Global High Purity Solvents Market Overview
High Purity Solvents Market Size was valued at USD 37.2 Billion in 2022. The High Purity Solvents industry is projected to grow from USD 39.8 Billion in 2023 to USD 67.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2023 - 2032). An increase in the demand for paints and coatings as well as an increase in the usage of n-heptane solvent as a test fuel component in anti-knock engine testing, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
High Purity Solvents Market Trends
-
Increasing use of n-heptane solvent as a test fuel component in anti-knock engine testing is driving the market growth
Another important factor driving this market is the rising use of high purity solvents in the production of lab supplies for the life sciences sector. Demand is largely being driven by their use in the production of high performance coatings throughout geographies. The widespread use of these solvents may provide health risks, including toxicity to the nervous and reproductive systems, which may reduce consumer demand for the product and impede the expansion of the worldwide solvent market.
As solvents are utilised in paint and coating applications in the construction, automotive, shipbuilding, and aircraft manufacturing industries, these industries' expansion has a significant impact on the market. Although the COVID-19 situation has had a significant negative impact on the market across various sectors, these sectors will eventually demonstrate a significant need for these high quality Solvents. Key companies in the global solvent market may benefit from the increased use of high purity solvents in perfumes. For producers of high purity solvents, the growing emphasis on the development and use of green and bio-based solvents can be a challenge. However, it may also present new opportunities for growth through the introduction of such solvents made in an environmentally responsible manner and from bio-based sources.
The market for high purity solvents is anticipated to increase in the future due to the rising demand for paints and coatings. Paints and coatings are mastic materials that are liquid, liquefiable, or solid before being applied in a thin layer to a surface. To dissolve various ingredients used in paint and coating compositions, high purity solvents are used. For instance, the US coating sector exported coating goods worth over $2.2 billion in June 2021, according to the American Coatings Association, a non-profit organisation with headquarters in the US. As a result, the market for high purity solvents is expanding due to the rising demand for paints and coatings.
In the market for high purity solvents, the introduction of bio-derived products has become a major trend that is gaining popularity. To strengthen their position, major players in the high purity solvents industry are concentrating on developing bio-derived products. In order to actively combat climate change by removing fossil carbon from the value chain, Clariant, a speciality chemicals business with headquarters in Switzerland, introduced its new Vita 100% bio-based surfactants and polyethylene glycols (PEGS) in February 2022. Products from Vita have a Renewable Carbon Index of at least 98% and are produced using renewable feedstocks. The new Vita products help producers increase the bio-based carbon content of consumer goods including detergents, hair and body shampoo, industrial lubricants, paint, and crop formulations by being made for natural formulations with a high Renewable Carbon Index (RCI). Thus, driving the High Purity Solvents market revenue.
High Purity Solvents Market Segment Insights
High Purity Solvents Type Insights
The High Purity Solvents Market segmentation, based on Type, includes spectrophotometric solvents, UHPLC and LC/MS solvents, HPLC solvents, GC solvents. Spectrophotometric Solvents segment dominated the global market in 2022. This is a result of the healthcare industry's increased usage of spectrophotometric solvents.
High Purity Solvents Grade Insights
The High Purity Solvents Market segmentation, based on Grade, includes ACS, biosolv, gcsolv, HPLC grade, omnisolv, pestisolv, purge & trap, spectrosolv, tracegrade, usp, ultratrace, unisolv. ACS segment dominated the global market in 2022. This is a result of the rising need for high purity ACS grade solvents.
High Purity Solvents Category Insights
The High Purity Solvents Market segmentation, based on Category, includes polar solvent and non-polar solvent. Polar solvent segment dominated the High Purity Solvents Market in 2022. The rising use of polar solvents in end-user industries is blamed for this rise.
Figure 1: High Purity Solvents Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
High Purity Solvents Application Insights
The High Purity Solvents Market segmentation, based on Application, includes liquid crystals, lithium ion batteries, electroplating, resins, catalysts. Liquid crystals segment dominated the High Purity Solvents Market in 2022. The rising need for high purity solvents in liquid crystals can be linked to this.
High Purity Solvents End User Insights
The High Purity Solvents Market segmentation, based on End User, includes pharmaceutical and biopharmaceutical, chemical laboratories, cosmetics, food & beverage, agriculture, paints & coatings, biotechnology, electrical & electronics. Paints & coatings segment dominated the High Purity Solvents Market in 2022. Its high percentage can be attributed to the expansion of infrastructure and building projects in developing countries like China, Japan, and India.
High Purity Solvents Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America High Purity Solvents Market dominated this market in 2022 (45.80%). Due to increasing manufacturing output and anticipated recovery in construction activities throughout the projection period, this has occurred. Further, the U.S. High Purity Solvents market held the largest market share, and the Canada High Purity Solvents market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HIGH PURITY SOLVENTS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe High Purity Solvents market accounted for the healthy market share in 2022. As the automobile, aviation, and other end use industries resume their expansion following the epidemic, demand in this region is anticipated to increase at a good rate. Further, the German High Purity Solvents market held the largest market share, and the U.K High Purity Solvents market was the fastest growing market in the European region
The Asia Pacific High Purity Solvents market is expected to register significant growth from 2023 to 2032. The growing demand for the manufacture of paints & coatings and adhesives & sealants is anticipated to be the main factor driving the growth of the Asia Pacific solvents market. Moreover, China’s High Purity Solvents market held the largest market share and the Indian High Purity Solvents market was the fastest growing market in the Asia-Pacific region.
