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

Industrial Solvents Market Overview

Industrial Solvents Market is expected to grow at a CAGR 2.9% during the forecast period. The global industrial solvents market is mature and is predicted to continue increasing steadily over the next five years, thanks to increased demand from the pharmaceutical and paints & coatings industries. Certain factors drive the solvent market, including growing demand for solvents in the construction industry, increased usage of solvents in the medical area, and increased use of solvents in pharmaceuticals, sealants, adhesives, and printing inks. Additionally, the growing regulatory pressure to employ organic solvents, which are environmentally benign, is a driver of the worldwide industrial solvents market. Whereas the worldwide industrial solvents market is constrained by different health problems associated with solvents, environmental concerns, and volatile crude oil costs. Global market outlook could improve as demand for paints and coatings, printing inks, and cosmetics goods increases. They have increased their use in the pharmaceutical industry since these goods are formulated to have certain features that allow them to dissolve in a variety of medicinal medications, driving product demand. Additionally, factors such as increased VOC emissions, pollution, and tight government laws all contribute to the growth of bio-based products. These concerns have compelled producers to develop bio-based products rather than chemical-based items.

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 (%)  

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

March 2022: SK Geo Centric, a South Korean chemical company, invested USD 55 million in US-based waste plastic recycling company PureCycle Technologies to grow its plastic recycling business. SK Geo Centric has acquired an undisclosed interest in PureCycle Technologies as a result of the transaction. PureCycle has developed a chemical recycling technique that utilizes an industrial solvent to recover ultra-pure regenerated polypropylene from waste plastics (UPR PP). Consumer products, food packaging, and car interiors all benefit from the material.

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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