Press release
Phototherapy Device market Demand Will Reach a Value of USD 77.25 Bn. by the Year 2030, At a CAGR of 7.1%
Phototherapy Device market
The global industrial solvent market is projected to expand from USD 47.8 billion in 2023 to USD 77.25 billion by 2030, growing at a robust CAGR of 7.1% . This surge is fueled by escalating demand in paints & coatings, adhesives & sealants, and pharmaceutical applications. Heightened environmental scrutiny is propelling a shift toward bio‐based and low‐VOC solvent alternatives.
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►Competitive Landscape
Global leaders like BASF SE, The Dow Chemical Company, ExxonMobil Corporation, Celanese Corporation, Eastman Chemical Company, Huntsman Corporation, Solvay S.A., Shell Chemicals, LyondellBasell Industries, and Honeywell International dominate. The competition is characterized by product innovation, sustainability pushes, and environmental regulation compliance.
►Regional Insights
♦ United States - Growth & Opportunity
The U.S. market was valued at USD 10.12 billion in 2024 and is forecast to reach USD 17.84 billion by 2032, at a CAGR of 7.35%. Demand is being driven by expanding construction, automotive, electronics, and pharmaceutical sectors. Technological advancements in solvent recovery and recycling are further enhancing production efficiency.
♦ United States - Consolidation & Trends
Key players like Dow Inc., ExxonMobil Corporation, Eastman Chemical Company, Huntsman Corporation, and Celanese Corporation are leading market trends . The industry is witnessing a strong pivot towards low‐VOC, bio‐based solvents to satisfy tightening environmental regulations.
♦ United States - Updation (M&A)
Significant M&A activity includes Thermo Fisher Scientific's acquisition of Solventum's Purification & Filtration business, adding global production capabilities across the U.S., Europe, Middle East & Africa, and Asia-Pacific. Additionally, Univar Solutions was acquired by Apollo Global Management in August 2023, strengthening its global distribution footprint .
♦ Asia‐Pacific - Growth & Opportunity
Asia‐Pacific accounted for approximately 30-42% of the global solvent demand in 2023-2024, making it the largest and fastest‐growing region . With booming construction and manufacturing in China, India, Southeast Asia, solvent consumption is increasing sharply.
♦ Asia‐Pacific - Consolidation & Trends
Market leaders include BASF SE, SABIC, Shell Chemicals, LyondellBasell Industries, and Croda International, among others . There is a growing pivot to petrochemical-derived solvents, though bio‐based alternatives are gaining traction.
♦ Asia‐Pacific - Updation (M&A)
Regional consolidation includes Brenntag expanding through acquisitions of Rhodia (Mumbai), EAC Industrial Ingredients (Bangkok), and EPChem (Singapore), strengthening its APAC distribution network. Afton Chemical also expanded in 2009-2010 by acquiring facilities in Shanghai, Tsukuba (Japan), and Jurong Island (Singapore).
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♦ Europe - Growth & Opportunity
Europe shows steady growth driven by strong environmental standards and construction demand. North American and European markets are shifting toward bio‐based solvents .
♦ Europe - Consolidation & Trends
Major players include Croda International, BASF SE, Solvay S.A., SABIC, and Brenntag SE . SABIC shifted its European HQ from Sittard to Amsterdam in 2024 and earlier acquired a stake in Clariant.
♦ Europe - Updation (M&A)
Brenntag enhanced its European reach by acquiring German and pan-European distributors; SABIC holds a 24.99% stake in Clariant since 2018 and saw its operations integrate into Saudi Aramco in 2020 .
♦ Middle East & Africa - Growth & Opportunity
MEA is experiencing increasing infrastructure and petrochemical activity, leading to moderate growth. SABIC's ownership under Saudi Aramco enhances its regional manufacturing and R&D capacity.
♦ MEA - Consolidation & Trends
SABIC and Brenntag are expanding MEA operations, while M&A activity remains moderate.
♦ MEA - Updation (M&A)
While no major new deals are public, M&A is mainly driven by SABIC's regional consolidation and Brenntag's distribution investments.
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► Market Segmentation: In-Depth Analysis:
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa comprise the worldwide solvent market. The Asia-Pacific area is expanding quickly, as seen by the advancements in the infrastructural and residential sectors. The solvent industry is growing because solvents are widely utilized in the infrastructure sector for painting purposes. The construction of residential and non-residential buildings will increase demand for building supplies such paint, coatings, adhesives, and sealants, which in turn will increase demand for solvents. Asia-Pacific, which accounts for over half of the solvents industry demand.
by Product Type
Esters
Alcohols
diols & glycols
D-Limonene
Hydrocarbon
The market for industrial solvents is divided into several product categories, including alcohols, chlorinated solvents, esters, and hydrocarbons. Hydrocarbon solvent demand is expected to increase during the predicted period. The market for hydrocarbon solvents is being driven by strict environmental regulations governing the use of organic solvents in a variety of applications.
by Application Type
Adhesives & Sealants
Printing Ink
Industrial & Domestic Cleaners
Paints & Coatings
Cosmetic
Pharmaceutical
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/industrial-solvent-market/13078/
► Learn about the top players driving innovation in the Market :
1. Royal Dutch Shell Plc
2. Lyondell Basell Industries N.V.
3. ExxonMobil Corporation
4. Celanese Corporation
5. Ashland Group Holdings Inc.
6. Eastman Chemical Company
7. Huntsman Corporation
8. Solvay SA
9. Honeywell International
10. BASF SE
11. Royal Dutch Shell Plc
12. The Dow Chemical Company
13. Maruzen Petrochemical
14. Shell Chemicals
15. Solvay Chemicals
16. MARUKASOL FH
17. BioAmber Inc.
18. Myriant Corporation
19. Cargill Incorporated
20. Gevo Inc.
21. Vertec Bio solvents Inc.
22. Florida Chemicals
23. Lyondellbasell
24. E.I du Pont de Numerous and Company
25. Sasol
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