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  • Solvents Market Growth Analysis | 2022-2028

    Solvents Market Growth Analysis | 2022-2028

    Solvents Market Growth Analysis | 2022-2028
    Report code - SR2094 Delivery - 2 Weeks
    Solvents Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity See more...

    Market Insights

    The Solvents Market was estimated to grow from US$ 23.86 Billion in 2021 to reach US$ 36.47 Billion in 2028 at a CAGR of 6.17% during the forecast period.

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    What is a solvent?

    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.

    Market Dynamics

    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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    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.

    Segments Analysis

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    By Product Type

    The market is classified as alcohols, 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 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 assessment period. Solvents such as methanol, aromatic hydrocarbons, and ethyl acetate are widely used in printing.

    Regional Analysis

    Asia-Pacific is expected to remain the largest region in the market for solvents during 2022-2028. 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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    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 some of the key players in the solvents market:

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

    Research Methodology

    This strategic assessment, from Stratview Research, provides a comprehensive analysis that reflects today’s market realities and future market possibilities for the period of 2022 to 2027. The market segments and analyzes the market in the most detailed manner in order 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 1,000 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Solvents Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    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 the 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

    Frequently Asked Questions (FAQs)

    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.

    The solvents market is estimated to grow at a healthy CAGR of 6.17% over the next five years.

    The solvents market is likely to reach USD 36.47 Billion in 2028.

    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 market recovery and growth. Also, the rapidly growing paints & coatings industry is promoting increased usage of the product.

    Asia-Pacific is expected to remain the largest market for solvents during 2022-2028.

    The paints & coatings segment is likely to maintain its dominance in the market over the next five years. The growth of the segment can be attributed to the widespread application of paints & coatings in the construction industry.

    Shell plc, Eastman Chemical Company, BASF SE, LyondellBasell Industries Holdings B.V., Ashland Global Specialty Chemicals Inc., ExxonMobil Corporation, Celanese Corporation, Honeywell International Inc., Ineos Group Ltd, and Gandhar Oil Refinery India Ltd. are some of the key players in the market.

    The market is studied from 2016-2028.

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