Solvents Market Size to Expand Lucratively by 2031

Solvents Market to reach over USD 39.67 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Solvents Market Size, Share & Trends Analysis Report By Type (Oxygenated Solvents, Alcohols, nes, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks)- Market Outlook And Industry Analysis 2031"

The global solvents market is estimated to reach over USD 39.67 billion by 2031, exhibiting a CAGR of 6.22% during the forecast period.

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A solvent is often a liquid but can also be a solid, gas, or supercritical fluid. The amount of solute dissolved in a given volume of solution varies with temperature. Solvents are used in various applications, including dry cleaning, paint thinners, nail polish cleansers, cement solvents, spotted removers, detergents, and perfumes. Because solvents are required to create paints and coatings, they are widely employed in paint and coating applications. In the paints and coatings business, solvent producers are developing consistent revenue streams.

Furthermore, the expansion and growth of numerous end-use sectors will fuel market value growth. Increasing individual disposable income and growing industrialization is expected to drive market expansion. Additionally, rising demand for solvents from home care and personal care products and agricultural chemicals applications is expected to drive market expansion. Sophisticated technologies and cutting-edge equipment, together with the implementation of new systems, provide profitable chances to market participants during the forecast period. Rising regulatory pressure on the usage of organic solvents will fuel future expansion in the solvents industry.

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

Market Dynamics:
Drivers-
The increase in demand for solvents in the construction and agriculture industries allows the solvents business to flourish. Solvent demand is increasing in developed and developing countries due to increased home and personal care product usage. The popularity of facial and skin care products is expected to enhance income for makers and suppliers of personal care goods, especially in newly formed nations. Solvents are mostly utilized in paint and coating applications such as varnishes, water-repellent coatings, and paints, positively affecting product demand. On the plus side, governments in countries have taken measures with helpful regulations.

Challenges:
The strict laws governing the use of certain solvents impede industry expansion. The Montreal Protocol of 1987 and its amendment, for example, regulates the usage of Ozone Depleting Chemicals (ODS). The EC 1005/2009 rule on ozone-depleting chemicals combines them into European legislation, and this regulation applies to carbon tetrachloride and methyl chloride. Unfavorable conditions caused by the COVID-19 outbreak, such as a drop in demand and supply and the advent of new limitations, represent a threat to the solvents market's growth rate.

Regional Trends:
The North American Solvents market is projected to grow at a high CAGR soon. This boom is linked to increased investment in the vehicle manufacturing and construction industries and growing industrialization, contributing to the increase of the region's paints and coatings business. Rising construction investment and increased industrialization will expand the regional market. Paints, coatings, and adhesives are booming in nations are expected to fuel product demand in the region throughout the term. Besides, Asia Pacific had a tremendous share of the market. The increased demand for nes, hydrocarbons, and alcohols in end-use sectors such as medicines, paints & sealants, printing inks, cosmetics, and others is expected to fuel demand for the product. Rising construction activity and a good industrial outlook in Asia will drive solvent demand throughout the forecasted period. The current social media trend encourages people to improve their skin health and fairness. As a result, many luxury merchants and manufacturers are seeing increased demand for vital skin care products. Many things used daily, from medications to surface coatings, necessitate the usage of solvents at all costs. The increased demand for solvents from end-use industries is driving market expansion.

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Recent Developments:
• In November 2021-Asian Paints announced a USD 128 million investment to increase 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 plant in India.

Segmentation of Solvents Market-

By Product-
• Oxygenated Solvents
o Alcohols
 Methanol
 Ethanol
 Propanol
 Butanol
o Glycols
 Ethylene Glycols
 Propylene Glycols
o Glycol Ethers
 E-series Glycol Ethers
 P-series Glycol Ethers
 Butyl Glycol Ethers
o nes
 Acetone
 MEK
 MIBK
o Esters
 Ethyl Acetate
 Butyl Acetate
• Hydrocarbon Solvents
o Aliphatic Solvents
o Aromatic Solvents
 Toluene
 Xylene
 Ethyl Benzene
o Halogenated Solvents
 Methylene Chloride
 Trichloroethylene
 Perchloroethylene
o Acetic Acid

By Application-
• Paints & Coatings
• Pharmaceuticals
• Adhesives
• Printing Inks
• Metal Cleaning
• Personal Care
• Polymer Manufacturing
• Agricultural Chemicals
• 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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This release was published on openPR.