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The solvents market size is forecast to increase by USD 9.6 billion at a CAGR of 5.24% between 2023 and 2028. The market is experiencing significant growth, driven by technological advancements in recovery and recycling processes, which are increasing the efficiency and sustainability of solvent usage in various industries. The adoption of IoT technology in oil and gas extraction is another key trend, enabling real-time monitoring and optimization of solvent usage. However, the market is also facing challenges, including the fluctuation in crude oil prices, which can impact the profitability of solvent production and usage. Additionally, stringent regulations regarding solvent emissions and safety are putting pressure on companies to invest in innovative solutions to reduce environmental impact and ensure worker safety. Overall, the market is expected to continue growing, driven by these trends and the need for more efficient and sustainable solvent solutions.
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The market encompasses a wide range of chemicals used as carriers for various applications. These include paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergent, and spot removers, among others. The market is significantly influenced by the petrochemical output and the demand from industries such as Construction, Shipbuilding, and Aircraft manufacturing. Paints and coatings are major consumers of solvents, with Carbon tetrachloride and Methyl chloride being commonly used. However, due to environmental concerns, there is a shift towards the use of less harmful solvents such as alcohols, hydrocarbons, ketones, and Perchloroethylene (PERC). The personal care industry also contributes significantly to the market, with alcohols, ethanol, and Methyl isobutyl ketone being commonly used in cosmetics and nail polish removers. The market is subject to regulations such as the Solvents Emission Directive, which aims to reduce the environmental impact of solvent usage. In addition to these industries, the market also caters to the needs of various end-users such as the printing industry, where acetone is commonly used as a solvent for printing inks. Overall, the market is expected to grow due to the increasing demand for various end-use applications and the ongoing shift towards the use of less harmful solvents. 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.
Technological advancements in recovery and recycling processes of solvents is notably driving market growth. Solvents are essential components in various industries, including paints, coatings, adhesives, and sealants. They are used as carriers for pigments, resins, and other additives in paints and coatings. In addition, they are integral to the formulation of printing inks, varnishes, and nail polish removers.
Moreover, solvents find extensive applications in the fragrance industry, detergents, and spot removers. Pharmaceuticals, vehicles, and pesticide formulations also rely on solvents for their production. Eco-friendly and organic goods have gained popularity in recent years, leading to the increasing use of solvents derived from renewable sources. Thus, such factors are driving the growth of the market during the forecast period.
Adoption of IoT technology for oil and gas extraction is the key trend in the market. Solvents are essential components in various industries, including paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergents, spot removers, pharmaceuticals, vehicles, pesticide formulations, and chemical production processes.
Moreover, ketones, ester solvents, glycol ether esters, alcohols such as methanol, ethanol, n-butanol, and isopropanol are commonly used solvents. They play a vital role in surface coatings, chemical intermediates, composites, glass, metals, plastic, construction, shipbuilding, aircraft manufacturing, and the beauty industry. Eco-friendly and organic goods have gained popularity, leading some biotechnology firms to explore solvent alternatives. Thus, such trends will shape the growth of the market during the forecast period.
Fluctuation in crude oil price is the major challenge that affects the growth of the market. Solvents are essential components in various industries, including paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergents, and spot removers. They play a crucial role in chemical production processes, serving as carriers for active ingredients and facilitating their application.
Moreover, in the pharmaceutical sector, solvents are used in formulating drugs and extracting compounds. In the transportation industry, they are utilized in deicers, cooling circuits, and dry cleaning. Ketones, ester solvents, glycol ether esters, alcohols such as methanol, ethanol, n-butanol, and isopropanol, are commonly used solvents. 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 innovatorâs stage to the laggardâs 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.
Akzo Nobel NV: The company offers solvents such as Solvent Cleaning C 28 15, a cleaning solvent for metal degreasing, removal of paint remover residues, and final cleaning prior to paint application.
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. Alcohol solvents, such as methanol, ethanol, n-butanol, isopropanol, and others, hold significant importance in various industries, including paints, coatings, adhesives, printing inks, varnishes, fragrances, detergents, and spot removers.
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The alcohols segment was the largest segment and was valued at USD 10.40 billion in 2018. In the paints and coatings sector, they serve as crucial chemical intermediates for surface coatings, composites, glass, metals, plastic, construction, shipbuilding, and aircraft manufacturing. In the pharmaceutical industry, alcohol solvents are indispensable for drug formulation, extraction, and purification processes. They are also employed in the production of cosmetics and personal care products due to their solubility and efficacy in formulations. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses a wide range of chemicals, including esters, hydrocarbon solvents, and halogenated solvents. Esters are derived from the reaction of an alcohol with a carboxylic acid, finding extensive applications in the production of coatings and inks. Hydrocarbon solvents, derived from petrochemical output, are commonly used in various industries such as paints and coatings, due to their ability to dissolve resins and pigments. 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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Solvents are essential components used in various industries, such as paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergent, and spot removers. They are also used in pharmaceuticals, vehicles, pesticide formulations, and chemical production processes. The market includes various types of solvents like ketones, ester solvents, glycol ether esters, alcohols, methanol, ethanol, n-butanol, and isopropanol. Surface coatings, chemical intermediates, composites, glass, metals, plastics, Construction, Shipbuilding, Aircraft manufacturing, Paints and coatings are major end-users of solvents. The beauty industry uses solvents in skin care products and cosmetics. The market is driven by the increasing demand for paints and coatings in the construction industry, growing automotive production, and rising demand for eco-friendly and organic goods from biotechnology firms. The use of solvents in deicers, cooling circuits, dry cleaning, and pharmaceuticals also contributes to the market growth. Solvents are used in various applications like vehicle fuel additives, industrial cleaning, and as solvents in chemical reactions. They are also used in the production of printing inks, coatings, adhesives, and other industrial applications. The market is expected to grow significantly due to the increasing demand from various end-users and the ongoing research and development activities in the field of solvents.
Market Scope |
|
Report Coverage |
Details |
Page number |
222 |
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 9.6 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.24 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
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 |
Akzo Nobel NV, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Huntsman Corp., INEOS Group, LG Chem Ltd., LyondellBasell Industries N.V., Merck KGaA, Mitsui and Co. Ltd., PPG Industries Inc., Saudi Basic Industries Corp., Shell plc, Solvay SA, SolvChem Inc., Stepan Co., and Vertec Biosolvents Inc. |
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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