the primary trend attracting attention is product innovation. To maintain their market standing, firms in the solvent industry are incorporating cutting-edge technologies. For instance, Solvay S.A., a chemical manufacturing company based in Belgium, launched a new-age solvent named Rhodiasolv IRIS in April 2022. The solvent is biodegradable, non-flammable, mutagenic, low in volatility, and reprotoxic. It finds use in a range of applications such as the development of phytosanitary goods, paint peeling, graffiti and resin elimination, industrial cleansing, and agrochemistry. An exclusive manufacturing technique that reuses a previously incinerated byproduct of its polyamide chain is facilitated by Rhodiasolv IRIS. This procedure optimizes the use of petrochemical resources, causing minimal environmental harm. Rhodiasolv IRIS plays a vital role in the Rhodiasolv series of green solvents that aid in the transition towards more environmentally-compatible agriculture.
Who Are the Key Players in the Solvents Market?
Major companies operating in the solvents market include:
• 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
What are the Regional Insights into the Solvents Market?
Asia-Pacific was the largest region in the solvents market in 2024 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.
