Solvents Market Analysis | 2022-2028

“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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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.

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.

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

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 Analysis

“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.

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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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.

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Research Methodology

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 with industry experts to obtain both qualitative and quantitative insights.

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