DELRAY BEACH, Fla., Sept. 30, 2024 /PRNewswire/ -- The report "Solvents Market by Type (Oxygenated, Hydrocarbon, Halogenated), Application (Paints & Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Agricultural Chemicals), Source (Natural, Derived), and Region - Global Forecast to 2029", size was USD 35.07 billion in 2024 and is projected to reach USD 43.43 billion by 2029, at a CAGR of 4.4%, between 2024 and 2029.
The solvent market is driven by the growth in the paint and coatings sector. Increasing construction activities in the residential, commercial, and infrastructural development particularly in developing nations have boosted demand for both decorative and protective paints. These products depend on solvents since they facilitate the formulation of durable coatings that can endure extreme environmental conditions. The demand for solvents has also been fuelled by the automotive sector, which uses solvents for protective coatings as well as decorative finishes on vehicles. These factors are likely to drive the solvents market.
Browse in-depth TOC on "Solvents Market"
474- Tables
58- Figures
338- Pages
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The hydrocarbon solvents segment is the fastest growing segment, in terms of value, of the global solvents market during the forecast period.
The hydrocarbon solvents segment is the fastest growing segment in the solvents market during the forecast period. The growth trajectory of hydrocarbon solvents has been impacted by regulatory advancements. Hydrocarbon solvents have been changing to cater to the updated regulations, though greener options are in demand. Low VOC, less hazardous hydrocarbon solvents are developed with the help of technological advancements, which adheres to environmental regulations and reduced the negative impact of conventional hydrocarbon solvents.
Pharmaceuticals is estimated to be the second-largest application of solvents market, in terms of value, during the forecast period.
The pharmaceuticals segment is estimated to be the second-largest application in the solvents market, in terms of value, during the forecast period. In the pharmaceutical industry, the synthesis of APIs involves the use of dissolving solvents for raw materials with the intent of promoting chemical reactions and to purify the products obtained at different stages of such synthesis. Solvents will also affect the stability and shelf-life of the pharmaceutical formulations since they may alter the solubility and hence the bioavailability of an active ingredient.
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Natural sources segment is estimated to be the second-largest source of solvents market, in terms of value, during the forecast period.
The natural sources segment is estimated to be the second-largest source in the solvents market, in terms of value, during the forecast period. Products that reduce ecological footprints and rely less on fossil fuels are in greater demand as companies and consumers grow more environmentally conscious. Natural source solvents are renewable substitutes for the petroleum-based solvents as they are derived from sources such as citrus fruits, corn, and other plant materials that support such sustainability goals.
Middle East & Africa is projected to register the second highest CAGR, in terms of value, during the forecast period in the solvents market.
Middle East & Africa is projected to register the second highest CAGR in the solvents market, in terms of value, during forecast period due to several factors. The rapid urbanization and economic development in the MEA countries owing to their extensive infrastructural development is one of the primary drivers of the high growth rate of solvents market. This expansion increases the demand for solvents in painting and coating, adhesives, and cleaning products. Besides, emerging improvements in the living standard and increased population drive the consumption of consumer products and thus fueling the demand for solvents.
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Market Players
The key players profiled in the solvents market report include Shell plc (UK), BASF SE (Germany), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Eastman Chemical Company (US), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman International LLC (US), Solvay SA (Belgium), Honeywell International Inc. (US), BP p.l.c. (UK), and INEOS Group Holdings S.A. (UK).
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