Solvent Market Size, Share, Industry, Forecast and outlook (2024-2031)

The solvent Market is segmented By Product (Hydrocarbons, Alcohol, Esters, Ketones, Chlorinated), By Application(Printing Inks, Paints & Coatings, PharmaceuticalsAdhesives & Cosmetics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2023-20230

Solvent Market Overview

(180 pages) Global solvent market to grow at a high CAGR Of 6.0% during the forecast period 2023- 2030. The market is expected to grow because it is used in  Printing Inks, Paints & Coatings, PharmaceuticalsAdhesives & Cosmetics. The competitive rivalry intensifies with  BASF SE, Dow Chemicals., Shell Chemicals, and others operating in the market.

Solvent Market Scope and Summary

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A solvent dissolves a solute (a synthesized fluid) and produces a solvent. A solvent is usually a liquid, although it can also be a solid, a gas, or a supercritical liquid. Temperature is affected by the amount of solute that can break up in a given solvent volume. Cleaning, acetone, nail paint removers and paste solvents, spot removers, cleansers, and scents are all common uses for natural solvents.

Water is the most well-recognized dissolvable used by living things and a solvent for polar particles. The water inside a cell breaks down all of the particles and proteins. Solvents are used in various industries, including compounding, pharmaceuticals, oil and gas exploration, and cleaning. Increased demand for traditional solvents in the construction and automotive industries are major drivers of the global solvent industry.

Furthermore, the global solvent market is fueled by rising demand for solvents from the agricultural chemicals sector. The solvent market is being boosted by falling crude oil costs, as it is getting cheaper, so demand is expanding significantly. As a result, end-use industries are increasingly adopting it. Developing countries like India are projected to provide significant potential for the global solvent industry to grow.

Solvent Market Dynamics

Solvents are used in various industries for paints and coatings and the industry is heavily reliant on growth in the construction, automobile, shipbuilding, and aviation industries. The global market is likely to be driven by rising demand for industrial solvents from the pharmaceutical and paints and coatings industries. In addition, rising infrastructure spending and a strong industrial outlook in Asia-Pacific and Latin America are likely to boost solvent demand in the coming years.

Rising solvent usage in the construction and agricultural industry to boost market growth. 

The hike in solvent consumption in the construction and agriculture industries provides an opportunity for the solvents sector to expand. Solvent demand is rising in developed and developing countries due to increased home and personal care products. The spreading adoption of the face and skin care goods is expected to give personal care product makers chances in emerging markets to increase income.

It is estimated that high demand for solvents from the construction sector and agricultural chemicals applications will drive its markets during the upcoming period. The building industry is the backbone of fast urbanization and solvents play an important role in the environment, acting as transporters for surface coatings. Pesticides rely majorly on solvents, which control the healthy growth of plants and vegetables. Solvents are utilized to extract oils and flavor from nuts and solvents are certainly employed largely in agricultural products, mostly oils, and spice extract.

Rising demand for solvents in pharmaceuticals, industrial coatings, and personal care products.

To meet their manufacturing needs. In regular house cleaning duties, such as washing toiletries, floors, windows, and other debris, a solvent is used to clean and degrease chemicals. The COVID-19 outbreak has revived beauty customers.

' enthusiasm for skincare.

People are being encouraged to improve their overall skin health and fairness by the current social media trend. As a result, many beauty retailers and manufacturers have seen an upsurge in demand for important skin products. Many everyday objects, from medications to industrial products, require the usage of solvents. The growing need for solvents from end-use industries propels the product's market expansion.

Growing environmental and health issues hinder growth.

Growing environmental concerns and the erratic nature of critical raw material pricing will majorly burden industry participants. Except for chlorinated solvents, all are extremely flammable. Some of them are harmful to one's health, causing toxicity in the reproductive and nervous systems.

They can harm the lungs, and kidneys and possibly cause cancer. To mitigate these impacts, the industry has focused on producing bio-based solvents, which are less reactive and emit no volatile organic compounds. Major solvent producers have been cooperating with top biotechnology firms to develop green and bio-based solvents to attain sustainability.

COVID-19 Impact on Solvent Market

The chemical industry's growth is projected to be limited by a demand-supply imbalance, disruptions in raw material procurement, and price volatility during the COVID-19 pandemic. The automotive sector faces delays in obtaining solvents from manufacturers due to commodity import and export limitations.

The pandemic has created havoc in the automotive industry. Production of automobiles has been disrupted, resulting isignificantajor loss for the entire automotive industry. The downturn in car production has significantly impacted solvent demand, significantly impacting the solvent market.

Printing inks, paints, coatings, medications, adhesives, and cosmetics require a solvent. Due to the nationwide lockdown, several industries have suffered a slight decrease in growth. The closure of numerous enterprises, particularly transportation and supply lines, has harmed the economies of several countries. No development during the period of COVID-19 has led to a decline in demand for the solvent market.

