Press release
Solvents Market Insight With Market Values & CAGR 5.7%
Solvents Market
The Solvents Market is expanding steadily due to strong demand from paints & coatings, pharmaceuticals, chemicals, personal care, agrochemicals, adhesives, printing inks, and automotive industries. Solvents-organic or inorganic substances that dissolve other materials-play a crucial role in formulations, processing, extraction, cleaning, and chemical reactions.
The global market is valued at USD 56.7 billion in 2024 and is projected to reach USD 78.9 billion by 2030, growing at a CAGR of 5.7% during the forecast period. Growth is driven by rapid industrialization, rising construction activity, expansion in healthcare and chemical manufacturing, and increasing use of environment-friendly bio-based solvents.
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Market Growth (2024-2030)
• Market Size 2024: USD 56.7 billion
• Market Size 2030: USD 78.9 billion
• CAGR: 5.7%
The transition toward low-VOC, green, and bio-based solvents is accelerating as regulatory norms tighten across Europe and North America.
Key Market Drivers
• Rising consumption of paints & coatings across construction and automotive sectors
• Growing demand for pharmaceutical solvents (API manufacturing, extraction, formulations)
• Increased use of solvents in adhesives, sealants, and printing inks
• Growth of bio-based solvents due to environmental regulations
• Expanding chemical processing, agrochemicals, and personal care markets
• Increased industrial cleaning and degreasing needs
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Market Segmentation
By Type
• Alcohols (Ethanol, Isopropanol, Methanol)
• Hydrocarbons (Aromatic, Aliphatic)
• Glycols & Glycol Ethers
• Esters
• Chlorinated Solvents
• Bio-Based Solvents (D-Limonene, Ethyl Lactate, Bio-Ethanol)
By Source
• Petrochemical-Based Solvents
• Bio-Based Solvents
• Green/Sustainable Solvents
By Application
• Paints & Coatings
• Pharmaceuticals
• Adhesives & Sealants
• Printing Inks
• Agrochemicals
• Cosmetics & Personal Care
• Chemical Processing
• Cleaning & Degreasing
• Electronics Manufacturing
By End-Use Industry
• Construction
• Automotive
• Healthcare & Pharmaceuticals
• Packaging & Printing
• Agriculture
• Electronics & Semiconductors
• Household & Industrial Cleaning
By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
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Key Market Trends
• Strong shift toward low-VOC and bio-based solvents due to sustainability mandates
• Innovations in green chemistry, including solvent recycling and replacement technologies
• Increasing use of solvents in battery manufacturing & electronics
• Growth in pharmaceutical solvent demand from biopharma and API production
• Rise of water-based and hybrid solvent systems in coatings and adhesives
• Higher adoption of bio-derived solvents in cosmetics and personal care formulations
Competitive Landscape
Major companies operating in the Solvents Market include:
• BASF SE
• Dow Chemical Company
• LyondellBasell
• ExxonMobil Chemical
• Royal Dutch Shell
• Eastman Chemical Company
• INEOS Group
• Ashland Global
• Honeywell International
• Solvay S.A.
These players focus on low-emission solvent innovations, expansion of green solvent portfolios, strategic partnerships, and manufacturing capacity expansion in Asia Pacific.
Recent Developments
• Launch of bio-based solvent lines for coatings, inks, and cleaning applications
• New partnerships between chemical manufacturers and pharma companies for solvent supply agreements
• Development of ultra-low VOC solvent technologies for environmental compliance
• Investments in solvent recycling systems for industrial applications
• Expansion of production capacity for bio-ethanol and ester solvents in Asia and Europe
This report is also available in the following languages : Japanese (溶剤市場), Korean (용매 시장), Chinese (溶剂市场), French (Marché des solvants), German (Lösungsmittelmarkt), and Italian (Mercato dei solventi), etc.
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Our More Reports:
Ethane Market
https://exactitudeconsultancy.com/reports/74349/ethane-market
Acrylic Acid Market
https://exactitudeconsultancy.com/reports/74351/acrylic-acid-market
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https://exactitudeconsultancy.com/reports/74353/zinc-alloys-market
Gigacasting Market
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Irfan Tamboli
PHONE NUMBER +1 (704) 266-3234
EMAIL ADDRESS: sales@exactitudeconsultancy.com
About Us
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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