Solvents Market Growth Analysis | 2022-2028

Market Insights

The solvents market was estimated at USD 23.86 billion in 2021 and is likely to grow at a CAGR of 6.17% during 2022-2028 to reach USD 36.47 billion in 2028.

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Market Dynamics

Introduction

A solvent is a substance that dissolves a solute and converts it to a solution. It is usually found in liquid form, but it can also be found in solid or gaseous forms. Solvents can be classified into methanol, ethanol, butanol, propylene glycols, glycol ethers, butyl glycol ethers, acetone, esters, toluene, and hydrocarbons.

Covid-19 Impact

The solvents market was impacted by the pandemic in 2020. The industry stakeholders suffered due to temporary production shutdowns, supply chain disruptions, cash flow constraints, and lockdowns. However, as Covid-19 concerns faded in 2021, the market began to recover and return to pre-pandemic levels.

Market Drivers

Given the rising strictness of environmental regulations, the increasing advancements in chemicals, coupled with the growing demand for bio-based products, is expected to drive the solvents market recovery and growth. Also, the rapidly growing paints & coatings industry is promoting increased usage of the product.

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Key Players

Most companies are deploying various strategies regarding product development & differentiation, pricing, branding, technology, and customized products to gain competitive advantage.

The following are the key players in the solvents market (arranged alphabetically)

• Ashland Global Specialty Chemicals Inc.
• BASF SE
• Eastman Chemical Company
• LyondellBasell Industries Holdings B.V.
• Shell plc

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Product Type

“The alcohols segment is expected to account for the majority of the share during the forecast period.”

The market is classified as alcohol, ketones, esters, and others. The alcohols segment is expected to account for the majority of the share during the forecast period. The growth of the segment is attributable to the rising demand for ethanol, methanol, n-butanol, and isopropanol for varied applications.

Methanol is popularly used in inks and adhesive applications, whereas ethanol finds its application in perfumes, vegetable essences, and medical drugs. However, ketones are widely employed as a solvent, given their low molecular weight. They are used in surface coatings, chemical intermediates, printing inks, and adhesives.

By Application Type

“The paints & coatings application type is likely to be the dominant segment of the market during the forecast period.”

The market is segmented into paints & coatings, printing inks, industrial cleaning, adhesives, and others. The paints & coatings application type is likely to be the dominant segment of the market during 2022-2028, owing to its massive usage in the construction industry. The fast-growing construction industry, paired with initiatives towards making paints more sustainable, is contributing to the growth of the segment.

Also, printing inks are expected to be the second-largest segment during the projection period. Solvents such as methanol, aromatic hydrocarbons, and ethyl acetate are widely used in printing.

Regional Insights

“Asia-Pacific is expected to remain the largest region in the market for solvents during the forecast period”. 

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to remain the largest region in the market for solvents during the forecast period. The growth of the region's market is driven by the large-scale production of paints and coatings in countries such as China.

Furthermore, growing infrastructure development, accompanied by innovations in bio-based products is expected to fuel the product demand in the Asia-Pacific region. Also, North America is expected to record significant growth during the Assessment period owing to the fast-growing automotive industry in the region.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s solvents market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our solvents market report from the industry stakeholders, we have tried to further accentuate our research scope to the solvents market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The solvents market is segmented into the following categories:

By Product Type

• Alcohols
• Ketones
• Esters
• Others

By Application Type

• Paints & Coatings
• Printing Inks
• Industrial Cleaning
• Adhesives
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.