The Global Solvents Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Solvents Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
A solvent is a chemical that dissolves a solute to create a solution. While commonly found in liquid form, solvents can also exist as solids or gases. These substances are designed to dissolve, absorb, or dilute other materials into fine distributions without altering their chemical structure. Increasing innovations in chemical technology and a growing preference for bio-based products, driven by stricter environmental regulations, are expected to fuel demand.
Fortune Business Insights presents this information in their report titled "Solvents Market, 2025–2032."
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Forecast Growth Projected:
According to Fortune Business Insights the global solvents market size was valued at USD 36.88 billion in 2023. The market is projected to grow from USD 38.60 billion in 2024 to USD 61.95 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period.
List of the Key Players in the Solvents Market:
- Shell plc (U.K.)
- Eastman Chemical Company (U.S.)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Ashland (U.S.)
- BASF (Germany)
- Exxon Mobil Corporation (U.S.)
- Celanese Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- INEOS (U.K)
- Gandhar Oil Refinery (India) Limited (India)
- Vijay Chemsol (India)
- Moksha Chemicals (India)
Solvents Market Segmentations:
Alcohols Segment Led the Market with Rapid Adoption of Ethanol and Methanol in Different Applications
In terms of product type, the market is classified into alcohols, esters, ketones, and others. The alcohols segment dominated the global market, driven by the rapid adoption of ethanol, n-butanol, methanol, and isopropanol in different applications. Ethanol is widely used in perfumes and medical drugs and methanol is highly preferred in adhesive applications.
Rapid Expansion of the Construction Industry Boosted Product Demand in the Paints & Coatings Segment
By application, this market is segregated into paints & coatings, industrial cleaning, adhesives, printing inks, and others. Paints & coatings held the largest solvents market share, attributed to their increased demand in the construction industry. The rapid expansion of the construction industry and innovations in paints are fueling segment growth.
Report Coverage
The market research report presents a comprehensive market study, emphasizing important elements, such as the competitive environment and prominent product categories. Moreover, the report offers crucial insights on market trends and noteworthy industry developments. In addition to the factors above, the report contains numerous aspects that have nurtured market expansion in recent times.
Drivers and Restraints
A growing emphasis on environmental responsibility has led to a significant shift in recent years, with both consumers and industries moving toward bio-based products over chemical ones. This evolution is transforming the global market, inspiring producers to develop innovative, sustainable product lines to meet the call for greener alternatives. Known as "green solvents," eco-friendly options are derived from renewable materials or are designed to minimize environmental harm. The surge in demand for biobased solvents stems from the growing awareness of the environmental and health issues associated with conventional solvents. Increased consumer inclination toward safer and eco-conscious choices is bolstering the solvents market growth.
Competitive Landscape
Leading Companies Emphasize Green Product Modernizations to Enhance Their Market Positions
Exxon Mobil Corporation, Shell plc, BASF, LyondellBasell Industries Holdings B.V., and Honeywell International Inc. are some of the prominent players in the global market. They focus on green product modernizations, mergers, acquisitions, and partnerships to strengthen their competitive edge.
Key Industry Development
- April 2024: BASF introduced Efka PX 4360, a revolutionary solvent-based dispersing agent tailored for industrial coatings. With advanced Controlled Free Radical Polymerisation (CFRP) technology, this agent enhances pigment dispersion, ensures compatibility, and optimizes color properties.
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