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The industrial solvents market size is forecast to increase by USD 2.53 billion and is estimated to grow at a CAGR of 5.24% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for oxygenated solvents due to their superior performance and environmental friendliness. Another trend shaping the market is the rising shift towards low-volatile organic compound (VOC) and zero-VOC formulations, in response to stringent regulations on the use of industrial solvents. These regulations aim to reduce the environmental impact of solvents and improve overall air quality. Additionally, advancements in technology have led to the development of more efficient and cost-effective solvent production methods, further fueling market growth. Despite these opportunities, challenges remain, including the high cost of raw materials and the need for continuous research and development to meet evolving regulatory requirements.
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Industrial Solvents are chemical compounds used in various industries for different applications such as Paints and coatings, Electronics, Bulk chemicals, Oil and gas, Agrochemical sector, and Textile Industries. The market for Industrial Solvents is significant due to their extensive usage in various industrial processes. The demand for sustainable solvents derived from renewable feedstocks is on the rise due to increasing environmental concerns. Butane and Propane are commonly used Industrial Solvents in industries like Oil Refining and Recovery. They are also used as Dissolution agents, Cleansing, and Degreasing agents. In the Electronics industry, Industrial Solvents are used for Purification processes. In the Agrochemical sector, they are used as intermediates in the production of Pesticides. Industrial Solvents are also used in the production of Adhesives, Sealants, and in Photographic Reproduction. They are used in the Rubber industry for the production of synthetic rubbers. Volatile Organic Compounds (VOCs) are a concern in the market due to their impact on the environment. Therefore, there is a growing trend towards the use of low-VOC and zero-VOC solvents. The market includes key applications such as Industrial processes, Oil and gas, Dissolution agents, Cleansing, Degreasing, Purification, Agrochemical sector, Butane, Propane, Adhesive, Sealant, Pesticides, Photographic Reproduction, Textile Industries, Oil Refining, Recovery, Dry Cleaning, and Rubber. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for oxygenated solvents is notably driving market growth. Industrial solvents are essential chemical compounds utilized in various industries, including paints and coatings, electronics, bulk chemicals, oil and gas, agrochemicals, and healthcare. In the chemical field, they serve as dissolution agents, cleansing and degreasing agents, and purification agents.
Moreover, sustainable solvents derived from renewable feedstocks are gaining popularity due to environmental concerns. In the electronics sector, industrial solvents are integral to the production of computers, circuit boards, smartphones, networking devices, and consumer electronics. Thus, such factors are driving the growth of the market during the forecast period.
Rising shift toward low-VOC and zero-VOC formulations is the key trend in the market. Industrial solvents play a vital role in various industries, including paints and coatings, electronics, bulk chemicals, oil and gas, agrochemicals, and healthcare. These chemical compounds are essential for dissolution agents in industrial processes, cleansing and degreasing agents, and purification agents.
Moreover, in the electronics industry, solvents are used in the production of circuit boards, computers, smartphones, and networking devices. Sustainable solvents derived from renewable feedstocks are gaining popularity due to their eco-friendly nature. Thus, such trends will shape the growth of the market during the forecast period.
Stringent regulations on use of industrial solvents is the major challenge that affects the growth of the market. Industrial solvents are essential chemical compounds used in various industries, including paints and coatings, electronics, bulk chemicals, oil and gas, agrochemical sector, and healthcare. These solvents serve multiple functions such as dissolution agents, cleansing and degreasing agents, and purification agents.
Moreover, in the paints and coatings industry, solvents like butane, propane, hexane, isopropyl alcohol, and ethanol are widely used. In the electronics sector, solvents are integral to the production of circuit boards, computers, smartphones, networking devices, and consumer electronics. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arkema SA: The company offers Industrial Solvents such as oxygenated solvents, acetone derivatives, used for chemical synthesis as diluents or as functional additives.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The alcohols segment is estimated to witness significant growth during the forecast period. Industrial solvents play a significant role in various sectors of the chemical compounds field, particularly in industries such as paints and coatings, electronics, and bulk chemicals. Alcohols, including ethanol, isopropyl alcohol, and methanol, are commonly used as industrial solvents due to their versatile solvent properties.
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The alcohols segment was the largest segment and valued at USD 2.74 billion in 2018. These alcohols can effectively dissolve both polar and non-polar compounds, making them suitable for applications in industries like pharmaceuticals, cosmetics, and cleaning products. Moreover, the increasing demand for sustainable solvents derived from renewable feedstocks is driving the market for industrial solvents. Alcohols, being biodegradable, are considered environmentally friendly and can help reduce the environmental impact associated with solvent disposal. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Industrial solvents play a crucial role in various industries, including Photographic Reproduction, Textile Industries, Oil Refining, and Recovery. These solvents find extensive applications as Dissolution Agents in Dry Cleaning, Rubber, Polymer, and Fuel Additives production. In Metal Degreasing processes, hydrocarbons, alcohols, ketones, chlorinated solvents, esters, and other types of industrial solvents are commonly used. Photographic Reproduction and Textile Industries rely on these solvents for the production of printing ink, cosmetics, and various other applications. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Green and Bio Solvents Market by Application, Product, and Geography - Forecast and Analysis
The management of waste solvents is a critical component of green chemistry and sustainability. Recycling these solvents not only reduces environmental impact but also supports the information technology and appliances industries, where they are often used. In the industrial sector, dissolution agents and bio-based solvents play vital roles in paint and coatings, adhesives and sealants, and chemical sales. The residential sector benefits from the safe disposal and recycling of these materials, which can also impact medicine production and medical encapsulation processes. Effective management of industrial solvents ensures that these substances are repurposed efficiently, minimizing waste and promoting sustainability across various sectors, including infrastructure. By embracing green chemistry, industries can advance towards more sustainable practices, improving both environmental and economic outcomes.
Market Scope |
|
Report Coverage |
Details |
Page number |
220 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
Market growth 2024-2028 |
USD 2.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.31 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
China, US, Germany, India, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema SA, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., Industrial Solvents and Chemicals Pvt. Ltd., INEOS AG, LyondellBasell Industries N.V., Reliance Industries Ltd., Sasol Ltd., SATELLITE CHEMICAL CO. LTD., Shell plc, Sydney Solvents, TotalEnergies SE, and Trice Chemicals Industries LLC |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Additional Value/Volume Data
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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