However, as the need for online shopping grows in emerging countries, labels, plastic bags, and invoices are frequently used for packaging, necessitating printing inks to indicate deliverable items. As a result, the expansion of e-commerce platforms is driving the solvent industry.

Solvent Market Segmentation  Analysis

The solvent market is segmented into printing inks, paints & coatings, pharmaceuticals, adhesives & cosmetics, and others.

Significant demand from the construction and automotive industry to drive the solvent market for the paints & coatings segment.

Significant demand in the automobile sector is producing attractive prospects for innovation in the aftermarket for paints and coatings, driving up demand for solvents. Ketones are commonly used in paints and coatings because of their capacity to achieve low viscosity and high solid content. Ester solvents are commonly employed as hardeners in paints and cleaning in the industry.

Paints and coatings use bio-based solvents to dissolve binders and pigments while maintaining uniformity. Some decorative paints and spray paints contain solvents like glycol ether esters to keep them from drying in mid-air. Many building goods contain solvents, such as paints, thinners, and glues.

The paints and coatings application market is predicted to develop due to increased construction activity in China, India, the United States, and Brazil. In the automotive sector, solvents are used in a variety of ways. Gasoline additives prevent water from separating from the gasoline. Solvents also make the gasoline burn cleaner, which can help to minimize exhaust emissions. De-icing frozen door locks, cleaning carburetors, keeping the engine cool, and cleaning upholstery and carpet are made easier with solvents.

Solvent Market Geographical Outreach

Robust growth in the automotive industry to drive spectacular growth in Asia-Pacific

Market growth in the area is expected to be boosted by rising construction spending in nations like China and India and increased industrialization in these countries. Paints, coatings, and adhesives are booming in China, India, Indonesia, Thailand, Vietnam, and Korea. They will likely drive product demand in the region over the next few years.

In addition, the solvents market is predicted to develop due to rising industrialization and urbanization and the high demand for automobiles. Furthermore, fast expansion in building and construction activities and strong demand for autos will drive solvent demand in the paints and coatings industry. In addition, the personal care market in the region is increasing, which is fuelling the expansion of the solvents market.

Solvent Companies and Competitive Landscape

Due to many industry participants, the sector is highly fragmented. Major players are highly integrated across the value chain, have well-established manufacturing facilities, and focus on in-house raw material manufacturing to cut costs. Furthermore, by investing in R&D activities and complying with regulatory authorities, firms are working on reducing the impact of high product registration costs and regulatory interference. Product differentiation, raw material procurement, and regulatory compliance are expected to play a key role in giving industry participants a competitive advantage.

Companies like BASF SE, Dow Chemicals, Shell Chemicals, Ashland Inc., Lyondellbasell Industries N.V., Solvay S.A., TNC Industrial Co., Ltd., INEOS AG, Honeywell Global Inc., and Eastman Chemical Company are prominent players in this industry.

LyondellBasell Industries, N.V.

Overview: LyondellBasell is a global leader in plastics, chemicals, and refining. It creates materials and products that are critical to advancing solutions to modern challenges, like improving food safety through lightweight and flexible packaging, safeguarding the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many cars and trucks on the road. It is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies, with products sold in over 100 countries.

Product Portfolio: LyondellBasell leads the industry in basic chemical production, including ethylene, propylene, propylene oxide, ethylene oxide, tertiary butyl alcohol, methanol, acetic acid, and derivatives. The chemicals created are used to make fuels, automotive fluids, furniture, home goods, coatings, adhesives, cleaners, cosmetics, personal care products, coatings, adhesives, cleaners, cosmetics, and personal care items.

Alcohols manufactured by LyondellBasell are utilized as intermediates, solvents for inks, coatings, chemical processing, and constituents in hand sanitizers and cosmetics. LyondellBasell provides ethanol in both pure and denatured forms, USP-grade isopropanol, and high-purity tertiary-butanol (TEBOL 99).

Tertiary-Butyl Acetate (TBAC), a flexible VOC-free solvent for industrial coatings and adhesives, is produced exclusively by LyondellBasell in the United States. LyondellBasell also offers ester solvents made from three of their glycol ethers, as well as VOC-free propylene carbonate, low volatility, low toxicity solvent used in coatings and cosmetics.

Key Developments: LyondellBasell said in November 2019 that the foundation and infrastructure construction on its propylene oxide (P.O.) and tertiary butyl alcohol (TBA) facility (the world's largest propylene oxide, tertiary butyl alcohol project) had reached 20% completion, with work transitioning to vertical assembly. The delivery of a 25-story-tall, 601-ton distillation tower that will be the highest piece of equipment to be installed was a crucial milestone in the project's progress.

The global solvent report would provide access to an approx. 52 market data tables, 46 figures, and 180 pages