Press release
Solvents Market Analysis: $42.01 Billion by 2029 With a CAGR of 5.9%
Solvents Market Size
Solvents Market Value Projection: How Much Will the Market Size by 2025?
The size of the solvents market has experienced consistent growth in the past few years. Its size is projected to increase from $32.32 billion in 2024 to $33.39 billion in 2025, with a compound annual growth rate (CAGR) of 3.3%. This growth over the historical period is due to factors such as the industrial revolution, advancements in chemical synthesis, the evolution of paints and coatings, the expansion of the petrochemical industry, and the print and ink industry.
What Will Be the Market Growth Forecat for Solvents in 2029?
The market size for solvents is predicted to experience considerable expansion in the upcoming years, with projected growth to $42.01 billion in 2029, indicating a compound annual growth rate (CAGR) of 5.9%. This projected rise during the forecast period is credited to factors such as adherence to regulations, development of bio-based solvents, initiatives towards green chemistry, incorporation of a circular economy, and expansion in the pharmaceutical sector. Significant trends expected during the forecast period comprise VOC reduction, development of high-performance solvents and nano-solvents, digital advancements in solvent management, and enhancements in transparency and traceability.
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What Are the Core Competitive Drivers in the Solvents Industry?
The surge in personal care products' demand is predicted to boost the solvents market's expansion in the future. Health, beauty, and hygiene are prioritized through the use of personal care products, comprised of an array of traditional household chemical compounds. These products range from high-end cosmetics to skin and hair care products, cleaning products, and fragrances. Solvents play a crucial role in skin care products as they are utilized to dissolve particular constituents, enhancing functionality, consistency, and sensory attributes. For example, the Bureau of Labor Statistics, a government body in the US, reported in September 2023 that the average consumer spending on personal care products saw a 12.3 percent increase, bringing the figure up to $866 in 2022 from $771 in 2021. As a result, this growing demand for personal care products is fueling the expansion of the solvents market.
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Which Solvents Market Segment Is Projected to See the Fastest Growth?
The solvents market covered in this report is segmented -
1) By Type: Alcohols, Hydrocarbons, ket*ones, 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
Subsegments:
1) By Alcohols: Ethanol, Isopropanol, Methanol, Butanol, Other Alcohols
2) By Hydrocarbons: Aliphatic Hydrocarbons, Aromatic Hydrocarbons, Cycloaliphatic Hydrocarbons
3) By ket*ones: Acetone, Methyl Ethyl ket*one (MEK), Other ket*ones
4) By Esters: Ethyl Acetate, Butyl Acetate, Other Esters
5) By Chlorinated: Methylene Chloride, Chloroform, Other Chlorinated Solvents
6) By Other Types: Glycols, Ether Solvents, Specialty Solvents
Which Trends Are Opening New Opportunities in the Solvents Market?
In the solvent market, product innovation is showing up as a prominent trend. To maintain their competitive edge, businesses in this sector are integrating novel technologies. For example, Solvay S.A., a Belgian chemical manufacturer, introduced a technologically advanced solvent named Rhodiasolv IRIS in April 2022. This environmentally friendly variant is biodegradable, non-combustible, low in volatility, mutagenic, and reprotoxic, with usage ranging from paint stripping, graffiti and resin elimination, industrial cleaning, to agrochemical applications. The use of Rhodiasolv IRIS allows for a unique manufacturing process, wherein a previously incinerated byproduct of its polyamide chain is recycled. This procedure not only maximizes the use of petrochemical resources but also reduces environmental damage. Rhodiasolv IRIS forms a vital part of Solvay's Rhodiasolv line of eco-friendly solvents, and aids in transitioning towards greener agricultural practices.
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Who Are the Leaders in the Solvents Market?
Major companies operating in the solvents market include 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
Which Regional Solvents Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the solvents market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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