Solvent Market : Size, Share & Trends Analysis Report , Prominent Players, Market Dynamics, Challenges and Developments , Regional Study and Forecast by 2031

The Global Solvents Market Size is estimated to be 23.46 billion in 2022 and is expected to increase to 39.67 billion by 2031, with a compound annual growth rate (CAGR) of 6.22% during the forecast period of 2023-2031.

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A solvent is frequently a liquid but can also be a solid, vapour, or supercritical fluid. The quantity of solute dissolved in a specific volume of solution is contingent upon the temperature. Solvents are employed in various applications, such as dry cleaning, paint thinners, nail varnish cleansers, cement solvents, spotted removers, detergents, and perfumes. Solvents are frequently utilized in paint and coating applications due to their necessity in producing these materials. Solvent producers are establishing consistent revenue streams in the paints and coatings industry.

Additionally, the expansion and development of many end-use sectors will contribute to the increase in market value. The market is anticipated to expand due to the increasing industrialization and individual disposable income. Furthermore, the market is expected to expand due to the increasing demand for solvents from agricultural chemicals applications and home care and personal care products. During the forecast period, market participants will have the opportunity to capitalize on profitable opportunities by implementing new systems, sophisticated technologies, and cutting-edge equipment. The solvents industry will experience future growth as a result of the increasing regulatory pressure on the use of organic solvents.

List of Prominent Players in the Solvents Market:

• LyondellBasell Industries Holdings B.V.
• Monument Chemical
• Royal Dutch Shell plc
• Celanese Corporation
• Top Solvent
• Chevron Phillips Chemical
• Dow
• Arkem
• Ashland Inc.
• BASF SE
• BioAmber• Eastman Chemical Company
• Exxon Mobil Corporation
• Flotek Industries
• Honeywell International
• Huntsman International LLC.
• INEOS Group
• Shell Chemicals
• BP
• Invista
• Solvay

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Market Dynamics:
Drivers-

The solvents business can thrive due to the rise in demand for solvents in the construction and agriculture industries. The demand for solvents is rising in both developed and developing countries due to the increased use of personal care products and household products. The demand for cosmetic and skin care products is anticipated to increase the income of manufacturers and suppliers of personal care products, particularly in newly established nations. Solvents are primarily employed in paint and coating applications, including varnishes, water-repellent coatings, and paints, which positively impact product demand. Fortunately, governments in various countries have implemented beneficial regulations.

Challenges:

The industry's expansion is impeded by the stringent regulations governing specific solvents' use. For instance, the Montreal Protocol of 1987 and its amendment govern Ozone Depleting Chemicals (ODS) use. The EC 1005/2009 rule on ozone-depleting chemicals integrates them into European legislation pertaining to carbon tetrachloride and methyl chloride. The solvents market's development rate is at risk due to unfavorable conditions resulting from the COVID-19 outbreak, including a decrease in demand and supply and the introduction of new restrictions.

Regional Trends:

The North American Solvents market is anticipated to experience a significant increase shortly, with a compound annual growth rate (CAGR). The region's paints and coatings business has experienced a growth spurt due to the increasing industrialization and increased investment in the vehicle manufacturing and construction industries. The regional market will experience growth as a result of increased industrialization and rising construction investment. The region's product demand is anticipated to be driven by the burgeoning production of paints, coatings, and adhesives in various countries. In addition, Asia Pacific possessed an immense market share. It is anticipated that the product will experience a surge in demand due to the heightened demand for , hydrocarbons, and alcohols in end-use sectors such as medications, paints and sealants, printing inks, and cosmetics. Throughout the anticipated period, solvent demand will be driven by a favorable industrial outlook in Asia and an increase in construction activity. The present social media trend promotes the enhancement of skin health and radiance. Consequently, there is a surge in the demand for essential skin care products from numerous luxury merchants and manufacturers. Solvents are indispensable for numerous daily applications, including surface coatings and medications. The market is expanding due to the heightened demand for solvents from end-use industries.

Recent Developments:

• In November 2021, Asian Paints announced a USD 128 million investment to expand its manufacturing capacity in India from 1,30,000 KL to 250,000 KL.

• In 2022, Berger Paints invested USD 39 million to establish a new facility in India.

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Segmentation of Solvents Market-

By Product-

• Oxygenated Solvents
o Alcohols
 Ethanol
 Propanol
 Methanol
 Butanol

o Glycols
 Propylene Glycols
 Ethylene Glycols

o Glycol Ethers
 Butyl Glycol Ethers
 E-series Glycol Ethers
 P-series Glycol Ethers

o Esters
 Butyl Acetate
 Ethyl Acetate

• Hydrocarbon Solvents
o Aliphatic Solvents
o Aromatic Solvents
 Xylene
 Toluene
 Ethyl Benzene
o Halogenated Solvents
 Trichloroethylene
 Methylene Chloride
 Perchloroethylene
o Acetic Acid

By Application-
• Adhesives
• Paints & Coatings
• Pharmaceuticals
• Polymer Manufacturing
• Agricultural Chemicals
• Printing Inks
• Metal Cleaning
• Personal Care
• Others

By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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