Growing Demand from Paints and Coatings Industry Boosts High Purity Solvent Market to $90.44 Billion by 2028 9.3% CAGR

The new report published by The Business Research Company, titled "High Purity Solvent Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the high purity solvent market size has grown strongly in recent years. It will grow from $55.59 billion in 2023 to $60.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The high purity solvent market size is expected to see rapid growth in the next few years. It will grow to $90.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.

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The Surge In Demand For High Purity Solvents Fueled By Growing Paints And Coatings Industry
The increasing demand for paints and coatings is expected to propel the growth of the high purity solvent market going forward. Paints and coatings refer to a liquid, liquefiable, or solid mastic material that solidifies after being applied to a substrate in a thin layer. High purity solvents are used to dissolve various components used in paint and coating formulations. For instance, in June 2021, according to the American Coatings Association, a US-based non-profit organization, the United States coating industry is contributing significant revenues to the US economy by exporting over $2.2 billion in coating products. Therefore, the increasing demand for paints and coatings is driving the growth of the high purity solvent market.

Green Innovations Bio-Derived High Purity Solvents Transforming The Industry Landscape
The introduction of bio-derived products has emerged as a key trend gaining popularity in the high purity solvent market. Major companies operating in the high purity solvents sector are focused on developing bio-derived products to reinforce their position. For instance, in February 2022, Clariant, a Switzerland-based specialty chemicals company, launched its new Vita 100% bio-based surfactants and polyethylene glycols (PEGs) to help directly address climate change by removing fossil carbon from the value chain. Vita products are made with renewable feedstocks and have a Renewable Carbon Index of at least 98%. Designed for natural formulations with a high Renewable Carbon Index (RCI), the new Vita products assist manufacturers in increasing the bio-based carbon content of consumer goods such as detergents, hair and body shampoo, paint, industrial lubricants, and crop formulations.

The high purity solvent market covered in this report is segmented -
1) By Type: Acetone, Acetonitrile, Dimethyl Sulfoxide, Other Types
2) By Category: Polar Solvent, Non-Polar Solvent
3) By Applications: Liquid Crystal Displays, Lithium-Ion Batteries, Electroplating, Polymer Resins, Catalysts, Other Applications
4) By End-User: Pharmaceutical, Chemicals, Cosmetics and Personal Care, Food and beverages, Agriculture, Paints and Coatings, Biotechnology, Electrical and Electronics, Other End Users

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Major companies operating in the high purity solvent market report are Exxon Mobil Corporation, MP Biomedicals LLC, BASF SE, Dow Inc., Bayer AG, Thermo Fisher Scientific Inc., Honeywell International Inc., Linde Corporation, The Merck Group, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Akzo Nobel N.V., Mitsubishi Chemical Corporation, Avantor Inc., VWR International LLC, Sigma-Aldrich Co. LLC, Mallinckrodt Pharmaceuticals, Kanto Chemical Co. Inc., Alfa Aesar, Spectrum Chemical Mfg. Corp., J.T.Baker, Tokyo Chemical Industry Co. Ltd., GFS Chemicals Inc., Tedia Company Inc., Acros Organics, High Purity Laboratory Chemicals Pvt. Ltd., Apchem Life Science Pvt. Ltd., Pharmco-AAPER, EMD Millipore Corporation, Ricca Chemical Company, Fisher Scientific, Macron Fine Chemicals, Chem-Supply Pty. Ltd.

Contents of the report:
1. Executive Summary
2. High Purity Solvent Market Report Structure
3. High Purity Solvent Market Trends And Strategies
4. High Purity Solvent Market - Macro Economic Scenario
5. High Purity Solvent Market Size And Growth
…..
27. High Purity Solvent Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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