Global Solvent Market Size -
Industry Trends & Outlook Report 2026
Global Solvent Market is
estimated to be USD 32.07 Billion by 2026 from USD 20.5 Billion in 2019, at a
CAGR of 6.60 % from 2020 to 2026. Significant factors influencing the global
solvent market include rising demand for conventional solvents in the
construction and automotive industries. Furthermore, the growing need for
solvents from the agricultural chemicals sector drives the global solvent
market. Reducing crude oil prices is further improving the solvent market, as
it is becoming inexpensive, and therefore, demand is increasing considerably. A
major restraint for conventional solvents is consumers opting for bio-green
alternatives, as they are less reactive and non-VOC in nature. Subsequently,
end-use industries are accepting it to a greater extent. Developing nations,
like India and China, are likely to offer excellent opportunities to expand the
global solvent market. A solvent is a chemical liquid which converts solute
into the solvent. These solvents are widely used in several applications such
as personal care, pharmaceuticals, metal cleaning, printing inks, adhesives,
paints and coatings, agricultural chemicals, and polymer manufacturing.
Solvents refer to a class of chemical mixtures. They are used to dissolve and
mine other materials to form a solution. Water is known as a universal solvent
as it melts more substances than any other solvent. Solvents are largely
available in liquid form and occur in gas or solid form.
: Blueweave Consulting
Global Solvent Market: Market
Outlook and Trends
Solvents play a primary role in
industrial production. They can dissolve, dilute, and, in an excellent
distribution, engross other substances without altering them chemically.
Solvents (sometimes also called dissolvent) are frequently used in the
varnishes and paints, printing inks, and adhesives industry and, for example,
as an element of pharmaceuticals, cosmetics, and detergents. Mixtures that
cause unpleasant odors, explosive vapors, and health and environmental harms
are controversial and increasingly directed by the legislature.
Global Solvent Market
Increasing application across
various end-use industries
The primary consumers of
solvents are producers of paints and coatings, followed at a substantial
distance by producers of printing inks. Request on the part of the
pharmaceutical industry hierarchical third, followed by use in cosmetics and
adhesives. Other significant benefits are chemical manufacturing processes,
cooling circuits, dry-cleaning, and deicers. However, a trend away from
solvent-borne products and more ecologically friendly substitutes based on
water is prevailing in the section paints and varnishes. This growth has an
inhibiting effect on the demand for solvents.
Solvents are extensively used in
industrial processes and academic research. The volume of these materials
released into the environment is tremendously concerned as these solvents harm
animals and plants. Thus, several government bodies and environmental agencies
have set up strict regulations to bind the releases of volatile organic
compounds from numerous manufacturing and non-manufacturing industries, which
is delaying the development of the solvent market.
Impact of COVID-19 in industry
The solvents market is
predictable to get damagingly affected due to the trouble in the global supply
chain. The market is highly reliant on automotive, construction, shipbuilding,
and aircraft manufacturing as solvents are used in paints & coatings
applications in these sectors. China is the primary market for manufacturing
and construction in the world. Strict lockdown in the country’s significant
provinces has pretentious construction activities in China. The demand for
paints & coatings has deteriorated in the first quarter of this year,
mainly due to the outbreak of COVID-19, thereby striking solvents' request.
China is among the largest
manufacturers and customers of solvents. The lack of supply of raw materials
has deteriorated the production of solvents in the country. North America and
Europe are also severely influenced by COVID-19; hence the financial downturn
in countries such as the US, Canada, Italy, and Spain, is probable in the next
two-three years. The request for solvents has thin in the first two quarters of
2020 due to the COVID-19 pandemic.
Global Solvent Market:
Based on application, the global
solvent market is segmented into Paints & Coatings, Pharmaceuticals,
Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care,
Agricultural Chemicals. Among these identified applications, the paints and
coatings segment is foreseeable to show promising development in the years to
come based on the boom in infrastructure and automobile industry.
Based on geography, the global
solvent market is segmented into North America, Europe, Asia-Pacific, and LMEA
(Latin America, Middle East, and Africa). The market for solvents in the
Asia-Pacific region is anticipated to grow rapidly based on the growths taking
place in the residential and infrastructure industry. Solvents are used on a
large scale for painting purposes in the infrastructure section, thus serving
the solvent industry to grow.
Global Solvent Market: Regional
The Asia Pacific held the
market's main share in 2016 and is anticipated to maintain its position during
the forecast period. The market in the area is also expected to enlarge rapidly
during the prediction period. The demand for solvents is growing significantly
in the region due to developing people and rapid urbanization. North America
and Europe are relatively mature markets, which are about to reach saturation.
Green initiatives taken by governing bodies chiefly drive these area markets.
Increasing governing intervention, coupled with strict environmental laws
regarding solvent usage and manufacturing in these regions, is predictable to
limit the market growth. The emergence of bio-based solvents and increasing
consciousness among consumers related to the welfares of environment-friendly
products are predictable to influence the product demand over the prediction
: Blueweave Consulting
The leading players in the
Solvent Market include Royal Dutch Shell, Eastman Chemical Company, BASF SE,
Exxon Mobil Corporation, Lyondellbasell Industries Holdings B.V., Ashland
Global, Celanese Corporation, Huntsman International LLC, Solvay S.A.,
Honeywell, Ineos Group AG, Dow, Cargill, Incorporated, Chr Hansen Holding A/S,
Ajinomoto, ADM, Herza Chocolate GmbH & Co. KG, Indena Spa, Martin Bauer
Group and Frutarom Ltd. and other prominent players.
July 2020, INEOS launches Global consumer healthcare business with support
from Mercedes-AMG Petronas Formula One team.
October 2020, New strategic agreement signed between Mediatech and Indena
S.p.A. for the implementation of Cloud Nutanix technology within its own
Scope of the Report
Historical data – 2016-2018
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Billion
U.S, Canada, Germany, UK, France, Italy,
Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa,
Saudi Arabia .
By Type, By Source, By Application and by Regional
leading players considered for market analysis are Royal Dutch Shell, Eastman
Chemical Company, BASF SE, Exxon Mobil Corporation, Lyondellbasell Industries
Holdings B.V., Ashland Global, Celanese Corporation, Huntsman International
LLC, Solvay S.A., Honeywell, Ineos Group AG, Dow, Cargill, Incorporated, Chr
Hansen Holding A/S, Ajinomoto, ADM, Herza Chocolate GmbH & Co. KG, Indena
Spa, Martin Bauer Group and Frutarom Ltd. many others.
ü Glycol Ethers
ü Bio & Green
ü Paints &
ü Printing Inks
ü Metal Cleaning
ü Personal Care
Middle East &
objective of the Study:
analyze and forecast the Global Solvent Market size of the market in terms of
examine the careful market segmentation and forecast the market size, in terms
of value, based on the region by segmenting.
Global Solvent Market segmented into five regions, namely, North America,
Europe, Asia Pacific, Middle East, South America, and their leading countries.
outline, categorized, and forecast the Global Solvent Market based on By Type, By Source, By Application
and by Regional.
examine competitive developments like By
Type, By Source, By Application and by Regional within the Global
highlight the impact analysis of the factors affecting the market dynamics such
as growth drivers.
strategically profile the key players and comprehensively analyze their market
shares along with detailing the competitive landscape for market leaders.
Questions Answer by the Report
How will the market drivers, restraints,
and opportunities affect the market dynamics?
What will be the market size in terms of
value and volume and market statistics with a detailed classification?
Which segment dominates the market or
region, and one will be the fastest - growing, and why?
A comprehensive survey of the competitive
landscape and the market participant players
Analysis of strategy adopted by the key
player and their impact on other players.
Scope for the Client
Client satisfaction is our first and last
priority, and that is why BlueWeave Consulting offers customization according
to Company’s specific needs. The following customization options are available
for the report:
• With five additional company detail
• Additional country analysis
• Detailed segment analysis