Solvents Market to Experience Substantial Growth of USD 42,627.99 Million by 2030, Size, Share, Trends, Key Drivers, Growth and Opportunity Analysis

The global solvents market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.0% in the forecast period of 2023 to 2030 and is expected to reach USD 42,627.99 million by 2030. The major factor driving the growth of the solvents market is the rising usage of printing inks for different industrial applications and positive outlook toward beauty & personal care products industry.

Solvents play an important role as carriers for surface coatings such as paints, varnishes, and adhesives. The chemicals used in paints and coatings rely on solvents as they can dissolve and disperse components that are employed in the coatings formulations. It further ensures the quality of the final product obtained and optimal performance. Solvents act as essential components in paints and coatings formulations in the construction industry as it can dissolve pigments, additives, and binders to form high-performance coatings. Various types of solvents are used depending on the requirements of the coatings such as drying time, film quality, and compatibility with other components. Solvent selection such as hydrocarbon solvents, esters, alcohols, and glycol ethers depends on factors such as solvating ability, polarity, and compatibility with other components in the formulation. Benzene, toluene, and xylenes are aromatic hydrocarbon solvents that are used in enamel-based paints, whereas lacquer-based paints need stronger solvents for faster drying.  

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Some of the prominent participants operating in the global solvents market are Arkema (France), INVISTA ( A Subsidiary of Koch Industries, Inc.)(USA), Ashland (USA), Bharat Petroleum Corporation Limited (India), Huntsman International LLC (USA), Solvay (Belgium), ADM (USA), Shell Global (Netherlands), BP p.l.c. (UK), Eastman Chemical Company (USA), INEOS GROUP HOLDINGS S.A.(UK), BASF SE (Germany), Celanese Corporation (USA), Cargill, Incorporated (USA), Reliance Industries Limited (India), Honeywell International Inc. (USA), LyondellBasell Industries Holding B.V. (Netherlands), Exxon Mobil Corporation (USA), Monument Chemical (USA), Dow (USA), Olin Corporation (USA) among others.

Global Solvents Market Scope
Category
Oxygenated Solvents
Hydrocarbon Solvents
Halogenated Solvents
Others

Source
Conventional
Bio-based

Application
Paints and Coatings
Pharmaceuticals
Adhesives
Printing Inks
Personal Care
Polymer Manufacturing
Agricultural Chemicals
Metal Cleaning
Others

Solvents Market Regional Analysis/Insights
The Solvents market is analyzed and market size insights and trends are provided by country, material type, end user 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.

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