Global Solvent Market Size, By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Source (Petrochemical-Based, Bio & Green), Application (Paints & Coatings, Pharmaceuticals, Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care, Agricultural Chemicals), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2016-2026.
- Published Date: October 2020
- Report ID: bwc20178
- Available Format: PDF
- Page: 180
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.
Source : 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: Segmentation
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 Insights
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 period.
Source : 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 information systems.
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
The 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.
· By Type
ü Glycol Ethers
· By Source
ü Bio & Green
· By Application
ü Paints & Coatings
ü Polymer Manufacturing
ü Printing Inks
ü Metal Cleaning
ü Personal Care
ü Agricultural Chemicals
· By Region
ü North America
ü Asia Pacific
ü South America
ü Middle East & Africa
The objective of the Study:
•To analyze and forecast the Global Solvent Market size of the market in terms of value.
•To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
•The Global Solvent Market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.
•To outline, categorized, and forecast the Global Solvent Market based on By Type, By Source, By Application and by Regional.
•To examine competitive developments like By Type, By Source, By Application and by Regional within the Global Solvent Market.
•To highlight the impact analysis of the factors affecting the market dynamics such as growth drivers.
•To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Business 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.
Customization 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:
Additional Company Information
• With five additional company detail analysis
• Additional country analysis
• Detailed segment analysis
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