Global Solvent Market Size Study, by Product (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated Solvents, Others), by End Use (Paints & Coatings, Printing Inks, Pharmaceuticals, Cosmetics & Personal Care, Others), and Regional Forecasts 2022-2032

Description

The Global Solvent Market, valued at USD 33.6 billion in 2023, is projected to expand at a CAGR of 4.36% from 2024 to 2032, reaching USD 49.33 billion by 2032. Solvents play an integral role across various industries due to their ability to dissolve, dilute, and absorb other substances without altering their chemical properties. Widely applied in manufacturing, construction, pharmaceuticals, and personal care sectors, solvents significantly impact the production of coatings, inks, and pharmaceuticals. The market's growth is driven by technological advancements, rising demand in emerging economies, and increased adoption of bio-based solvents.

The evolving construction industry, coupled with positive industrial growth in Asia Pacific and Europe, is expected to propel demand for solvent-based applications in paints, coatings, and adhesives. Moreover, solvents are critical in the automotive industry, particularly for water-based coatings and the manufacturing of electronic vehicles. This reflects a broader industry trend toward sustainability and efficiency in industrial processes.

With increasing concerns over VOC emissions and environmental sustainability, bio-solvents have gained traction as an eco-friendly alternative to chemical-based solvents. Bio-solvents, derived from renewable sources like cellulose, sugars, and oils, offer a non-toxic solution to traditional applications. The integration of bio-based alcohols and glycol ethers has led to the development of versatile solvent solutions catering to diverse industrial needs.

Regionally, Asia Pacific dominated the global market in 2023, accounting for 42.2% of the revenue share. This can be attributed to the robust automotive and construction sectors in countries like China and India. North America and Europe also demonstrate significant market growth due to advancements in bio-solvent technologies and stringent environmental regulations.

The solvent market's dynamic landscape is characterized by innovations in solvent synthesis, increased R&D activities, and evolving end-use applications in high-growth sectors like 3D printing and nanotechnology. Additionally, the printing inks market is projected to witness the fastest CAGR of 6.7% from 2024 to 2032, fueled by growing packaging industry demand and evolving consumer preferences for visually appealing and eco-friendly products.

Major market players included in this report are:

BASF SE
Dow
Exxon Mobil Corporation
SABIC
LyondellBasell Industries Holdings B.V.
Shell Chemicals
Akzo Nobel N.V.
INEOS
Huntsman International LLC.
Eastman Chemical Company
Mitsubishi Chemical Group Corporation
Sumitomo Chemical Co., Ltd.
LG Chem
Formosa Plastics Corporation

The detailed segments and sub-segment of the market are explained below:

By Product:

Alcohols
Hydrocarbons
Ketones
Esters
Chlorinated Solvents
Others

By End Use:

Paints & Coatings
Printing Inks
Pharmaceuticals
Cosmetics & Personal Care
Others

By Region:

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
Asia Pacific
- China
- Japan
- India
- South Korea
Latin America
- Brazil
- Argentina
Middle East & Africa
- UAE
- Oman
- Qatar
- Saudi Arabia

Years considered for the study are as follows:

Historical Year - 2022
Base Year - 2023
Forecast Period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Solvent Market Executive Summary

1.1. Global Solvent Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By End Use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Solvent Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Solvent Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Demand for Bio-Based Solvents
- 3.1.2. Expansion in Construction and Automotive Industries
- 3.1.3. Advancements in Solvent Synthesis Technologies
3.2. Market Challenges
- 3.2.1. Environmental and Health Concerns
- 3.2.2. High Cost of Bio-Solvent Production
3.3. Market Opportunities
- 3.3.1. Growing Applications in Nanotechnology and 3D Printing
- 3.3.2. Increasing Adoption of Eco-Friendly Solutions

Chapter 4. Global Solvent Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Solvent Market Size & Forecasts by Product (2022-2032)

5.1. Segment Dashboard
5.2. Global Solvent Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Million)
- 5.2.1. Alcohols
- 5.2.2. Hydrocarbons
- 5.2.3. Ketones
- 5.2.4. Esters
- 5.2.5. Chlorinated Solvents
- 5.2.6. Others

Chapter 6. Global Solvent Market Size & Forecasts by End Use (2022-2032)

6.1. Segment Dashboard
6.2. Global Solvent Market: End Use Revenue Trend Analysis, 2022 & 2032 (USD Million)
- 6.2.1. Paints & Coatings
- 6.2.2. Printing Inks
- 6.2.3. Pharmaceuticals
- 6.2.4. Cosmetics & Personal Care
- 6.2.5. Others

Chapter 7. Global Solvent Market Size & Forecasts by Region (2022-2032)

7.1. North America Solvent Market
- 7.1.1. U.S. Solvent Market
  - 7.1.1.1. Product breakdown size & forecasts, 2022-2032
  - 7.1.1.2. End Use breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Solvent Market
  - 7.1.2.1. Product breakdown size & forecasts, 2022-2032
  - 7.1.2.2. End Use breakdown size & forecasts, 2022-2032
- 7.1.3. Mexico Solvent Market
7.2. Europe Solvent Market
- 7.2.1. Germany Solvent Market
- 7.2.2. UK Solvent Market
- 7.2.3. France Solvent Market
- 7.2.4. Italy Solvent Market
- 7.2.5. Spain Solvent Market
- 7.2.6. Rest of Europe Solvent Market
7.3. Asia Pacific Solvent Market
- 7.3.1. China Solvent Market
- 7.3.2. India Solvent Market
- 7.3.3. Japan Solvent Market
- 7.3.4. South Korea Solvent Market
- 7.3.5. Rest of Asia Pacific Solvent Market
7.4. Latin America Solvent Market
- 7.4.1. Brazil Solvent Market
- 7.4.2. Argentina Solvent Market
- 7.4.3. Rest of Latin America Solvent Market
7.5. Middle East & Africa Solvent Market
- 7.5.1. UAE Solvent Market
- 7.5.2. Oman Solvent Market
- 7.5.3. Qatar Solvent Market
- 7.5.4. Saudi Arabia Solvent Market
- 7.5.5. Rest of Middle East & Africa Solvent Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
- 8.1.1. BASF SE
- 8.1.2. Dow
- 8.1.3. Exxon Mobil Corporation
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. BASF SE
- 8.3.2. Dow
- 8.3.3. Exxon Mobil Corporation
- 8.3.4. SABIC
- 8.3.5. LyondellBasell Industries Holdings B.V.
- 8.3.6. Shell Chemicals
- 8.3.7. Akzo Nobel N.V.
- 8.3.8. INEOS
- 8.3.9. Huntsman International LLC.
- 8.3.10. Eastman Chemical Company
- 8.3.11. Mitsubishi Chemical Group Corporation
- 8.3.12. Sumitomo Chemical Co., Ltd.
- 8.3.13. LG Chem
- 8.3.14. Formosa Plastics Corporation

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes