The Global Solvents Market was valued at USD 20.01 billion in 2020 and is projected to grow at a CAGR of 6.34% during the forecast period from 2021 to 2028. In terms of volume, the global solvents market was anticipated to reach xx KT in 2020 and is projected to grow at a CAGR of 4.4% till the end of the forecast period. But due to the COVID-19 impact, the global solvents market has been valued at USD 16.7 billion in 2020 and is projected to grow at a CAGR of 4.82% during the forecast period, 2021 to 2028.
Solvents are chemical compounds that are mainly used to dissolve, suspend, or extract different materials such as solutes with or without causing any change to the form of either the dissolved materials or the solvents. Solvents are generally found in liquid, gas, or solid forms, or sometimes in the form of supercritical fluid. Solvents have found major application in different end-use industries such as pharmaceuticals, petrochemicals, personal care, printing, paints & coatings, agriculture, and metal & mining, among others.
FIGURE 1: GLOBAL SOLVENTS MARKET
The growing demand from pharmaceutical and petrochemical end-use industries and the development of advanced and environment-friendly solvents to meet environment-related norms and regulations, are the prime factors responsible for the development of the global solvents market.
FIGURE 2: GLOBAL SOLVENTS MARKET SEGMENTATION
Global Solvents Market, By Type
By type, the global solvents market has been segmented into hydrocarbon solvents, oxygenated solvents, halogenated solvents, and others. Among these segments, the oxygenated segment of the global solvents market has captured the largest market share in 2020 and is anticipated to remain the largest segment till the end of the forecast period.
In the oxygenated segment, the alcohol subsegment has captured the largest market share in 2020 and is anticipated to remain the largest subsegment during the forecast period. Ketone-based solvents are also experiencing promising growth owing to the rising demand from paints & coatings, printing inks, and the petrochemical end-use industry segments.
Global Solvents Market, By Source
By source, the global solvents market is segmented into petrochemicals and naturals. The petrochemical source type segment of the market has captured the largest market share of 79.6% in 2020 and is anticipated to remain the largest segment in the forecast period. However, the natural source type solvents segment is anticipated to grow with the highest CAGR during the forecast period. Growing concerns about the environment and increasing environmental norms and regulations regarding low VOC emission in various countries are some of the major factors that are contributing to the growth of this segment.
Global Solvents Market, By End-Use Industry
By end-use industry, the global solvents market is segmented into pharmaceuticals, petrochemicals, paints & coatings, personal care, agriculture, printing inks, adhesives, metals & mining, and others. Among these end-use industry segments, the pharmaceutical, paints & coatings, and personal care segments have cumulatively captured the largest market share in 2020. Paints and coatings are widely used in aerospace, automotive, building & construction, and marine end-use industries. The growth of these end-use industries is anticipated to drive the demand for paints and coatings, which will eventually boost the growth of the global solvents market across various regions.
Global Solvents Market, By Region
By region, the global solvents market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these regions, the Asia-Pacific region is anticipated to capture the largest market share till 2028. The Asia-Pacific solvents market is being mainly driven by the increasing demand from various growing end-use industries, such as agriculture, pharmaceuticals, and personal care industries.
The emerging economies in the region, such as China, India, Indonesia, Malaysia, and Bangladesh are contributing to the growth of the solvent market in the region. Increasing spending power, rising government initiatives for developing the agriculture sector, and increasing prevalence of health issues, along with the growth of the paints & coatings market, are contributing to the growth of this regional market.
Besides Asia-Pacific, North America has captured a prominent market share in the global solvents market, which can be mainly attributed to the rising demand from the paints & coatings industry and agricultural end-use sectors.
FIGURE 3: GLOBAL SOLVENTS MARKET (USD MILLION), PRE-COVID AND POST-COVID MARKET ESTIMATION AND FORECAST, 2020-2028
Some Recent Developments in the Global Solvents Market:
- In April 2019, Braskem launched its first partially renewable solvent made from sugarcane The product is named as HE-70S. With raw materials containing biobased carbon, this solvent is a part of the oxygenated solvents group. It is mainly used by footwear, furniture, and ceramics industries, along with the ink and thinner manufacturers.
- In May 2018, BASF signed an alliance agreement with ExxonMobil to jointly develop new gas treating solvents and process technologies that are mainly used for natural gas processing and petroleum refining.
- In December 2016, Eastman Chemical Company’s subsidiary, Taminco BVBA acquired 50% market share of Te An Ling Tian Fine Chemical Co., Ltd. (TALT), its joint venture with Mitsubishi Gas Chemical Company, Inc. and others that produce amines and specialty derivatives, including solvents and alklylalkanolamines. This acquisition has helped the company in increasing its solvent market presence, especially for care chemicals and the energy segment.
Source: QMI Research Practice and Company Websites
What Does This Report Provide?
This report provides a detailed understanding of the global solvents demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global solvents market. The major market drivers, challenges, restraints, and opportunities for the global solvents market have also been covered in the report.
This report further includes the market shares of the leading companies operating in the solvents market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Besides these, how COVID-19 pandemic has affected the global solvents market has been analyzed in this study, both in terms of qualitative and quantitative analysis.
- Hydrocarbon Solvents
- Oxygenated Solvents
- Halogenated Solvents
- Methylene Chloride
By End-use Industry:
- Paints & Coatings
- Personal Care
- Printing Inks
- Metals & Mining
North America Solvents Market
- North America Solvents Market, by Country
- North America Solvents Market, by Type
- North America Solvents Market, by Source
- North America Solvents Market, by End-Use Industry
Europe Solvents Market
- Europe Solvents Market, by Country
- The Netherlands
- Rest of Europe
- Europe Solvents Market, by Type
- Europe Solvents Market, by Source
- Europe Solvents Market, by End-Use Industry
Asia-Pacific Solvents Market
- Asia-Pacific Solvents Market, by Country
- South Korea
- Rest of Asia Pacific
- Asia-Pacific Solvents Market, by Type
- Asia-Pacific Solvents Market, by Source
- Asia-Pacific Solvents Market, by End-Use Industry
Middle East & Africa Solvents Market
- Middle East & Africa Solvents Market, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa Solvents Market, by Type
- Middle East & Africa Solvents Market, by Source
- Middle East & Africa Solvents Market, by End-Use Industry
South America Solvents Market
- South America Solvents Market, by Country
- Rest of South America
- South America Solvents Market, by Type
- South America Solvents Market, by Source
- South America Solvents Market, by End-Use Industry
Major Companies: In this report, the following major companies have been studied – BASF SE, Eastman Chemical Company, ExxonMobil Corporation, LyondellBasell, Royal Dutch Shell Plc., Huntsman Corporation, Celanese Corporation, INEOS Group AG, Solvay S.A, Ashland, and Cargill, among others.
Objectives of This Report:
- To estimate the market size for the solvents market on a regional and global basis.
- To identify major segments in the solvents market and evaluate their market shares and demand.
- To provide a competitive scenario for the solvents market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of solvents market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications
This study is customized to meet your specific requirements:
- By sub-segment
- By client specific country analysis with market share analysis
- Pricing analysis along with the potential and existing customer analysis
- Product-specific competitive benchmarking and pricing analysis
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