High Purity Solvents Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the High Purity Solvents market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, High Purity Solvents industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global High Purity Solvents industry to benefit clients and increase the market sector. In recent years, the High Purity Solvents industry has offered some of the most significant advantages to medicine. Major players in the High Purity Solvents market, including Exxon Mobil Corporation, BASF SE, Asahi Kasei Corporation, Linde, Thermo Fisher Scientific Inc., High Purity Laboratory Chemicals Pvt. Ltd., Dow, Apchem Pvt. Ltd., Evonik Industries AG, Merck KGaA, Spectrum Chemical Manufacturing Corp., Central Drug House, Tedia, Mitsubishi Chemical Corporation (a subsidiary of Mitsubishi Chemical Holdings Corporation), and Akzo Nobel N.V., are attempting to increase market demand by investing in research and development Types.
Specialty chemicals company Clariant International Ltd. (Clariant), a division of Clariant AG. It creates, produces, sells, and distributes a wide variety of specialised chemicals utilised in clients' production and treatment processes. Additives, automotive fluids, agricultural waste, petrochemical catalysts, performance materials, surfactants, mining chemicals, intermediates, and emulsions are among the company's product offerings. The headquarters of Clariant are located in Muttenz, Basel-Landschaft, Switzerland. In order to actively combat climate change by removing fossil carbon from the value chain, Clariant, a speciality chemicals business with headquarters in Switzerland, introduced its new Vita 100% bio-based surfactants and polyethylene glycols (PEGS) in February 2022.
Aceto Corporation is a global leader in the sourcing, regulatory support, marketing, and distribution of specialty chemicals, final dosage form generics, nutraceutical goods, and agricultural protection products. Aceto, a US-based pharmaceutical company, purchased Finar Limited in May 2021 for an unknown sum. Aceto has increased the range of products it offers for the biopharmaceutical, pharmaceutical, and vaccine end markets as a result of this acquisition. An Indian company called Finar Chemicals specialises in high purity solvents.
Key Companies in the High Purity Solvents market include
- Exxon Mobil Corporation
- BASF SE
- Asahi Kasei Corporation
- Linde
-
Thermo Fisher Scientific Inc.
- High Purity Laboratory Chemicals Pvt. Ltd.
- Dow, Apchem Pvt. Ltd.
- Evonik Industries AG
- Merck KGaA
- Spectrum Chemical Manufacturing Corp.
- Central Drug House
- Tedia
- Mitsubishi Chemical Corporation (a subsidiary of Mitsubishi Chemical Holdings Corporation)
- Akzo Nobel N.V.
High Purity Solvents Industry Developments
March 2021: A Dutch business named NXTLEVVEL Biochem and Braskem collaborated to study the market for renewable solvents. This cooperation offers solutions for a variety of industries, including agrochemicals, personal care, home care, and institutional and industrial cleaning.
High Purity Solvents Market Segmentation
High Purity Solvents Type Outlook
- Spectrophotometric Solvents
- UHPLC and LC/MS Solvents
- HPLC Solvents
- GC Solvents
High Purity Solvents Grade Outlook
- ACS
- Biosolv
- Gcsolv
- HPLC Grade
- Omnisolv
- Pestisolv
- Purge & Trap
- Spectrosolv
- Tracegrade
- USP
- Ultratrace
- Unisolv
High Purity Solvents Category Outlook
- Polar Solvent
- Non-Polar Solvent
High Purity Solvents Application Outlook
- Liquid Crystals
- Lithium Ion Batteries
- Electroplating
- Resins
- Catalysts
High Purity Solvents End User Outlook
- Pharmaceutical and Biopharmaceutical
- Chemical Laboratories
- Cosmetics
- Food & Beverage
- Agriculture
- Paints & Coatings
- Biotechnology
- Electrical & Electronics
High Purity Solvents Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
High Purity Solvents Market Highlights:
Frequently Asked Questions (FAQ) :
The High Purity Solvents Market size was valued at USD 37.2 Billion in 2022.
The global market is projected to grow at a CAGR of 6.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Exxon Mobil Corporation, BASF SE, Asahi Kasei Corporation, Linde, Thermo Fisher Scientific Inc., High Purity Laboratory Chemicals Pvt. Ltd., Dow, Apchem Pvt. Ltd., Evonik Industries AG, Merck KGaA, Spectrum Chemical Manufacturing Corp., Central Drug House, Tedia, Mitsubishi Chemical Corporation (a subsidiary of Mitsubishi Chemical Holdings Corporation), and Akzo Nobel N.V.
The Spectrophotometric Solvents Type dominated the market in 2022.
sThe ACS Grade had the largest share in the global market.
