Image

Global Solvents Market – Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Chemical and Materials
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Solvents Market, By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Category (Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Others),Source (Petrochemical-Based, Bio and Green), Application (Paints and Coatings, Pharmaceuticals, Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care, Agricultural Chemicals) – Industry Trends and Forecast to 2029

Solvents Market

Market Analysis and Size

Over the last few years, there has been immense growth in the paints and coatings industry due to their increased usage across building and construction, automotive and semiconductor sectors. The paints and coatings industry is prepared to see a seismic change with an increased production rate in the future, which will further flourish the solvents market, and the industry will have a certain demand influx, which will raise revenues during the forecast period.

Global Solvents Market was valued at USD 23.35 billion in 2021 and is expected to reach USD 40.42 billion by 2029, registering a CAGR of 7.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Category (Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Others),Source (Petrochemical-Based, Bio and Green), Application (Paints and Coatings, Pharmaceuticals, Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care, Agricultural Chemicals)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

ExxonMobil Corporation (U.S.), Reliance Industries Limited (India), Marathon Petroleum Corporation (U.S.), Dupont (U.S.), PJSC Lukoil Oil Company (Russia), Valero (U.S.), Shell (UK), Chevron Corporation (U.S.), Honeywell International Inc. (U.S.), Janex S.A (Switzerland), SOLVAY (Belgium), Neste (Finland), Soltex Inc. (U.S.), Hengyi Industries Sdn Bhd (Malaysia), BASF SE (Germany), Ashland Inc.,  (U.S.), Adrol  (U.S.), Koch Engineered Solutions (U.S.), Cosmique Pvt. Ltd. (India)

Market Opportunities

  • Mounting regulatory pressure regarding the use of organic solvents
  • Advanced technologies and latest equipment

Market Definition

Solvents (PFPE) is a low-molecular-weight fluorinated synthetic fluid. Solvents is non-toxic and non-flammable in its natural state. It is utilized in severe temperatures ranging from 80°C to 200°C. PFPE's molecular structure might be linear, branched, or a combination of both, depending on the application. Temperature resistance, lubricity, wear resistance, and fluid volatility are all provided by PFPE.

Solvents Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • High Usage across Paint and Coatings

Solvents are essential in the manufacture of paints and coatings, which is why they are highly used for paint and coatings applications. Solvents manufacturers are establishing stable revenue streams in the paints and coatings industry. However, paint manufacturers face contamination issues in their products as a result of unwanted or incorrect aromatics. As a result, manufacturers are increasing the availability of high purity solvents through stringent quality controls. It has been discovered that solvent-based paints and coatings dry relatively faster than alternatives with low solvent content at room temperature. Such discoveries are translating into revenue opportunities for solvents manufacturers. Solvents in paints and coatings allow for quick and easy application in a variety of end-use cases.

Additionally, the growth and expansion of various end use industries will also drive market value growth. The surge in personal disposable income and rapid industrialization are projected to bolster the growth of the market. Moreover, high demand for solvents from home care and personal care products as well as from agricultural chemicals application is estimated to carve a way for the growth of the market. Furthermore, there has been a significant increase in the use of household cleaning and personal care products. In addition, the widespread use of solvents in pesticide formulations is driving up product demand. Furthermore, as consumer concerns about the environment grow, they are increasingly gravitating toward eco-friendly and organic products that pose little or no risk to the environment or human health.

Opportunities

  • Technological Innovations and Increased Use of Organic Solvents

Furthermore, the advanced technologies and latest equipment coupled with the application of new systems extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the mounting regulatory pressure regarding the use of organic solvents will further expand the future growth of the solvents market.

