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Solvent Market Size, Share, Trends & Growth Report, 2033
Solvent Market Size
As per the report, the solvents market size has grown strongly in recent years. It will grow from $30.78 billion in 2023 to $32.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The solvents market size is expected to see strong growth in the next few years. It will grow to $39.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
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Surging Demand For Personal Care Products Fuels Growth In The Solvents Market
Rising demand for personal care products is expected to propel the growth of the solvents market going forward. Personal care products are a grouping of traditional family chemical compounds that are used for health, beauty, and hygiene. Personal care items included fancy cosmetics, skin care products, hair care products, cleaning products, and perfumes. Solvents are a key component of skin care products since they are used to dissolve certain components, thereby improving functionality, texture, and sensory qualities. For instance, in February 2021, according to the report by Loreal Cosmetic World, a France-based company that manufactures cosmetics and skin care products, demand for personal care goods such as skincare climbed from more than 228 billion euros ($244.65 billion) in 2021 to 8% in 2021 and 41.8% in 2022. Therefore, the rising demand for personal care products is driving the growth of the solvents market.
Solvay Introduces Rhodiasolv Iris, A Next-Generation Green Solvent
Product innovation is the key trend gaining popularity in the solvent market. Companies operating in the solvent industry are adopting new technologies to sustain their position in the market. For instance, in April 2022, Solvay S.A., a Belgium-based manufacturer of chemicals, launched a new-generation solvent called Rhodiasolv IRIS. It is biodegradable, non-flammable, mutagenic, low-volatile, and reprotoxic. It is utilized in a variety of applications, including phytosanitary product formulation, paint peeling, graffiti and resin removal, industrial cleaning, and agrochemistry. Rhodiasolv IRIS, for instance, permits the adoption of a unique production technique that recycles a previously burned byproduct of its polyamide chain. This method optimizes the utilization of petrochemical resources while minimizing environmental effects. It is a crucial component in the Rhodiasolv line of green solvents that aid in the shift to more ecologically friendly agriculture.
The solvents market covered in this report is segmented -
1) By Type: Alcohols, Hydrocarbons, Esters, Chlorinated, Other Types
2) By Category: Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Other Categories
3) By Source: Bio-Based Solvents, Petrochemicals-Based Solvents
4) By Application: Adhesives, Paints And Coatings, Personal Care, Pharmaceuticals, Other Applications
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Major companies operating in the solvents market report are China Petroleum and Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., Marathon Petroleum Corporation, Valero Energy Corporation, PJSC Lukoil Oil Company, Reliance Industries Limited, Mitsui Chemicals Inc., BASF SE, Dow Jones Industrial, Sabic, LyondellBasell Industries Holdings B.V, Henkel AG and Co. KGaA, Toray Industries Inc., INEOS Group Limited, Westlake Corporation, Solvay SA, International Flavors and Fragrances Inc., Akzo Nobel NV, Arkema SA, Eastman Chemical Company, Daicel Corporation, Celanese Corporation, Wacker Chemie AG, Huntsman International LLC., Givaudan, Lonza Group AG, Clariant AG, Ashland Global Holdings Inc., Hengyi Industries Sdn Bhd
Contents of the report:
1. Executive Summary
2. Solvents Market Report Structure
3. Solvents Market Trends And Strategies
4. Solvents Market - Macro Economic Scenario
5. Solvents Market Size And Growth
…..
27. Solvents Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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