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.
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Segmentation Analysis:
By Product Type
In 2023, the alcohols segment dominated the solvents market, driven by strong demand for ethanol, methanol, n-butanol, and isopropanol. Ethanol is extensively used in perfumes, flavor essences, and pharmaceuticals, while methanol finds major applications in inks and adhesives. This wide usage is expected to propel the segment’s growth.
By Application
The market is categorized into paints & coatings, printing inks, industrial cleaning, adhesives, and others. Paints & coatings led the market in 2023 and are anticipated to grow at the fastest pace, supported by booming construction activities and innovations in eco-friendly paint solutions.
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)
Key Industry Developments:
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Oct 2024: LyondellBasell acquired full ownership of APK AG, aiming to scale its solvent-based LDPE recycling technology and produce high-purity materials for flexible packaging.
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Aug 2024: Eastman launched EastaPure electronic-grade isopropyl alcohol (IPA), providing U.S. semiconductor makers with a high-quality, reliable domestic solvent supply.
