Solvents Market Trends and Insights by Application Type and Product Category Leading Up to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Solvents Market Size, Share & Trends Analysis Report By Type (Oxygenated Solvents, Alcohols, 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 typically a liquid, though it can also exist as a solid, gas, or supercritical fluid. The concentration of solute dissolved in a solution is temperature-dependent. Solvents have diverse applications across multiple industries, including dry cleaning, paint thinning, nail polish removers, cement dissolvers, stain removers, detergents, and perfumes. They are essential in the formulation of paints and coatings, which has led to a steady revenue stream for solvent manufacturers within the paints and coatings sector.

The growth and development of various end-use industries are expected to further drive the market's expansion. Increasing disposable income and the acceleration of industrialization are anticipated to significantly contribute to market growth. Additionally, the rising demand for solvents in home care, personal care products, and agricultural chemicals will continue to propel market expansion. The integration of advanced technologies and state-of-the-art equipment, alongside the adoption of innovative systems, presents lucrative opportunities for industry players during the forecast period. Moreover, increasing regulatory pressure surrounding the use of organic solvents is expected to drive further growth in the solvents market.

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

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Market Dynamics:
Drivers:
The rising demand for solvents in the construction and agriculture sectors is driving significant growth in the solvent market. Both developed and developing nations are experiencing increased solvent consumption, particularly due to the growing use of home and personal care products. The growing popularity of facial and skincare products is expected to boost revenues for manufacturers and suppliers of personal care goods, especially in emerging markets. Solvents are predominantly used in paint and coating applications, including varnishes, water-repellent coatings, and paints, further driving product demand. Additionally, supportive regulatory measures in various countries are creating a favorable environment for market growth.

Challenges:
Strict regulations governing the use of certain solvents are a significant challenge for the industry. For instance, the Montreal Protocol of 1987 and its subsequent amendments regulate the use of Ozone Depleting Substances (ODS). The European Regulation EC 1005/2009, which addresses ozone-depleting chemicals, encompasses substances such as carbon tetrachloride and methyl chloride. Furthermore, the disruptions caused by the COVID-19 pandemic, including supply chain interruptions and demand fluctuations, have created additional barriers to the growth of the solvents market.

Regional Trends:
The North American solvents market is expected to experience robust growth in the coming years, driven by increased investments in the vehicle manufacturing and construction industries, as well as the ongoing industrialization of the region. This growth will likely contribute to the expansion of the paints and coatings sector. Additionally, rising investments in construction and industrial activities will further fuel regional market development. The demand for paints, coatings, and adhesives in the region is also anticipated to support growth throughout the forecast period.

In the Asia-Pacific region, market share is expected to remain substantial, with significant demand for hydrocarbons, and alcohols across various end-use sectors such as pharmaceuticals, paints and sealants, printing inks, and cosmetics. Increased construction activities and a favorable industrial outlook in the region will drive further demand for solvents. Moreover, the ongoing social media trends encouraging enhanced skin health and fairness have led to heightened demand for skincare products, thereby increasing the need for solvents in both personal care and other applications. The overall rise in demand across multiple end-use industries is set to continue driving market growth.

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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
 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

Read Overview Report- https://www.insightaceanalytic.com/report/solvents-market/1738

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This release was published on openPR.