Industrial Solvents Market Research Report - Global Forecast till 2030

Industrial Solvents Market: Information Type (Oxygenated [Alcohols, Glycols, Ketones, Ethers, Glycol Esters] and Hydrocarbon [Aromatic and Aliphatic]), End-Use Industry (Chemical, Paints & Coatings Textile, Pulp & Paper, Pharmaceuticals, Oil & Gas and other Industrial) and Region (Asia-Pacific, North America, Europe, Latin America, and others) - Forecast till 2030

ID: MRFR/CnM/6437-HCR | January 2023 | Region: Global | 140 Pages         

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Industrial Solvents Market

Industrial Solvents Market is projected to be worth USD 67840.8 Million by 2028, registering a CAGR of 6.1% during the forecast period (2021 - 2028).

Segmentation
Information Type Oxygenated Alcohols Glycols Ketones Ethers Glycol Esters Hydrocarbon Aromatic and Aliphatic
End-Use Industry Chemical Paints & Coatings Textile Pulp & Paper Pharmaceuticals Oil & Gas and other Industrial
Key Players
Companies Profiled   BASF SE (Germany)    BP Plc (UK)    Exxon Mobil Corporation (US)    LyondellBasell Industries (The Netherlands)    Royal Dutch Shell Plc (The Netherlands)    Petroleo BrasileiroS.A (Brazil)    DowDuPont (US)    Total S.A. (France)    SABIC (Saudi Arabia)    Diacel Chemical Industries Ltd (Japan)    Harmony Organics Pvt Ltd (India)    Eternis Fine Chemicals (India)    IGPL (India)
Drivers
Market Driving Forces    Rapid industrialization in emerging economies has increased the demand for industrial solvents.
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Industrial Solvents Market Overview


Industrial Solvents Market is expected to grow at a CAGR 2.9% during the forecast period. The technology has made it easy and accessible for the solvent market to get in easy hands with the industrial and residential usages.


The major factor driving the Industrial Solvents Market is the constant need to innovate and advance in the chemical compounds field. The increasing demand for organic and biological-based products in the worldwide industry has driven the market to a point where there is quite a fine distribution of the market globally. The chemicals used in the industry have the proper capacity to dissolve and dilute all together and make sure of the product demand of with product regulation. The environmental regulations that have been imposed owing to the growth of the market regulate the market, making sure of a substantial growth.


Key Players


Some of the key players operating in the global industrial solvents market are BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A. (France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati Organics (India), Sinopec (China), SK Innovation (South Korea), and LG Chemicals (Japan).


Global Industrial Solvents Market Share, by Application, 2017 (%)  Industrial Solvents Market_Image


Source: MRFR Analysis


Regional Analysis


The Asia-Pacific market is estimated to account for more than one-third of market value share and is expected to dominate the global market during the forecast period owing to the growth of the industrial sector, especially in China and India. China is estimated to hold more than half of the market share due to the availability of low-cost labor, subsidiaries from the government, and minimal taxes.


North America is also expected to be a prominent market for industrial solvents. The regional market is expected to witness moderate growth as compared to the Asia-Pacific market. Solvents find wide use in the manufacturing of paints & coatings, the US is one of the key manufacturers of paints & coatings globally, which is contributing to the growth of the regional market.


The stringent REACH regulations are expected to act as a barrier in the growth of the European industrial solvents market.


The Middle East & African and Latin American markets are collectively estimated to hold approximately one-tenth of the global market share during the review period.


Segmentation


The global industrial solvents market has been segmented based on type, end-use industry, and region.


By type, the global market has been divided into oxygenated and hydrocarbon solvents, however, oxygenated solvents segment is further classified into alcohols, glycols, ketones, ethers, glycol esters, and the hydrocarbon solvents segment is classified into aromatic and aliphatic


Based on end-use industry, the global market has been segregated into chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil & gas, and other industrial.


The global market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent Development


In March 2021


The industrial Dutch-based firms NXTLEVVEL and Braskem, a chemical lab firm, collaborated with the solvent market at the firm level. This collaboration helped the partnerships enable and use the encompass solution for segments like coatings, agro-chemical and personal care, and institutional clean-up.


Other key industrial companies like Eastman Chemical Company (US) and BASF SE (Germany) have been putting their proper operational facilities into the same to make sure of a proper global regulation around the world. The industrial segments have been making research reports to make sure of the global industrialization along with all other global companies. The revenue items have fluctuated according to the USD global criteria from 2013 to 2024.


Intended Audience



  • Industrial solvents producers

  • Traders and distributors of industrial solvents

  • Industrial solvents associations

  • Industrial solvents potential investors

  • Raw material suppliers

  • Industrial solvents recycling



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2022: USD 25 Billion
  • 2030: Significant Value
  •   CAGR   2.9% (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   type, end-use industry, and region
      Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   LG Chemicals (Japan), BASF SE (Germany), Exxon Mobil Corporation (US), BP Plc (UK), Petroleo Brasileiro S.A. (Brazil), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), SABIC (Saudi Arabia), DowDuPont (US), Total S.A. (France), Diacel Chemical Industries Ltd (Japan), Eternis Fine Chemicals (India), Harmony Organics Pvt Ltd (India), IGPL (India), Vinati Organics (India), Sinopec (China), and SK Innovation (South Korea).
      Key Market Opportunities   The growth of the industrial solvents market is expected to create new opportunities
      Key Market Drivers   Rapid industrialization in emerging economies has increased the demand for industrial solvents.


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    Frequently Asked Questions (FAQ) :

    Valuation of the Global Industrial Solvents Market had reached USD 25 BN in 2017.

    Industrial Solvents Market is projected to expand at over 2.9% CAGR during the assessment period (2019-2024).

    Paints & coatings is the largest end-use industry segment in the Global Industrial Solvents Market.

    Asia Pacific holds the largest share in the Global Industrial Solvents Market, followed by North America and Europe, respectively.

    BASF SE (Germany), LG Chemicals (Japan), Exxon Mobil Corporation (US), Petroleo Brasileiro S.A. (Brazil), BP Plc (UK), LyondellBasell Industries (The Netherlands), SABIC (Saudi Arabia), Royal Dutch Shell Plc (The Netherlands), DowDuPont (US), Diacel Chemical Industries Ltd (Japan), Total S.A. (France), Eternis Fine Chemicals (India), IGPL (India), Harmony Organics Pvt. Ltd. (India), Vinati Organics (India), SK Innovation (South Korea), and Sinopec (China), are some of the major players operating in the Industrial Solvents Market.