Market is segmented by Product Type (Alcohols, Ketones, Esters, and Others), by Application Type (Paints & Coatings, Printing Inks, Industrial Cleaning, Adhesives, and Others), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, and Others]).
Market is segmented by Product Type (Alcohols, Ketones, Esters, and Others), by Application Type (Paints & Coatings, Printing Inks, Industrial Cleaning, Adhesives, and Others), and by Region (North ...
The solventsmarket 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 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.
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 concerns faded in 2021, the market began to recover and return to pre-pandemic levels.
Market Dynamics
The increasing advancements in chemicals, paired with the growing demand for bio-based products, given the rising strictness of environmental regulations, 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 of the 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 market:
The market is classified as alcohols, ketones, esters, and others. Thealcohols 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 essence, and medical drugs. Ketones, on the other hand, 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 as paints & coatings, printing inks, industrial cleaning, adhesives, and others. Thepaints & coatings application type is likely to be the dominantsegment 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
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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 with 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.
Market Segmentation
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.
This report provides market intelligence in the most comprehensive way and 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. The following are the key features:
Overview, industry life cycle and supply chain analysis.
Environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis.
Trend and forecast analysis.
Segment trend and forecast.
Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
Attractive market segments and associated growth opportunities.
Emerging trends.
Strategic growth opportunities for the existing and new players.
Key success factors.
Report – Features
Market Segmentation
3
Regions Covered
4
Countries/Sub-Regions Covered
17
No. of Figures & Tables
>130
Company Profiles
5
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.
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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
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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 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 increasing advancements in chemicals, paired with the growing demand for bio-based products, given the rising strictness of environmental regulations, is expected to drive the market recovery and growth. Also, the rapidly growing paints & coatings industry is promoting increased usage of the product.