Restraints/Challenges

  • Stringent Regulations Regarding Usage

The stringent regulations regarding usage of certain solvents hamper the market growth. For instance, the Montreal Protocol of 1987, and its subsequent amendments, govern the use of Ozone Depleting Substances (ODS). The regulation EC 1005/2009 on substances that deplete the ozone layer incorporates these into European legislation. Carbon tetrachloride and methyl chloride are regulated under this regulation. Because carbon tetrachloride has a stratospheric Ozone Depleting Potential (ODP), its use is restricted. As a result, only a small amount of carbon tetrachloride is used as a solvent in industry and laboratories. Because of its low stratospheric ODP, methyl chloride is classified as a "new substance" under the ODS regulation. Each participant in the supply chain is required to submit relevant statistical data on these substances to European and national authorities on an annual basis. As a result, their use is restricted which further restricts the overall growth over the market.

  • Unfavourable Conditions Due to COVID-19

The unfavorable conditions arising due to COVID-19 outbreak such as hit in the demand and supply as well as the emergence of various restrictions pose as a challenge for the solvents market growth rate.

This solvents market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solvents market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solvents Market

The recent outbreak of coronavirus had a negative impact on the solvents market as a result of the disruption in the global supply chain. Because solvents are used in paints and coatings applications in these industries, the market is heavily reliant on growth in construction, automotive, shipbuilding, and aircraft manufacturing. China is the world's largest manufacturing and construction market. Construction activity in China has been hampered by a strict lockdown in the country's major provinces. Paint and coatings demand fell in the first quarter of this year, owing primarily to the outbreak of COVID-19, which impacted solvent demand.

China is a major producer and consumer of solvents. The country's solvent production has been hampered by a lack of raw materials. COVID-19 has also had a negative impact on North America and Europe, resulting in an economic downturn in countries such as the United States, Canada, Italy, and Spain over the next two to three years. Because of the COVID-19 pandemic, demand for solvents fell in the first two quarters of 2020.

Global Solvents Market Scope

The solvents market is segmented on the basis of type, category, source and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Alcohols
  • Methanol
  • Ethanol
  • Propanol
  • Butanol
  • Ketones
  • Acetone
  • MEK
  • MIBK
  • Esters
  • Ethyl Acetate
  • Butyl Acetate 
  • Glycol Ethers
  • Aromatic
  • Aliphatic

 Category

  • Oxygenated Solvents
  • Hydrocarbon Solvents
  • Halogenated Solvents
  • Others

Source

  • Petrochemical-Based
  • Bio and Green

 Application

  • Paints and Coatings
  • Pharmaceuticals
  • Polymer Manufacturing, Adhesives
  • Printing Inks
  • Metal Cleaning
  • Personal Care
  • Agricultural Chemicals

Solvents Market Regional Analysis/Insights

The solvents market is analyzed and market size insights and trends are provided by country, type, category, source and application as referenced above.

The countries covered in the solvents market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing end-use industries such as paints and coating and adhesives and rising industrialization within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high demand for solvents from various end use industries in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solvents Market Share Analysis

The solvents market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solvents market.

Some of the major players operating in the solvents market are

  • ExxonMobil Corporation (U.S.)
  • Reliance Industries Limited (India)
  • Marathon Petroleum Corporation (U.S.)
  • Dupont (U.S.)
  • PJSC Lukoil Oil Company (Russia)
  • Valero (U.S.)
  • Shell (UK)
  • Chevron Corporation (U.S.)
  • Honeywell International Inc. (U.S.)
  • Janex S.A (Switzerland)
  • SOLVAY (Belgium)
  • Neste (Finland)
  • Soltex Inc. (U.S.)
  • Hengyi Industries Sdn Bhd (Malaysia)
  • BASF SE (Germany)
  • Ashland Inc., (U.S.)
  • Adrol  (U.S.)
  • Koch Engineered Solutions (U.S.)
  • Cosmique Pvt. Ltd. (India)


SKU-
Why Choose Us


Frequently Asked Questions

Global Solvents Market segmented By Application such as Paints and Coatings, Pharmaceuticals, Polymer Manufacturing, Adhesives, Printing Inks, Metal Cleaning, Personal Care, Agricultural Chemicals.
This solvents market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market.
The major players covered in the solvents market report 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 among other domestic and global players.